The Volumetric Pumps Market to Witness Exponential Distillation
Increasing prevalence of cancer and other chronic disorders, and rise in number surgical procedures across the globe, are expected to surge demand for volumetric pumps. Additionally, presence of a well-structured regulatory framework for using volumetric pumps in regions such as North America and Europe has been playing an important role in shaping the prospects of the global volumetric pumps market.
The COVID-19 pandemic is having a significant positive impact on the volumetric pumps market, as a result of shortage of infusion pumps to treat patients using nebulization support with rising incidence of dosing-errors cases. To overcome dosing-errors and inaccuracy in delivering drugs, surge in demand for volumetric pumps is being witnessed.
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The global volumetric pumps market is estimated to expand at a CAGR of more than 5% over the forecast period (2020-2030)
Key Takeaways from Volumetric Pumps Marker Study
Based on product type, peristaltic pumps dominated the volumetric pumps market, owing to their advantage of lowering dose-error and delivering drugs with accurate flow rates using the peristalsis mechanism.
The chemotherapy/ oncology segment is expected to obtain maximum revenue share over the forecast period, due to rising incidence of cancer and the treatment given in continuous cycles.
Among all end users, the hospitals segment hold a high market revenue share, due to the availability of advanced facilities and experienced professionals across hospitals around the world.
The COVID-19 pandemic crisis is having a positive effect on the demand for volumetric pumps across the world.
“Rising incidence of dosing-error cases and inaccuracy in drug delivery are expected to shift preferences toward advanced volumetric pumps, which will propel the growth of the global volumetric pumps market over the coming years,” says a PMR analyst.
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Volumetric Pumps Market: Key Strategies amongst Players
Worldwide, leading key players in the volumetric pumps market are extensively focusing on technological advancements, acquisition, and collaborations to expand their product portfolios. These key strategies are expected to propel the growth of the volumetric pumps market too. Players dealing in hospital supplies are increasingly targeting the volumetric pumps market for acquiring leading companies or those ones facing a large number of product recalls.
For instance, in February 2015, Pfizer acquired Hospira, as the latter had been facing one of the highest product recalls in the industry, which was then acquired by ICU Medical in 2017.
Additionally, Carefusion was acquired by Becton Dickinson, as the latter wanted to expand its market share in the surgical supplies segment.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the volumetric pumps market in its latest study, presenting historical demand assessment of 2015 – 2019 and projections for 2020 – 2030. The market has been segmented on the basis of product type (peristaltic and cassette/ piston), application (chemotherapy/ oncology, pediatrics/ neonatology, analgesia, and hematology), and end user (hospitals, ambulatory surgical centers, clinics, and others), across seven key regions.
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