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Global Infusion Pumps & Accessories Market to Garner 5.83% of CAGR by 2027
Global Infusion Pumps & Accessories Market
"Browse 39 market Data Tables and 49 Figures spread over 165 Pages, along with an in-depth TOC on Global Infusion Pumps & Accessories Market Forecast 2019-2027".
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Infusion pumps are devices used to supply fluids and deliver medications in calculated dosages into the patient body. These medical devices are designed based on their usage and are widely applicable in healthcare settings, namely outpatient, home settings, and private clinics. The factors that are responsible for driving the global market for infusion pumps & accessories include growth in the geriatric population, along with an increase in the incidence of chronic diseases, such as cardiovascular disorders, diabetes, and cancer, and the requirement of home-based infusion pumps.
Rise in the Chronic Diseases is escalating the Market Growth Globally
Growing prevalence of lifestyle disorders and chronic diseases, such as stroke, cancer, heart disease and diabetes, drive the growth of the market globally. According to International Diabetes Federation, the number of diabetic population is expected to reach 642 million by 2040 as compared to 415 million patients in 2015, globally. Growth in diabetes cases has risen the demand for insulin pump therapies, which is influencing the market significantly. Besides, the growing awareness of several chronic disorders in the emerging economies has also led the market growth. Thus, many key players in the market are shifting their focus on emerging economies to expand their businesses.
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Hospitals - The Dominant End-User
The hospital segment accounted for the largest share in the infusion pumps and accessories market in 2018, owing to the robust financial foothold of hospitals that allows purchasing premium infusion devices, the presence of skilled professionals, and a large patient pool. Infusion pumps are commonly used in hospitals to deliver fluids and medications to patients. The development of a smart infusion pump has advanced safety software. It can collect infusion information and share it with hospital staff for safer, efficient care, and more informed clinical decision-making. Hence, the global infusion pumps and accessories market is growing rapidly in the hospital segment
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North America is the Prime Contributor to the Overall Market
Inkwood Research report on global infusion pumps and accessories market is geographically studied based on four prime regions - North America, Asia Pacific, Europe and Rest of World. In terms of revenue share, North America ranked in the highest position, majorly attributed to the promising government policies and well-established healthcare facilities. In addition, growth in the requirement of improved medical treatment, rise in the healthcare industry due to the growing prevalence of chronic disorders are some other factors supplementing the market growth in the region. There is a significant demand for superior infusion pump systems to provide better patients care.
The global market for infusion pumps and accessories is witnessing intense competition. The players operating in the market, such as Baxter International Inc., Fresenius SE & Co. KGaA, Smiths Group Plc, Becton, Dickinson and Company, Johnson & Johnson, and others are adopting several strategic initiatives to sustain their position in the market. On the other hand, the development of technology in the healthcare sector has encouraged these players to serve innovatively in various segments of the healthcare sector.
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PRESS INFORMATION
FOR IMMEDIATE RELEASE: July 17, 2020
Contact:
Beacon Infusion Healthcare Services
www.beaconinfusion.com
833-223-2266
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