Press release
Infusion Pumps Market Size, Growth to reach $25.9 billion at a CAGR of 8.3% by 2030
Infusion Pumps Market
According to the findings of this insightful report, the infusion pumps market is anticipated to soar to $25.9 billion by the year 2030, showcasing a remarkable Compound Annual Growth Rate (CAGR) of 8.3% during the forecast period. This growth trajectory is underpinned by several key factors including the escalating demand for ambulatory infusion pumps, the surge in chronic diseases, the rapid expansion of the geriatric demographic, the uptick in surgical procedures, and heightened awareness regarding home healthcare options. However, challenges such as frequent product recalls, increased adoption of refurbished and rental infusion pumps, and stringent regulatory protocols pose as impediments to market growth.
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The burgeoning emergence of new markets and the rising adoption of specialty infusion systems, particularly IoT infusion pumps, present lucrative opportunities within the infusion pumps landscape. Nonetheless, hurdles such as the rising incidence of medication errors and the absence of wireless connectivity in hospital settings remain challenges that need to be addressed to sustain market growth.
Key Players Driving Market Innovation
Prominent players spearheading advancements in the infusion pumps market include Becton, Dickinson and Company (BD), B. Braun SE, Baxter International Inc., Fresenius SE & Co. KGaA, ICU Medical, Inc., Medtronic plc, MOOG Inc., Terumo Corporation, F. Hoffmann-LA Roche Ltd, and Insulet Corporation.
Insights into Future Market Trends
The future outlook of the infusion pumps market is meticulously segmented across product types, channels, applications, and end users. The report evaluates industry competitors and conducts an in-depth analysis at both regional and country levels.
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In 2023, the infusion pump accessories/consumables segment is poised to capture the largest market share, driven by factors such as increased usage in ambulatory centers, rising demand in home healthcare settings, and the recurrent nature of infusion pump accessories/consumables.
Similarly, the multi-channel infusion pumps segment is projected to dominate the channel-based segment in 2023, fueled by the ability to administer multiple fluids simultaneously without constant monitoring, technological advancements, and reduced healthcare professional intervention.
Moreover, the oncology segment is forecasted to lead the market based on applications, attributed to a surge in cancer cases, rising chemotherapy recipients, and the convenience offered by portable chemotherapy infusion pumps.
Additionally, the hospitals & clinics segment is expected to command the largest share based on end users, driven by increasing admissions of chronic disease patients and the extensive adoption of infusion pumps, particularly amidst the COVID-19 pandemic, where they facilitated automatic, reliable, and contact-free dosing.
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Geographic Insights
The report offers a comprehensive analysis of major geographies including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is slated to dominate the market in 2023, with the United States leading the charge due to high technology adoption rates, widespread literacy promoting advanced portable infusion pumps, and substantial government investment in healthcare infrastructure.
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