Press release
Infusion Pumps & Accessories Market Size, Share, Growth, Forecast and Outlook (2024-2031)
DataM Intelligence
The global Infusion Pumps and Accessories Market has exhibited substantial growth, reaching US$ YY million in 2022, with a projected expansion to US$ YY million by 2030. This growth trajectory signifies a robust Compound Annual Growth Rate (CAGR) of YY% during the forecast period spanning from 2024 to 2031.
Infusion pumps serve as vital external devices facilitating the infusion of fluids, medication, and nutrients directly into the circulatory system. Predominantly utilized for intravenous applications, these pumps also find occasional use in subcutaneous, arterial, and epidural infusions.
The versatility of infusion pumps enables the delivery of fluids in both large and small volumes, facilitating the administration of vital nutrients and medications such as insulin, antibiotics, chemotherapy drugs, and pain relievers. With a plethora of pump types tailored for diverse applications and environments, the market showcases promising diversity and innovation.
Market Dynamics: Drivers & Restraints
Drivers:
Rising Chronic Diseases: The surge in chronic diseases augments the demand for infusion pumps, particularly among individuals requiring intravenous infusion of fluids, nutrients, and medications. Notably, the escalating prevalence of cancer necessitates the use of infusion pumps for chemotherapy, thereby propelling market growth.
Restraint:
Risk of Dosage Errors: Despite their utility, infusion pumps pose risks of dosage errors, primarily attributed to insufficient training among healthcare personnel. Such errors can compromise patient safety and diminish trust in infusion pump systems, thereby restraining market growth.
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Segment Analysis
The market segmentation highlights the dominance of the syringe infusion pump segment, accounting for 45.3% of the market share. This dominance is fueled by technological advancements, increasing demand for sophisticated infusion systems, and frequent product launches featuring advanced functionalities.
Geographical Share
North America emerges as the leading geographical segment, boasting a significant market share attributed to technological advancements, rising chronic disease prevalence, and the presence of prominent market players.
COVID-19 Impact Analysis
The COVID-19 pandemic has spurred market growth, with increased infusion pump utilization in hospitals, clinics, and home settings for medication administration. This surge in demand has stimulated production and innovation within the infusion pumps and accessories market.
Competitive Landscape
Key market players driving significant market share include B. Braun Medical Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Terumo Europe NV, Becton and Dickinson Company, Zenroxmed Healthcare, Shenzhen Hawk Medical Instrument Co., Ltd (Hawkmed), Baxter, ICU Medical Inc., Micrel Medical Devices SA, and QuadMed, Inc., among others.
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