Infusion Pumps Market is Expected to Rake in Revenues Worth US$ 4,922 Mn by 2015-2025
Rising incidences of chronic diseases and increased hospitalisation cases will remain the primary factors driving the demand for infusion pumps. Increasing geriatric population is also a vital factor sustaining the market. With a growing number of diabetes cases across the globe, investments in diabetes care and management are also swelling. This is foreseen to push the market by 2016 end. There have been constant efforts R&D on I.V. drug administration for cancers, type I diabetes, malnutrition, gastrointestinal disorders, AIDS, and various neurological problems. This is likely to open new opportunities for manufacturers. Besides diabetes, analgesia and enteral feeding pumps will also witness growing demand.
Growing demand for technologically advanced, safer pumps is observed to be another key driver. Burgeoning adoption of smart, wearable pumps and a proliferating trend of pumps with wireless connectivity are also poised to sway the market. In addition, promising R&D on implantable pumps and smartphone-connected pumps will favour the market as well. Increasing adoption of home-based healthcare is expected to significantly push the demand for ambulatory pumps.
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Higher investment for infusion pumps R&D may however remain a major roadblock to uninterrupted growth of the market. Moreover, stringent regulatory norms by the FDA and other government bodies will continue to pose a challenge to the market growth. Frequent product recalls are also anticipated to be a longstanding restraint.
By product, volumetric pumps segment will witness a slight decline but is expected to remain dominant with over 22% market share in 2016. Syringe pumps segment is also estimated to see declining growth, whereas ambulatory pump segment will witness steady growth. Insulin pumps also represent a steadily growing segment with over 15% market share through to 2016.
Based on application, the market is classified into various segments, including oncology (chemotherapy), neonatology (paediatrics), analgesia, gastroenterology, haematology and diabetes. Diabetes will however remain the dominant segment with nearly 24% share in 2016, followed by analgesia and gastroenterology with over 23% and over 17% shares respectively.
On the basis of end-user, hospitals will maintain the leading segment position with nearly 40% revenue share of the market in 2016. However, home care settings are likely to flourish with a Y-o-Y growth of 4.4% in 2017 over 2016. Home-based healthcare is currently trending, especially in the U.S., attributed to availability of a wide range of reimbursement options.
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By region, North America will continue to account for the largest revenue share of over 38% in 2016. Developing countries in Asia Pacific (excluding Japan) and the Middle East and Africa will however register significant growth, owing to rapid emergence of small and mid-sized hospitals in these regions. Western Europe is also predicted to remain a major market with over 20% market share in 2016.
Some of the key players competing in the global infusion pumps market, include Medtronic Plc., Pfizer (Hospira) Inc., Johnson & Johnson Private Ltd., Braun Melsungen AG., Smiths Medical, CareFusion Corporation, Baxter International Inc., Fresenius Kabi AG, MOOG Inc., and Terumo Corporation. Recent strategic acquisitions have been influential for the market and FMI indicates that the market will continue to witness mergers, acquisitions, and collaborations among leading companies.
Long-term Outlook: The global infusion pumps market is estimated at US$ 4,922 Mn in 2025. The market is expected to expand at a CAGR of 5% over the forecast period, 2015–2025.
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