Leeds, UK -- (SBWire) -- 07/15/2019 --The Global Infusion Pumps Market is estimated to surpass $10 billion by 2026 end at a CAGR of 5.8% from 2019 to 2026. Infusion pumps are medical devices designed for stationary (used at patient bedside), portable wearable use during infusion therapies mainly to administer lifesaving nutrient fluids in a controlled manner into the patient's system. Thus they are one of the vital for therapeutics or medical treatments. Hype in demand for volume infusion, hydration therapy and parenteral nutrition are factors driving the growth of the global infusion pumps market. Though growth of the market faces the universal issue of high-cost implantable devices, key players continue to grab lucrative opportunities to gain higher revenue by tapping the unmet demand.
Infusion Pumps Market Dynamics:
The growth opportunities for the global infusion market in the forecasted period are mainly driven by:
- Increase in prevalence of chronic diseases such as diabetes, arthritis and gastrointestinal disorders
- Rise in geriatric population especially in the Asia Pacific.
- Surge in demand for portable infusion pump to minimize hospital expenditure
- Increase in awareness towards home healthcare
- Copious applications of infusion pumps
- The rise in the adoption of infusion pumps in the emerging economies
- Smart pumps designed with drug-specific safety software.
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Infusion Pumps Market Key Player Strategies Adopted
1. Focus on reducing error rates
Key players like Baxter are investing for the advancement of products that are used in the infusion pumps devices, in lieu of an increasing number of applications and better ROI. Also, a significant shift in focus is on product advancements particularly to increase application area of infusion pumps in analgesic applications. The developing prevalence of gastroenterological procedures worldwide, the greater population suffering from various types of cancer, chronic pain, diabetics, etc. create a conducive environment and are expected to underpin for infusion pumps market growth during the forecasted period.
2. Application-specific products as an emerging strategy
A schematic approach towards the amalgamation of major players followed by various acquisitions in infusion pumps market is expected to innovate product advancement and product introduction Reduction in most costly and serious medication errors related to intravenous infusions is a major concern of the hospitals. To make the system error-free and effortless, software that combines a single point-of-care unit are being invented. A significant number of mergers and acquisition that have added to the development and advancement of new infusion pumps products, since, Becton Dickinson acquired CareFusion Corporation, Medtronic acquired Covidien to favour the company's expansion in terms of geography. Higher research collaborations are expected to improve the time-to-market of exceedingly effective and advanced products.
Infusion Pumps Market Key Segments
Product Segment:
o Ambulatory Infusion Pumps
o Syringe Infusion Pumps
o Implantable Infusion Pumps
o Enteral Infusion Pumps
o Elastometric Infusion Pumps
o Volumetric Infusion Pumps
o Dispoable Sets&Accessories
End User Segment:
- Hospital
- Clinics
- Outpatient Centre
- Long Term Care Centre
- Homecare Settings
- Rehabilitation Centre
Geography Segment:
North America continues to account for the largest share of the infusion pumps market, followed by Europe and the Asia Pacific.
- Europe
- North America
- APAC
- Latin America
- Rest of World
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Competitive Landscape:
- Tier 1 players- established companies in the market with a major market share
- Tier 2 players
- Emerging players which are growing rapidly
- New Entrants
FutureWise Takeaways
- Growth prospects
- SWOT analysis
- Key trends
- Key data-points affecting market growth
Objectives of the Study:
- To provide with an exhaustive analysis on the global infusion pumps market on the basis of product type, end-user and region
- To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
- To evaluate and forecast micro-markets and an overall market
- To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
- To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
- Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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