Albany, NY -- (SBWIRE) -- 10/12/2018 -- Global Infusion Pumps Market: Snapshot
Infusion pumps are devices used in hospitals and other health care facilities to deliver fluids, medication, or nutrients into a patient's circulatory system in a controlled manner. These pumps significantly improvement patient care by enabling controlled administration of antibiotics, insulin, anesthetics, and other drugs. In terms of revenue, the global infusion pumps market was valued at approximately US$ 7,036 Mn in 2017 and is anticipated to surpass US$ 10,000.0 Mn by 2026, expanding at a CAGR of 5.4% from 2018 to 2026. Rise in the number of patients affected by chronic pain and diabetes and launch of technologically advanced products with improved features are likely to fuel the global infusion pumps market from 2018 to 2026.
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Infusion systems are medical devices used to continuously administer drugs and fluids such as saline, plasma, and dextrose solutions. Large volume infusions are required for parenteral nutrition and hydration therapy, while small volume infusions are essential for potent drugs and neonatal infusions. Key players are focusing on the development of devices with better efficacy. For instance, by the end of 2018, CCellnovo, the U.K-based mobile medical device company is projected to launch a wireless handheld infusion pumps that control body-worn patches. Such key developments are likely to fuel the global infusion pumps market in the near future. However, high price of ambulatory implantable devices are likely to hamper the global infusion pumps market during the forecast period.
Several unmet needs are anticipated to create significant opportunities for existing players and new entrants in the global infusion pumps market. Technological advancement in medical devices provide ample opportunities for players operating in the global infusion pumps market. Ongoing developments in infusion pumps, such as Insulet Corporation's Omnipod with hybrid closed-loop with smart App facility and Tandem Diabetes Care Inc.'s t:slim pump with built-in predictive low glucose suspend algorithm are likely drive the infusion pumps market during the forecast period.
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The global infusion pumps market can be segmented based on product type, application, end-user, and geography. In terms of product, the insulin pumps segment dominated the market and is expected to continue this trend during the forecast period, followed by the PCA pumps segment. Increase in the number of diabetic patients and development of new advanced type of ambulatory insulin pumps, such as EOPatch (wearable insulin pump system) are likely to propel the segment during the forecast period. The others product type segment, which includes implantable pumps, is likely to lose market share during the forecast period owing to high price of the product. Based on application, the diabetes management segment led the market, in terms of revenue, in 2017. The segment is projected to continue to dominate the market during the forecast period. In terms of end-user, the hospitals segment accounted for a large share of the market in 2017 and is likely to continue its dominance during the forecast period.
In terms of geography, North America held a major share of the global infusion pumps market in 2017. High uses rate of insulin pumps among type-1 and type-2 diabetes patients is a key factor that propels the market in North America. Moreover, favorable reimbursement for infusion pumps under Medicare policy also boost the market in this region. In terms of revenue, the market in Europe and Asia Pacific is projected to gain share during the forecast period in the near future. Initiatives by local governments to attain self-sufficiency in manufacturing pharmaceuticals and financial support for R&D of different drug delivery devices in countries such as Brazil and South Africa are likely to boost the market in Latin America and Middle East & Africa.
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Key companies operating in the global infusion pumps market and profiled in the report include F. Hoffmann-La Roche Ltd., Tandem Diabetes Care, Inc., ICU MEDICAL, INC., Smiths Medical, Medtronic plc, Terumo Corporation, Baxter International Inc., Becton, Dickinson and Company, B. Braun Melsungen AG, and Fresenius SE & Co. KGaA. These players are adopting organic and in-organic growth strategies to expand their product offerings, strengthen their geographical reach, increase customer base, and gain market share. For instance, in March 2015, Becton, Dickinson and Company acquired CareFusion Corporation, the U.S.-based medical device company.
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