Transparency Market Research Report Added "Infusion Pumps Market" to its database.
Albany, NY -- (SBWIRE) -- 09/06/2016 -- The global infusion pumps market is fragmented with around 70 players worldwide. Yet, the top three players have been successful in creating a strong consumer base and accounted for 48.2% of the market in 2012. Leading players in the market are: CareFusion Corporation, Hospira, Inc., Baxter International, Inc., B. Braun, Smith Medical, and Fresenius Kabi AG, and Medtronic, Inc. The competitive rivalry in each segment is high as players focus on particular segment. The well-established players have achieved technological advancements in networkability, wireless data transmission, and advanced drug library, states a new report by Transparency Market Research (TMR).
The threat of substitutes is expected to be low even though fluid rate-flow regulators and clamps are substitutes for infusion pumps. This is because these substitutes have several disadvantages such as high error rates and flow rates and inability to deliver potent drugs. According to the report, the global infusion pumps market is expected to be worth US$7.7 bn by the end of 2019. On the basis of product, the market is expected to be led by the large volume infusion pumps segment. By 2019, the large volume infusion pumps segment is expected to account for 34.8% of the market.
North America to Lead Infusion Pumps Market owing to Growing Geriatric Population
On the basis of application, the clinical nutrition segment is expected to lead and account for 30.0% of the market by 2019. By geography, North America is expected to lead in the market and be worth US$ 3,323.2 mn by 2019. The rising obese and geriatric population in North America are fueling the demand for infusion pumps in the region. In this region, infusion pumps are used to deliver other medications, besides their use for treating chronic pain. As per Section 3025 of the Affordable Care Act, hospitals are penalized for excess readmissions. Thus, there is a rise in the demand for home infusion pumps as hospitals try to shorten the hospitalization period.
Advancements and Innovations in Infusion Pumps to Drive Demand
Technological advancements are playing a major role in the growth of the infusion pumps market. Players in the market are focusing on developing innovative products to gain a competitive edge. The advent of advanced infusion pumps is helping doctors to program and calculate dose delivery rates in a more efficient manner, enabling them to provide better patient care. Innovations and developments are thus leading to enhanced product performance, driving the demand for infusion pumps.
The growing geriatric population is another driving factor for the increased demand for infusion pumps. This is because elderly people are more susceptible to diseases and health conditions such as chronic pain, cancer, and diabetes.
Product Recalls and High Taxes Pose a Roadblock for Market Players
Infusion pumps are associated with problems such as software error messages, battery failure, broken components, over and under infusion, and alarm failure. The FDA received more than 56,000 medical device reports related to infusion pumps from January 1, 2005 to December 31, 2009 with defects. Of these, some led to death and others led to serious complications. This led to the recall of 87 infusion pumps between 2004 and 2009. Such product recalls are hampering the growth of the market.
The Patient Protection and Affordable Care Act (PPACA) was brought into effect in 2010; it states that an excise tax of 2.3% on medical devices will be levied. This tax is hampering the growth of the market as it imposes an additional burden on medical device manufacturers.
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Developing Nations to Widen Scope of Opportunity for Market Players
Developing nations such as China, Brazil, Mexico, and India offer immense opportunities of growth in the infusion pumps market. Developing nations constitute eight of the top ten countries in the world with the highest number of diabetes patients, which is expected to boost the demand for these pumps. Additionally, the economic growth in these countries is expected to increase the disposable income of the patient population, thus increasing their willingness to spend on healthcare. Moreover, governments and private insurance companies of these nations are striving to improve healthcare coverage, to offer better support and enhanced healthcare facilities. All these factors make developing nations a potential market for growth in the infusions pumps industry.
This information is based on the findings of a report published by Transparency Market Research titled "Infusion Pumps Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 - 2019."
The global infusion pumps market is segmented as follows:
Large Volume Infusion Pumps
Disposable Infusion Pumps
Syringe Infusion Pumps
Ambulatory Infusion Pumps
Implantable Infusion Pumps
Single Channel Infusion Pumps
Multiple Channel Infusion Pumps
Rest of the World
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