Infusion Pumps Market Is Driven by Growing Geriatric Population Susceptible to Chronic Pain
Albany, NY -- (SBWire) -- 07/02/2018 --Transparency Market Research (TMR) titled “Infusion Pumps Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the new report, the global infusion pumps market was valued at approximately US$ 7,036 Mn in 2017 is projected to expand at a CAGR of more than 5.4% from 2018 to 2026.
The report suggests that the rise in geriatric population susceptible to chronic pains and increase in prevalence of diabetes globally are likely to boost demand for infusion pumps during the forecast period. North America and Europe are likely to dominate the global infusion pumps market due to increase in awareness and rise in focus of key players on the development of new drugs delivery systems in the market in these regions. Demand for low-cost infusion devices and favorable reimbursement policies for using infusion pumps in emerging markets such as Australia, India, and Japan are likely to boost the infusion pumps market in Asia Pacific at a CAGR of 5.9% from 2018 to 2026.
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Infusion pumps are extensively used across the health care setting to pump fluids into patients in controlled manner. These pumps are associated with various problems. Most commonly reported problems include software error messages, battery failure, and alarm failure. These are major factors restraining the market. For example, in 2017, Smith Medical’s Medfusion Syringe Pump 4000 Series was recalled as these pumps were unable to accurately detect the diameter of the syringe barrel, resulting in initiation of the "Invalid Syringe Size" alarm.
The report offers detailed segmentation of global infusion pumps market based on product type, application, end-user, and distribution channel. Based on product type, the insulin segment is estimated to account for a large share of the global market during the forecast period. This is due to the rise in incidence of diabetes. Moreover, several studies have proved that insulin pumps are effective in both type 1 and type 2 diabetes and help reduce the rate of hospitalization after usage. The implantable segment is anticipated to lose market share during the forecast period, and is expected to account for share of about 12.2% by 2026, which is a decline from 14.5% share held in 2017. High price of these devices and complications such as pain and vomiting after implantation are factors that are likely to hamper this segment.
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In terms of application, the diabetes management segment is projected to account for a dominant share of the global infusion pumps market during the forecast period. The segment is likely to expand at a CAGR more than 5.8% from 2018 to 2026. Most companies are focused on developing low-cost insulin pumps to serve the large diabetic patients pool across the globe; therefore the diabetes management segment is likely to account for a dominant share of the market. For example, the U.S-based medical device company Cam Med is developing a thin, flexible, patch-based insulin pump for artificial pancreas systems based on microfluidic drug delivery technology. The key advantage of this insulin pumps is that it reduces the burden of patients living with Type 1 diabetes. The pain management segment accounted for more than 15.4% share of the global infusion pumps market, in terms of value, in 2017. It is anticipated to expand at a substantial pace during the forecast period. The segment is likely to account for market share of 15.7% by 2026.
In terms of value, North America held a major share of the global infusion pumps market in 2017. This is due to the high health care expenditure and rise in awareness about the advantages of infusion pumps in the U.S. Furthermore, presence of several key players such as ICU MEDICAL, Inc. and Becton, Dickinson and Company has increased investment in research & development of advancement infusion pumps. Thus, presence of these players is projected to propel the infusion pumps market in North America at a rapid pace during the forecast period. Increase in incidence of age-related chronic conditions such as diabetes, cancer, and neurological illnesses increases demand for infusion pumps in Asia Pacific. Moreover, improving economic conditions, rise in spending power, and better access to health care service fuels the market in Asia Pacific. Economic growth in countries such as Brazil is increasing research & development activities and expenditure on treatment in Latin America. These factors are likely to propel the infusion pumps market in Latin America to expand at a CAGR of 4.9% from 2018 to 2026.
The report also provides profiles of leading players operating in the global infusion pumps market. These include F. Hoffmann-La Roche Ltd., Tandem Diabetes Care, Inc., Smiths Medical, Terumo Corporation, Baxter International Inc., B. Braun Melsungen AG KG, and Fresenius SE & Co. KGaA. Expansion of infusion device portfolio through developing new devices or by acquisition is a key strategy adopted by several key players. For instance, in 2017, ICU MEDICAL, Inc. acquired Hospira Infusion System from Pfizer to gain market share. Other key players are also adopting such strategies.
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