(PharmaNewsWire.Com, July 23, 2024 ) The report "Infusion Pump Market by Product (Devices: Insulin, Volumetric, Syringe, Enteral, Ambulatory, Implantable Pumps; Accessories), Type, Therapy (Chemo/Oncology, Diabetes, Hematology, Pediatrics), Setting (Hospitals, Home care) - Global Forecast to 2029", size is 17.1 billion for 2023 and is projected to reach USD 26.2 billion by 2029, at a CAGR of 7.3% during the forecast period.
The growing number of surgeries performed, and rising prevalence of chronic diseases are some factors that provide key opportunities for key players in the market. However, product recalls by some major players, and stringent regulations on manufacture of infusion pumps are expected to challenge/restrain the growth of the market.
“High adoption of volumetric infusion pumps and accessories to drive the growth of this segment”
In 2022, the market for dedicated accessories and consumables accounted for the largest share and was also the faster growing segment of the infusion pump accessories and consumables market. This segment is mainly driven by the requirement of compatible administration sets designed for a particular type of infusion pump by the manufacturer to ensure optimum results of dedicated accessories.
Out of the dedicated accessories and consumables market in 2022, the volumetric infusion pump accessories and consumables segment accounted for the largest share. High adoption of volumetric infusion pumps and related accessories in hospitals for the purpose of delivering large volumes of medications and nutrients to patients is pushing the market forward.
“Asia Pacific likely to emerge as the fastest-growing infusion pump market, globally”
The infusion pump market is segmented into five major regions, namely, Europe, North America, Latin America, the Middle East and Africa, and Asia Pacific (APAC). Asia Pacific attributes to the highest growth rate amongst the other regions during the forecast period. The rapid infrastructure growth, increase in disposable incomes, and increase incidences of chronic diseases are factors which are likely to support the growth of infusion pump market in the region. The emerging Asian countries, such as China, and India, offer significant growth opportunities for market players.
The key players in the infusion pump market Becton, Dickinson and Company (US), Baxter International, Inc. (US), and B. Braun Melsungen AG (Germany). These companies adopted strategies such as product launches, collaborations, partnerships, and acquisitions to strengthen their presence in the market.
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