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The global infusion pump market size is expected to reach USD 18.22 Billion in 2030 and register a steady revenue CAGR of 7.3%, according to latest analysis by Emergen Research. The market for infusion pumps has shown rapid expansion in recent years and is anticipated to keep growing in the near future. Infusion pumps are medical devices that are used to transfer fluids into a patient's body in a controlled and regulated manner, including drugs, nutrients, and fluids. By guaranteeing exact and correct fluid administration to patients in modern healthcare settings like hospitals, clinics, and home care, these devices serve a crucial role.
The rising incidence of chronic illnesses including cancer, diabetes, and cardiovascular diseases, which necessitate the long-term administration of medications and fluids, is one of the major factors driving the infusion pump industry. Additionally, the usage of infusion pumps for at-home patient care has increased due to the rising global geriatric population and the rising demand for home healthcare solutions. The introduction of smart infusion pumps with attributes like wireless connectivity, remote monitoring, and drug library databases has also been facilitated by technological improvements, which has enhanced patient safety and medication management.
The market for infusion pumps is expanding as a result of various factors. The need for long-term administration of drugs and fluids has increased as a result of the rising prevalence of chronic diseases like cancer, diabetes, and cardiovascular disorders. The industry is expanding because infusion pumps offer a practical and effective method of giving these therapies to patients.
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The market for infusion pumps is expanding as the world's aging population rises. The prevalence of chronic diseases and the requirement for ongoing medical care are both rising along with the aging population. The need for infusion pumps is increased by the widespread use of infusion pumps in geriatric care to administer fluids, medicines, and nutrition.
The market for infusion pumps is being driven by the increasing need for healthcare solutions for use at home. Because it enables people to get medical care in the convenience of their own homes, eliminating hospital visits and cutting healthcare expenses, home infusion therapy is growing in popularity. By facilitating the safe and efficient delivery of fluids and medications, infusion pumps play a critical role in home-based healthcare and help fuel the market's expansion.
A number of factors point to the infusion pump market expanding. First and foremost, the market expansion is anticipated to be fueled by technological developments in infusion pump devices, such as the creation of smart pumps with cutting-edge capabilities like wireless networking and drug library databases. These characteristics contribute to better overall drug management, decreasing medication mistakes, and improving patient safety.
Infusion Pump Market Segmentation:
The global market for medical pumps is projected to experience significant growth from 2019 to 2030, with increasing demand for various types of pumps such as volumetric pumps, syringe pumps, elastomeric pumps, insulin pumps, enteral pumps, implantable pumps, and patient control analgesia (PCA) pumps.
Volumetric pumps, which are widely used in hospitals and other healthcare settings for the precise delivery of fluids, are expected to generate substantial revenue during the forecast period. Syringe pumps, known for their accurate and controlled delivery of medications, are also projected to contribute to market growth. Elastomeric pumps, which provide continuous and controlled delivery of medications through a flexible reservoir, are expected to gain traction in the coming years.
Insulin pumps, which are commonly used for managing diabetes, are expected to witness significant demand due to the increasing prevalence of diabetes globally. The oncology segment is also projected to drive market growth as medical pumps are crucial in the administration of chemotherapy and other cancer treatments. Pain management, including the use of PCA pumps for controlled pain relief, is another key application area for medical pumps.
In terms of end-use, hospitals are expected to dominate the market due to the high adoption of medical pumps in various clinical settings. Ambulatory care settings, specialty clinics, and home care settings are also projected to contribute to the market growth, as the demand for effective and convenient drug delivery methods in these settings increases.
The report also provides a regional analysis of the market, with a focus on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Some Key Highlights From the Report
· The insulin pump segment is expected to account for largest revenue share during the forecast period due to the rising prevalence of diabetes worldwide. Insulin pumps are increasingly being adopted as a convenient and effective method for managing diabetes, especially for patients who require precise insulin dosage adjustments. These pumps provide continuous subcutaneous insulin infusion, delivering insulin in small, controlled doses throughout the day, mimicking the natural insulin secretion pattern of the body. The increasing awareness about the benefits of insulin pumps, such as improved glycemic control, reduced risk of hypoglycemia, & enhanced quality of life, is driving the demand for insulin pumps.
· The diabetes segment is expected to account for a large revenue share during the forecast period due to the increasing prevalence of diabetes worldwide. Diabetes is a chronic metabolic disorder that requires careful management to maintain optimal blood glucose levels. Insulin pumps, as a part of diabetes management, offer several advantages over traditional insulin delivery methods, such as insulin injections.
· Insulin pumps provide continuous and customizable insulin delivery, allowing for precise dosage adjustments based on individual needs and lifestyle. They offer greater flexibility and convenience, eliminating the need for multiple injections throughout the day. This can significantly improve the quality of life for individuals with diabetes, leading to increased adoption of insulin pumps.
· The North America market is expected to account for largest revenue share during the forecast period due to several factors that are expected to drive the growth of the medical pumps market in North America. The region is anticipated to account for the largest revenue share during the forecast period. The high prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases in North America is expected to propel the demand for medical pumps. These pumps play a crucial role in the management of various chronic conditions, including insulin pumps for diabetes management, chemotherapy pumps for cancer treatment, and pain management pumps for cardiovascular diseases.
· Some major companies in the global market report include Medtronic, Baxter, B. Braun SE, BD, Fresenius Kabi AG, Tandem Diabetes Care, Inc., vTitan Corporation Pvt. Ltd., Smiths Group plc., ICU Medical, Inc., and Terumo Corporation.
· Smiths Medical, a leader in the field of medical devices, announced an exclusive partnership with Ivenix, Inc. on May 4, 2021. As a result, Smiths Medical will be the first company in the United States to provide a full range of infusion management solutions to fulfil healthcare demands across the continuum of care. Infusion management will be improved as a result of this long-term cooperation, which involves a strategic investment from Smiths Medical.
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About Us: Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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