Staggering Growth In Incidence Cancer, Chronic Pain And Diabetes Expected To Drive The Demand For Infusion Pumps To Reach Market Value Worth Usd 4.7 Bn By 2022
According to the latest report published by Credence Research, Inc. “Global Infusion Pumps Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2022,” the infusion pumps market was valued at USD 3,325.15 Mn in 2015, and is expected to reach USD 4,698 Mn by 2022, expanding at a CAGR of 5.2% from 2016 to 2022.
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Infusion pumps represents a novel class of drug delivery and has found usage in a wide range of applications. The chief factors contributing to the growth of infusion pumps market are phenomenal rise in prevalence of diabetes, chronic pain and cancer, and technological advancements coupled with rising pool of geriatric population. User-friendly design, safety, reliability and ergonomic nature also have significantly supported the growing demand for infusion pumps.
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Ambulatory pumps have the widest use among the infusion pumps options currently available in the market. Wireless connectivity and ease of use highlight the adoption of ambulatory pumps in the international markets. On the other hand, products such as insulin pumps will have wide adoption due to large disease prevalence. Implantable pumps segment will experience a slight decline during the forecast period due to the past reporting of malfunction and implant rejection. Anticipated to regulatory guidelines and safety measurements would however mitigate the issue and thereby balance the market growth. Additionally, high incidence of diabetes and use of insulin will lead to the rapid growth of insulin pumps market in diabetes management segment.
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In terms of end-users, this market is categorized into hospitals, ambulatory care, home care, and physicians office and clinics. Among these, hospitals is the largest segment in 2015 and will correspond to the overall infusion pumps market growth. Evolved reimbursement policies for home care infusion pumps would further lead to high demand for the devices during the forecast period.
Some of the major players in the global infusion pumps market include CareFusion Corporation, B. Braun Melsungen AG, Johnson & Johnson, Baxter International, Hospira, Smiths Medical and others. North America, Europe, Asia-Pacific, Middle East and North Africa, and Latin America cumulatively make the global market. North America is the largest market for insulin pumps and together with Europe, take over 60% of the global market share in 2015. Asia Pacific is the fastest growing regional market for insulin pumps.
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