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Jul 22, 2020 4:51 PM ET

Infusion Pump Market to Grow at a CAGR of 5.6% During the Forecast Period 2020-2025


Infusion Pump Market

iCrowd Newswire - Jul 22, 2020

Infusion Pump Market size is estimated to be $7.6 billion in 2019, growing at a CAGR of 5.6% during the forecast period 2020-2025. Rising population along with growing chronic disorders like diabetes among adults and technological advancement is a major factor driving the Infusion Pump Market during the forecast period 2020-2025. An infusion pump is a medical device that delivers fluid such as nutrients and medication into the patient’s body, in a controlled amount. Moreover, insulin pump offers several advantages over manual administration of fluids, including the ability to deliver fluids in very small volumes, and the ability to deliver fluids at precisely at programmed rates or automated intervals. Furthermore, the ability to deliver nutrients or medications such as insulin or other hormones, antibiotics, chemotherapy drugs, and pain relievers to the human body is further driving its market growth. Also, the use of large volume pumps usually a peristaltic pump for fluid replacement using intravenously into the patient’s circulatory system and the use of a flow restrictor to set the flow of drugs is further contributing to its market growth.

By Application- Segment Analysis

Diabetes is set to be the fastest-growing segment during the forecast period 2020-2025 with a CAGR of 3.8%. This is owing to the increase in the number of diabetes patients around the world and to adopt different types of an insulin pumps. Rapid urbanization, changing lifestyles, and eating habits leading to diabetes are further contributing to its market growth. Moreover, according to the World Health Organization (WHO), the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014. An insulin pump is a small device that mimics some of the ways a healthy pancreas works. It delivers continuous and customized doses of rapid-acting insulin 24 hours a day to match body needs. Technological advancement along with growing innovation leading to a wearable, small, and durable infusion pumps thus further driving its market growth.

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By End-Use- Segment Analysis

By End-Use, Hospitals accounted for the largest market share in 2019 owing to benefits to provide different types of infusion pumps to patients. Also, infusion pumps are in widespread use in clinical settings such as hospitals, nursing homes, and in-home. Furthermore, the growing number of patients treated in hospitals, the availability of qualified doctors to operate the infusion pump and the financial ability of hospitals to buy high-priced infusion devices are driving the Infusion Pump Market during the forecast period 2020-2025.

Geography- Segment Analysis

North America dominated the Infusion Pump Market with a region share 36% in 2019. The rising geriatric population along with the increasing chronic disorder, growing demand for advanced technologies, adoption of an appropriate infusion pump, and the presence of large hospitals in that region is driving its market growth. Furthermore, the presence of major players such as Becton and Dickinson in that region is contributing to its market growth.

Drivers –Infusion Pump Market

Increasing incidence of chronic diseases

The increasing incidence of chronic diseases leading to diabetes and other cardiovascular diseases is a major driving the Infusion Pump Market during the forecast period 2020-2025. Furthermore, the growing diabetes patients and their to adapt to different types of insulin pumps are driving the demand of Infusion Pump Market during the forecast period 2020-2025.

Rising Demand of Ambulatory Infusion Pump

The rising demand for ambulatory infusion pumps to deliver medicines like chemotherapy or antibiotics in the body is contributing to its market growth. The pump gives medication over a specific time frame as set by the doctor. Getting medication through ambulatory infusion pumps is advantageous, as people can carry out their daily activities at home without staying in the hospital overnight.

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Challenges – Infusion Pump Market

Stringent Government Regulation

Stringent Government Regulation for new device approval is a major factor restraining the Infusion Pump Market during the forecast period 2020-2025. Moreover, the U.S. Food and Drugs Administration wrote a letter to the infusion pump manufacturers describing the problems related to it and asked additional assessments of new products or change the products that have been marketed. This serves as a setback for the growth of Infusion Pump Market.

Infusion Pump Market Industry Outlook

Infusion Pump Market top 10 companies are B. Braun Melsungen AG, Baxter International Inc, Fresenius Se & Co. KGAA, Hospira Inc, Johnson & Johnson, Medtronic PLC, Moog Inc, Smiths Medical, Terumo Corporation and Roche Diagnostics.

Developments:

September 2019: Baxter acquired Cheetah Medical the developer of noninvasive fluid management monitoring system called the Starling SV for up to $230million.

Key Takeaways

North America dominated the Digital Therapeutics Market in 2019 owing to the presence of major players such as Becton and Dickinson in that region.

The growing number of patients treated in hospitals, the availability of qualified doctors to operate the infusion pump, and the financial ability of hospitals to buy high-priced infusion devices are contributing to the Infusion Pump Market growth.

Increased incidence of chronic diseases such as diabetes and other cardiovascular diseases is a major factor driving the Infusion Pump Market during the forecast period 2020-2025.

Related Reports:

A. Infusion Therapy Devices Market

https://www.industryarc.com/Report/96/global-infusion-therapy-devices-infusion-pumps-market.html

B. Veterinary Infusion Pumps Market

https://www.industryarc.com/Research/Veterinary-Infusion-Pumps-Market-Research-501246

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