Infusion Pumps and Accessories Market Report Overview
-
Request a Free Sample to learn more about this report
The global infusion pumps and accessories market size was USD 6496 million in 2022. As per our research, the market is expected to reach USD 7836 million by 2028, exhibiting a CAGR of 3.2% during the forecast period.
Infusion pumps and accessories help in providing right amount of fluids medications and nutrients in the patient’s body. If a patient is not in the state of performing any sort of daily activities, then these instruments help them to intake nutrients and other necessary medication and fluids as required by the prescription for the patient’s recovery. These infusion pumps and accessories are widely used in healthcare sector. Hospitals, nursing homes even in patients houses. The widespread use of this instrument has resulted in the boosted infusion pumps and accessories market share.
Rise in geriatric population, growing technological advancements and increase in chronic diseases have led to increased demand for the infusion pumps and accessories. This augmented demand for the product is resulting in the increased infusion pumps and accessories market growth. The market share and revenue are proliferating as the key market players are working for the betterment of their products according to the consumer needs.
COVID-19 Impact: COVID-19 to Surge Infusion Pumps and Accessories Market growth
Due to the COVID-19 outbreak industries related to healthcare sectors witnessed a powerful upward strike as the demand for healthcare services increased resulting in demand for this product. Patients were facing many chronic diseases and other dysfunctionalities during this period. A lot of patients were healthy but the weakness caused after recovery of this particular pandemic led to many other diseases in age group of 0-7 and 40-70 years of population of the globe. Due to these reasons the infusion pumps and accessories market share and revenue systems were prospering as these health conditions of the global population highly increased the demand for this product. The growth rate of this market augmented during this period and the overall growth statistics were graphing of the charts.
Latest Trends
"Growth in Research and Development Activities to Inaugurate Home Infusion Systems"
Vigorously growing chronic diseases and expensive hospital-based infusion systems has compelled the research and development authorities of healthcare sector to invent an in-budget but effective alternative for this product. The home-based infusion pumps and accessories will be affordable for all. Patients suffering from diabetes, neurological disorders, and cancer has resulted in increased demand for long-term home care settings as these patients require assistance and aid mostly during their vulnerable periods. This need for long-term care has boosted the development of home-based infusion systems.
Infusion Pumps and Accessories Market Segmentation
-
Request a Free Sample to learn more about this report
- By Type Analysis
According to type, the market can be segmented into devices & pumps, accessories & disposables, and infusion pumps & accessories amongst which devices & pumps are accounted to hold the most amount of market share.
- By Application Analysis
Based on application, the market can be divided into Hospitals, Home Care, Ambulatory Surgical Centers(ASCs), and Others amongst which hospital is estimated to be the leading segment.
Driving Factors
"Rise in Geriatric Population to Increase the Infusion Pumps and Accessories Market Growth"
Due to the rising frequency of chronic diseases, there is a corresponding rise in the number of senior patients admitted to hospitals as people live longer. Age impacts basic biological mechanisms, making it a notable risk factor for the progression of any disease. The prevalence of chronic diseases like cancer is particularly high among the elderly population; in this age category, people over 65 account for about 60% of all cancer cases. Cancer is particularly tough to treat in the elderly population since they already have so many health issues as a result of their old age. This demonstrates the senior population's rising demand for infusion pumps. This is driving the market growth to unimaginable levels and is augmenting the product demand with each passing day.
"Growth in Technological Advancements to Bolster the Market Growth"
The effect of technological improvements on clinical services and healthcare is being expanded and made more available. The use of an infusion pump has profited from technological advancements that reduce patient harm and prevent drug errors. With the use of a patient monitoring device to inform and direct doctors’ treatment decisions, these developments lead to better clinical outcomes. Nearly every process in the healthcare sector involves the use of technology, including patient registration for data management, laboratory testing for self-care equipment, the possibility of medication errors due to a rise in disease burden, and infusion pump systems, accessories, and software. This is why technology is the next growth driver in this sector. This advancing technology is another major factor driving the market growth.
Restraining Factors
"High Cost of Infusion Pumps and Accessories to Restrain the Market Growth "
The price of the product is a key consideration in the market. A person with ordinary income may find it difficult to pay the costs of longer-term treatment. Critical care and intensive care unit services are being used more frequently than ever, and the existing healthcare system is deeply concerned about their high cost. Chronic disease patients, like those with ARDS, may need lengthy hospital stays, as well as regular mechanical breathing, which uses up a lot of healthcare resources. As a result, patients who cannot afford a lengthy stay are typically dismissed within the first stages of treatment. However, this raises the potential and susceptibility for fresh infections issues, necessitating more healthcare resources and attention. But a large amount of patient’s population cannot afford these expensive infusion sets which is expected to restrain the market growth.
Infusion Pumps and Accessories Market Regional Insights
-
Request a Free Sample to learn more about this report
"North America to Dominate the Infusion Pumps and Accessories Market "
A growing level of technological development in developing nations is predicted to make the North American region, specifically the U.S., the dominant region during the forecast period. The nation section of the research also lists specific market-effecting elements and modifications to market regulation that have an effect on the market's present and future developments. Data points utilized to anticipate the market scenario for certain nations include porter's five forces analysis, technical trends, upstream and downstream value chain analysis, case studies, and technical trends. When giving prognosis analysis of the country data, it also takes into account the presence and accessibility of international brands as well as the troubles they encounter due to strong or weak competition from local and domestic brands, the effect of domestic tariffs, and trade routes.
The European region and the region of Asia Pacific are anticipated to be the second largest share holders of the market worldwide as these regions are developing at an extremely faster pace and improving their healthcare sector facilities altogether.
Key Industry Players
"Leading Players adopt Acquisition Strategies to Stay Competitive"
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
List of Market Players Profiled
- Baxter International (U.S.)
- B. Braun Melsungen (Germany)
- Fresenius (Germany)
- Smiths Medical (U.S.)
- Johnson & Johnson (U.S.)
- Becton (U.S.)
- Dickinson and Company (U.S.)
- ICU Medical (U.S.)
- CME Medical (U.S.)
- Moog (U.S.)
- Terumo Corporation (Japan)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 6496 Million in 2022 |
Market Size Value By |
US$ 7838 Million by 2028 |
Growth Rate |
CAGR of 3.2% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2022 |
Historical Data Available |
Yes |
Segments Covered |
Type and Application |
Regional Scope |
Global |
Frequently Asked Questions
-
What value is the infusion pumps and accessories market expected to touch by 2028?
The global infusion pumps and accessories market size is expected to reach USD 7836 million by 2028.
-
What CAGR is the infusion pumps and accessories market expected to exhibit by 2028?
The infusion pumps and accessories market is expected to exhibit a CAGR of 3.2% by 2028.
-
Which are the driving factors of the Infusion Pumps and Accessories Market?
The driving factors of the Infusion Pumps and Accessories Market are rise in geriatric population and growth in technological advancements
-
Which are the key players or most dominating companies functioning in the Infusion Pumps and Accessories Market?
The dominating companies in the Infusion Pumps and Accessories Market are Baxter International (U.S.), B. Braun Melsungen (Germany), Fresenius (Germany), Smiths Medical (U.S.), and Johnson & Johnson (U.S.).