Infusion Pumps And Accessories Market to Exhibit a Remarkable CAGR of 5% by 2021 to 2030 | ICU Medical Inc.
Infusion Pumps & Accessories Market Size
PORTLAND, OREGON, UNITED STATES, February 12, 2024 /EINPresswire.com/ -- According to the report, the global infusion pumps & accessories industry generated $8.1 billion in 2020, and is anticipated to generate $13.2 billion by 2030, witnessing a CAGR of 5.0% from 2021 to 2030. The study analyzes the important strategies, drivers, competition, market dynamics, size, and important investment regions.
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Key Takeaways:
Market Growth: The infusion pumps and accessories market has been experiencing steady growth in recent years. Factors such as the increasing prevalence of chronic diseases, technological advancements, and the growing aging population have contributed to the market's expansion.
Demand for Infusion Pumps: Infusion pumps are widely used in healthcare settings for the controlled delivery of fluids, medications, and nutrients to patients. The demand for infusion pumps is driven by the rising number of patients requiring long-term care, such as those with cancer, diabetes, and cardiovascular diseases.
Technological Advancements: The market has witnessed significant technological advancements, leading to the development of more advanced and user-friendly infusion pumps. These advancements include features like wireless connectivity, integration with electronic medical records (EMRs), smart alarms, and programmable drug libraries, enhancing patient safety and improving treatment outcomes.
Homecare Settings: The increasing trend of home healthcare has propelled the demand for infusion pumps in home settings. Patients can receive intravenous medications or fluids at home, reducing the need for hospital stays and enhancing convenience and patient comfort. This trend has created a new market segment for portable and easy-to-use infusion pumps.
Accessories and Consumables: The market for infusion pump accessories and consumables, such as infusion sets, syringe pumps, and IV catheters, is also growing. These products are essential for the proper functioning and maintenance of infusion pumps and are frequently replaced during therapy, creating a recurring revenue stream for manufacturers.
Market Drivers:
Increasing Prevalence of Chronic Diseases: The rising prevalence of chronic diseases, such as cancer, diabetes, cardiovascular diseases, and neurological disorders, is a significant driver for the infusion pumps and accessories market. These conditions often require long-term medication and fluid administration, creating a growing demand for infusion pumps to ensure accurate and controlled delivery.
Growing Aging Population: The global population is aging, with a higher proportion of elderly individuals who often require complex medical treatments and therapies. The aging population is more susceptible to chronic diseases and requires continuous monitoring and medication. Infusion pumps play a vital role in delivering medications and fluids accurately, making them essential for geriatric care.
Market Segmentation:
Product Type:
a. Infusion Pumps:
Volumetric Infusion Pumps
Syringe Infusion Pumps
Ambulatory Infusion Pumps
Insulin Infusion Pumps
Enteral Infusion Pumps
Implantable Infusion Pumps
PCA (Patient-Controlled Analgesia) Infusion Pumps
Others
b. Infusion Pump Accessories:
Infusion Sets
IV Cannulas/Catheters
Syringes
Valves and Connectors
Infusion Filters
Tubing
Others
Application:
a. Chemotherapy/Oncology
b. Diabetes Management
c. Pain Management
d. Gastroenterology
e. Pediatrics/Neonatology
f. Hematology
g. Others
End User:
a. Hospitals
b. Ambulatory Surgical Centers
c. Homecare Settings
d. Clinics and Diagnostic Centers
e. Others
Region:
a. North America (United States, Canada)
b. Europe (United Kingdom, Germany, France, Italy, Spain, Rest of Europe)
c. Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
d. Latin America (Brazil, Mexico, Rest of Latin America)
e. Middle East and Africa (GCC Countries, South Africa, Rest of Middle East & Africa)
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Regional Growth Dynamics:
North America held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global infusion pumps & accessories market. This is owing to the robust infrastructure provided for research activities and presence of key players across North America. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 5.3% during the forecast period, owing to increase in use of Infusion pump & accessories products, R & D activities for new product launch, and rise in investments in the healthcare sector in the region.
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Competitive Landscape:
Becton, Dickinson and Company (BD)
B. Braun Melsungen AG
Medtronic plc
Fresenius Kabi AG
Smiths Medical
Baxter International Inc.
ICU Medical, Inc.
Terumo Corporation
Johnson & Johnson
Moog Inc.
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