Global Infusion Pump Market to Surpass USD 850 Million by 2028
Posted on 21 Apr 2022
Infusion pumps are used to deliver medication in many cases, such as cancer and diabetic conditions, to keep drug levels in the bloodstream stable. These pumps have several advantages over manual fluid administration, including the ability to administer fluids in very small doses and at precise programmed rates. Chemotherapy must be delivered to cancer patients on a continuous basis, which can be accomplished with the help of a pump. Insulin pumps are becoming increasingly popular in the treatment of Type 1 diabetes. As a result, the global infusion pump market will be driven by rising incidence of chronic diseases, rapid growth of the geriatric population who require home care, rising demand for ambulatory infusion pumps, and growing volume of surgical procedures performed around the world.
These are the latest findings of Valuates Reports (Bangalore, India), a market research firm.
The global infusion pump market was valued at about USD 627 million in 2021 and is projected to grow at a CAGR of 4% during 2022-2028 to surpass USD 852 million by 2028. Growing demand for ambulatory infusion pumps in-home care settings, as well as an increase in chronic disease incidence, is expected to drive the growth of the infusion pump market. Infusion pumps for ambulatory use are designed to be portable or wearable. The high incidence and prevalence of chronic diseases, as well as rising healthcare expenditure, primarily on hospitalization, have increased the demand for home healthcare in recent years.
In addition, increasing research and development (R&D) activities to launch home infusion systems are expected to drive the growth of the infusion pump market. Rising costs of hospital-based infusion therapies have prompted an increase in R&D efforts to create home-based infusion products. For instance, the rising demand for long-term care, preferably in-home care settings, has been due to an increase in the patient population with diabetes, cancer, and neurological disorders. Furthermore, the growing geriatric population, which requires long-term care therapies, is driving new product development for home infusion therapies.
Furthermore, the use of robotics in surgical treatments and the introduction of technology in minimally invasive procedures are the keys to the future of surgical procedures, which will lead to an increase in sales of syringe and infusion pumps. This, in turn, is expected to drive the growth of the infusion pump market. Automated syringe pumps are commonly used in hospitals and clinics to improve the efficiency of drug infusion in the patient's body. Moreover, to increase their market share, the players in the global infusion pumps market are actively launching new products targeted at specific disease treatment procedures, and undertaking geographic expansions and collaborations.
Based on type, accessories/consumables is expected to be the most lucrative segment in the infusion pump market due to the frequent use and purchase of accessories/consumables for infusion therapy. Based on application, the oncology segment is expected to gain significant traction due to the rising prevalence of various cancers and the increasing number of new product launches in this area. Chemotherapy must be delivered to cancer patients on a continuous basis, which can be accomplished with the use of infusion pumps.
Geographically, North America is expected to be the world’s most lucrative market for infusion pumps due to the rapid adoption of technologically advanced products by patients and physicians, both for regular treatment of chronic disease conditions, in the region. In North America, several chronic diseases are becoming more prevalent, and the rapid adoption of home healthcare infusion pump therapies is also fueling the growth of the infusion pump market in the region.
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