High prevalence of chronic diseases, surge in global geriatric population, growth in demand for home healthcare, and infusion pumps possess wide range of application drive the growth of the global infusion pumps & accessories market. However, several errors associated with infusion pumps and stringent government regulations hinder the market growth. On the other hand, various growth opportunities from emerging economies and development of efficient infusion pumps present new opportunities in the coming years.
The infusion pumps & accessories market size was valued at $8138.49 Million in 2020, and is estimated to reach $13,264.18 Million by 2030, growing at a CAGR of 5.0% from 2021 to 2030.
Infusion pumps are medical devices employed to deliver medications and fluids into patient’s body in controlled dosages. They are designed according to the usage; for example, for stationary use, the device is placed at patient bedside, and for ambulatory use, they can be wearable or portable. Infused fluids are various medications that are administered on the basis of patient conditions such as nutrients for eternal feeding, insulin, hormones, antibiotics, and others. Moreover, these pumps are widely used in healthcare settings such as patient, outpatient, private clinics, and at-home settings.
Covid-19 Scenario
- The outbreak of the COVID-19 pandemic has had a positive impact on the growth of the global infusion pumps & accessories market.
- A significant rise in the usage of infusion pumps during the pandemic has increased the production of infusion pumps and accessories, which is anticipated to drive the infusion pumps and accessories market.
- Moreover, new innovations by the key players has propelled the growth of the market.
The major factors that drive the growth of the infusion pumps & accessories market include increase in incidence of chronic diseases such as diabetes, cardiovascular disorders, and cancer; growth in geriatric population who are more prone to aforementioned disorders; numerous applications of infusion pumps; and upsurge in demand for home-based infusion pumps products. However, high risk of postoperative complications after endotracheal intubation and dearth of skilled professionals limit the market growth. Conversely, development of technologically advanced infusion pumps and untapped potential in the emerging economies are anticipated to provide numerous opportunities for the market growth during forecast period.
The hospitals segment to maintain its lead position during the forecast period
Based on end user, the hospitals segment accounted for the largest share in 2020, contributing to more than half of the global infusion pumps & accessories market, and is projected to maintain its lead position during the forecast period. This is due to increase in use for pediatrics in hospitals. However, the home care segment is expected to portray the largest CAGR of 5.5% from 2021 to 2030.
North America to maintain its dominance by 2030
Based on region, 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.
