Infusion pumps and accessories have gained a substantial market share in the recent years, due to increase use in treatment of various chronic disorders. Improved features of infusion pumps have led to widening of applications of these pumps for treatment purpose and delivery of medications. Furthermore, increase in strategic developments by key players are anticipated to fuel the market growth in the near future.
The key players analyzed in the research include B. Braun Melsungen AG, Baxter International Inc., Smiths Medical, Fresenius SE & Co., Becton, Dickinson and Company, Johnson & Johnson, CME Medical UK Limited, ICU Medical, Inc., Moog, Inc., and Terumo Corporation. They have implemented various strategies such as expansions, mergers & acquisitions, collaborations, partnerships, and others to gain the stronghold in the industry.
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The report states that the global Infusion Pumps & Accessories Market garnered $6.47 billion in 2016, and would generate $9.51 billion by 2023, registering a CAGR of 5.6% from 2017 to 2023.
The major factors that fuel the growth in the market include rise in incidence of chronic diseases such as cardiovascular disorders, diabetes, and cancer, upsurge in aging population, and wide range of applications of infusion pumps. However, risk of postoperative complications related to endotracheal intubation and scarcity of skilled professionals hinder the market growth. On the other hand, technological advancements and untapped potential for growth in the emerging economies would offer different opportunities in the market during the forecast period.
The accessories & disposables segment contributed the highest share in 2016 and is expected to maintain its lion’s share during the forecast period, owing to increase in applicability, usage, and availability of disposables for infusion therapies. However, the devices & pumps segment would register the highest CAGR from 2017 to 2023.
Gastroenterology segment contributed to the highest share in 2016 and is expected to maintain its dominant share during the forecast period. However, the chemotherapy segment would grow at the highest CAGR from 2017 to 2023. Though the utilization rate of infusion pumps in hospitals is high, the home care segment would register the highest growth rate during the forecast period. This is due to the technologically advanced products for home-based usage.
North America accounted for the highest market share in terms of revenue in the global infusion pumps & accessories market in 2016, contributing more than half of the total market revenue. This was due to the ease in approval and large usage of these devices to counter surge in incidence of chronic diseases. However, Asia-Pacific region would register the highest CAGR of 6.9% during the forecast period, due to upsurge in affordability, increase in healthcare expenditure, and rise in awareness towards infusion pumps.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the global infusion pumps and accessories market with current trends and future estimations from 2016 to 2023 to elucidate the imminent investment pockets.
- Comprehensive analysis of factors that drive and restrict the market growth is provided.
- Identification of factors instrumental in changing the market scenario, rise in opportunities, and identification of key companies that can influence this market on a global & regional scale are provided.
- Key players are profiled and their strategies are analyzed thoroughly to understand the competitive outlook of the market.
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