The major drivers for the infusion pumps market include the rising geriatric population, advanced technology adoption, increasing prevalence of chronic diseases, and surging inclination toward home infusion treatments. Thus, in 2021, the market stood at $12,825.9 million, and it is expected to reach $27,133.7 million by 2030, at an 8.7% CAGR from 2021 to 2030. For instance, there will be at least 26 million cancer survivors in the U.S. by 2040, according to the National Cancer Institute. In addition, approximately 30 million new cancer cases are expected every year around the world.
 |
| To learn more about this report: https://bit.ly/3P4SQuL |
A pivotal trend in the infusion pumps market is the rising count of collaborations and partnerships. For instance, American Oncology Network LLC and InfuSystem Holdings Inc. collaborated in February 2022. Similarly, DEKA Research & Development Corp. partnered with Zealand Pharma to enhance infusion pumps in November 2021. Furthermore, Ivenix Inc. and Smiths Medical entered into a collaboration in 2021, while a service partnership was announced by InfuSystem Holdings Inc. and Eitan Group in August 2019.
The infusion pumps market is bifurcated into devices and accessories and consumables, based on product type. The accessories and consumables held a larger share than devices in 2021 owing to the larger availability of a wide range of consumables and accessories and their more-frequent sales globally. On the contrary, approximately 45% of the market share was accounted for by the devices category in 2021. Various types of devices, including PCA pumps, syringe infusion pumps, ambulatory infusion pumps, implantable infusion pumps, enteral infusion pumps, volumetric infusion pumps, and insulin pumps, are common at medical settings.
Within the segment of application, the diabetes management category dominated the infusion pumps market, accounting for about 30% share, in the past. This trend will continue in the forecast period, and it can be credited to the rising prevalence of diabetes all around the world. Moreover, extended infusion periods and advancements in the wearable technology will augment growth in the market. For instance, a new wearable infusion set was introduced by Medtronic plc, featuring seven days of wear time, in the European Market in April 2021.
There is a paradigm shift in the preferences of patients toward economical alternatives, such as homecare settings and diabetes centers from the costly hospitals, with the emphasis on the convenience and economic aspects of healthcare. Home infusion therapy is gaining significant recognition among patients suffering from diabetes, with the surging accessibility of advanced insulin delivery devices. Furthermore, by providing an appropriate dosage of this endocrine hormone every day, homecare settings category will grow the fastest in the end user segment.
The infusion pumps market will be ruled by North America in the forecast period owing to the existence of a large elderly population, rising adoption of technologically improved products, and enhanced healthcare infrastructure. Furthermore, diabetes is becoming prevalent among all ages in Europe, which is why there is a dire need for enhanced yet cheaper healthcare solutions. Moreover, the APAC market will observe recognizable growth in the coming years because of the rising healthcare expenditure, surging awareness about managing diabetes, and increasing prevalence of obesity and other chronic diseases.
Hence, a higher prevalence of chronic diseases, rising geriatric population, and surging inclination toward home infusion treatments will provide lucrative opportunities to the market players to gain a competitive edge.
No comments:
Post a Comment