Global Infusion Pump Market to Witness a CAGR of 6.6% during 2018-2024
NEW YORK, Sept. 20, 2018 (GLOBE NEWSWIRE) -- The global infusion pump market is expected to grow significantly from USD 9,210 million in 2017 to USD 14,500 million in 2024, at a CAGR of 6.6% from 2018 to 2024. The growth in the market is attributed to the growing incidence of chronic diseases, and increasing number of surgical procedures performed across the globe. Moreover, rising demand in ambulatory settings, and continuous technological innovations in pump technology coupled with new product launches are also driving the market growth.
Key findings from the report:
-- On the basis of products type, the insulin pump segment held the major share of the market in 2017, owing to growing prevalence of diabetes across the globe and technological advancements in insulin pump devices. In addition, the development of home infusion therapy and artificial pancreas technology is also driving the growth in the segment. -- On the basis of application, ° The cancer segment held the major share of the market in 2017. The growth is attributed to the growing number of cancer patients and availability of infusion pump for chemotherapy. ° The diabetes segment is expected to witness highest CAGR during the forecast period -- Based on end-user, the hospital segment held major share of the market in 2017. The growth is attributed to the growing number of hospitalization cases globally. -- Geographically, North America held the major share of the global market in 2017. Asia-Pacific is expected to witness the highest CAGR during the forecast period. -- Some of the key companies operating in the market include Fresenius SE & Co. KGaA, B. Braun Melsungen AG, Medtronic, Baxter International Inc., Medical International Limited, Terumo Corporation, F. Hoffmann-La Roche Ltd., Johnson & Johnson, Becton, Dickinson and Company, and ICU Medical, Inc.
Growing adoption of infusion pump technology driving the market growth
Infusion pump is a medical device that is capable of delivering nutrients, antibiotics, insulin, chemotherapy or pain relief drugs and other medications into the patient’s body in a controlled amount. Approximately, millions of infusion pumps are used around the world in various end-user segments such as home setting, hospital, clinics, laboratory, and ambulatory surgical centers. The infusion pump plays the important role in providing preoperative care, critical care, and pain management. Growing research and development activities in medical device technology has augmented the growth of the infusion pump market. The infusion pump devices such as a smart infusion pumps is playing important role in reducing the risks while administering intravenous medications.
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Infusion Pump Market – Regional insight
Geographically, North America held the largest share of the market in 2017. The growth in the region is attributed to the increasing prevalence of chronic diseases and rising adoption of infusion pump device. Moreover, growing number of hospitals and ambulatory surgical centers has also resulted in increased usage of infusion pump in the region. Technological advancement in smart infusion pump and presence of major players in the region is further boosting the market growth. The growth of infusion pump market in the Europe is primarily due to the increasing number of diabetic patients, and introduction of new products in the region. Asia-Pacific is expected to witness the highest CAGR during the forecast period owing to growing healthcare expenditure.
This report segments global infusion pump market based on product type, application, channel, end-user and region.
By Products Type
-- Syringe Pumps -- Volumetric Pumps ° Cassette/Piston ° Peristaltic -- Implantable Pumps -- Ambulatory Pumps -- Patient-controlled analgesia (PCA) Pumps -- Enteral Pumps -- Pump Accessories -- Insulin Pumps
-- Cardiovascular disease -- Cancer ° Lung cancer ° Breast cancer ° Blood cancer ° Brain cancer ° Colorectal cancer ° Others -- Arthritis -- Diabetes -- Neurology disorder -- Gastroenterology -- Inflammatory diseases -- Immune deficiency disorder, -- Pain management -- Nephrology & urological disorder -- Others
By Channel Type
-- Single Channel -- Multi-Channel
-- Hospitals -- Clinics -- Research and Laboratory -- Ambulatory surgical centers -- Home care settings
-- North America -- Europe -- Asia-Pacific -- Central & South America -- Middle East and Africa (MEA
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