A new MarketsandMarkets report found that the global infusion pumps market is expected to grow at a compound annual growth rate of 6% from 2018 to 2023, surging from its current $11.9 billion valuation to $15.89 billion. The increasing prevalence of chronic diseases, along with the rapid growth in the geriatric population, the growing use of ambulatory infusion pumps in home care settings, and the growing number of surgical procedures are some of the key factors driving market growth, MarketsandMarkets officials say.
However, the presence of stringent regulations for new products, medication errors associated with infusion pumps (that have resulted in product recalls), and the increasing adoption of refurbished and rental infusion pumps are expected to restrain the growth of this market to a certain extent during the forecast period.
On the basis of products, the accessories/consumables segment accounted for the largest share of the infusion pumps market in 2017. This can be attributed to the recurrent use of accessories/consumables during infusion therapy for the management of chronic diseases. And the accessories/consumables segment is further segmented into dedicated accessories/consumables and non-dedicated accessories/consumables, officials for MarketsandMarkets say.
Moreover, the dedicated accessories/consumables for infusion pumps segment accounted for the largest share of the infusion pump accessories/consumables market in 2017. This can be attributed to the increasing demand for dedicated accessories/consumables in chronic disease management to minimize the risk of non-compatibility of accessories with infusion devices.
Further, the volumetric infusion pumps segment accounted for the largest share of the infusion pump devices market in the forecast period—a feat attributable to the wide applications for delivering large volumes of fluids to patients at predetermined medium-to-high flow rates.
On a regional basis, North America accounted for the largest share of the infusion pumps market in 2017, followed by Europe. This is mainly due to the increasing prevalence of chronic diseases, the growing demand for advanced medical treatment, and the growing healthcare market in the region. What’s more, heightened demand for premium-priced infusion pump systems—to improve the quality of care for patients—is expected to play a key role in the growth of the infusion pumps market in North America in the coming years.