Infusion Pumps Market is Expected to Grow at a CAGR of 9.53% and is Anticipated to Reach USD 20.75 Billion by 2026, Estimates DelveInsight
The Infusion Pump market is increasing due to rising prevalence of various chronic disorders such as diabetes, cancer, chronic pain, and various other disorders, the rising geriatric population and, integration of advanced technology are some of the key factors, which are expected to increase the overall demand of Infusion Pump, thus driving the growth of Infusion Pump market.
LAS VEGAS, Nov. 29, 2021 /PRNewswire/ -- DelveInsight's Infusion Pump Market Insights and Forecastreport provide the current and forecast Infusion Pumps market, upcoming innovation in the devices, individual market shares, challenges, drivers and barriers, market trends, and key competitors in the Infusion Pumps market.
As per an analysis by DelveInsight, North America is expected to dominate the overall Infusion Pumps market during the forecast period.
Major pharma players working proactively in the Infusion Pumps market include Baxter International, B. Braun Melsungen AG, Medtronic, Micrel Medical Devices SA, Boston Scientific Corporation, CareFusion Corporation, Fresenius Kabi, Smiths Medical, and others.
DelveInsight estimates that Global Infusion Pumps Market was valued at USD 12.67 billion in 2020, growing at a CAGR of 9.53% during the forecast period from 2021 to 2026, to reach USD 20.75 billion.
On August 11, 2021, Insulet Corporation, the global leader in tubeless insulin pump technology with its Omnipod® brand of products, introduced the Omnipod DASH® Insulin Management System (Omnipod DASH) to healthcare providers in Australia.
In February 2021, B. Braun Medical Inc.'s Infusomat Space Large Volume Pump was awarded as 2021 best in KLAS. These awards are given on the basis of side-by-side performance comparisons and feedback from healthcare providers throughout the United States.
An Infusion Pump is a medical device that distributes fluids, such as nutrients and medications, into a patient's body in controlled amounts. They have extensive use in clinical settings such as hospitals, nursing homes, and in the home. These can also be implanted beneath the skin during surgery, which sends liquid pain medicine through a thin, flexible tube known as a catheter to a specific part of the body and offers targeted and consistent medicine to reduce pain. A trained user can operate an Infusion Pump as he can program the rate and duration of fluid delivery through a built-in software interface. These devices provide benefits over manual administration of fluids, comprising the ability to deliver fluids in very small volumes, and the ability to deliver fluids at precisely programmed rates or automated intervals. An infusion pump can deliver nutrients or medications, such as insulin or other hormones, antibiotics, chemotherapy drugs, and pain relievers. These pumps are used in a variety of medical applications such as in the management of chronic pain, diabetes, oncology, among others.
To pick on the latest highlights related to Infusion Pump, get the snapshot of the key highlights entailed in the Infusion Pump Marketreport.
Geographically, the global Infusion Pump market is studied for North America, Europe, Asia-Pacific, and the Rest of the World. In terms of revenue share North America currently leads the global market and is expected that it will remain constant during the forecast period. This domination in North America is observed majorly due to the growing cases of chronic disorders, rising healthcare expenditure due to a strong economy, and the presence of well-established healthcare infrastructure.
In September 2020, Medtronic plc received approval from the US Food and Drug Administration (FDA) for its MiniMed 770G hybrid system. Owing to the launch of such devices, there will be a rapid growth observed in the Implantable Infusion Pumps market during the forecast period.
The rising healthcare costs, improving healthcare infrastructure population and growing healthcare expenditure are projected to augment the Infusion Pump market. Also, the presence of medical device companies operating in the Insulin pumps, such as Tandem and Insulet, the rising prevalence of chronic pain and continuous drug delivery requirement for better management is expected to fuel the market for Infusion Pump.
The COVID-19 pandemic has also led to an increase in the demand for intravenous Infusion Pumps and related systems as the majority of the hospitalized patients, especially those in ICUs, are medicated via intravenous Infusion Pumps due to their ability to deliver precise doses automatically at set times.
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