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Global Infusion Pumps and Accessories Market - Growth, Trends, and Forecast (2020 - 2025)

Global Infusion Pumps and Accessories Market - Growth, Trends, and Forecast (2020 - 2025)

  • April 2020
  • 123 pages
  • ID: 5891586
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The infusion pumps and accessories market is predicted to witness a CAGR of approximately 5.8% over the forecast period, 2019-2024. This report is segmented by product type, application, end-user, and geography.

The infusion pumps have been in use for four decades, and its applications are increasing gradually, across the world.

The ease that an infusion pump offers, while treating a patient, has largely been responsible for its popularity and increasing use.

Currently, there are a number of various types of infusion pumps available; one of them, which has gained huge popularity for continuous subcutaneous insulin infusion, is the insulin infusion pump.

Since their inception, the application of insulin pumps has been increasing, especially in developed nations, such as the United States.

A significant rise in their use was observed in the past decade; in the year 2016, nearly 374,000 patients with Type 1 diabetes used insulin pumps in the United States.

As per the recent records, more than half a million patients with Type 1 and Type 2 diabetes are using insulin pumps.

Key Market Trends
Volumetric Infusion Pumps are Believed to Witness Highest CAGR in the Forecast Period

- Volumetric infusion pumps have a wide range of applications in various disease areas, owing to which the market value for volumetric is the highest, as compared to the markets for other pumps.
- One of the main use out of the innumerable uses of volumetric infusion pumps is its use in intravenous infusions.
- The use of these pumps in such critical cases increases the value of these devices in the total infusion pumps system.
- Moreover, the safety, accuracy, and simplicity of the pumps attribute to the high demand of these pumps.
- Currently, the volumetric infusion pump segment is driven by its wide applications, advantages, and increasing use in developed countries.
- In the coming years, the demand for these pumps is expected to increase, globally, especially in the Asia-Pacific and South American countries, due to their increasing popularity.
- The increasing chronic disease population is expected to boost the demand for these pumps, and therefore, the market growth in the future.
- Moreover, as the socio-economic prospect of developing countries improves, more people are expected to be able to opt for volumetric pumps in hospitals.

Germany Dominates the Market in Europe Region

- The growth of the German infusion pumps and accessories market has been attributed to patients and physicians, who are steadily adopting new technologically advanced products for regular treatment of chronic disease conditions.
- Germany has well-established health insurance funds with a stronghold by national agencies on the reimbursement. These agencies are considered as the central decision-making system.
- The biggest advantage for manufacturers, due to this system, is that it saves time for officials on evaluation and decision making, as only one dossier needs to be provided to the national authorities.
- However, it must also be noted that due to the supreme power of the central decision-making body, if the reimbursement decision turns negative, the patient availability gets difficult.
- In Germany, more than 50% of unstable patients use insulin pumps. The trend for the usage of insulin pumps is growing over the years and the same trend is expected to be followed in the country which will ultimately contribute to the growth of the market.

Competitive Landscape
The market for infusion pumps and accessories is highly competitive and consists of the global as well as local players.

Due to the technological advancements, small and mid-sized companies are focusing on market penetration to grab the market share. Some of the key global players of this market are B. Braun Melsungen AG, Becton, Dickinson and Company, Medtronic Plc., Smiths Medical Inc. and Terumo Corporation.

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