The infusion pumps market has been witnessing steady growth over the past few years owing to growing adoption of infusion pumps in ambulatory and home care settings for the administration of medications and fluids. Infusion pumps offers convenience and safety benefits compared to gravity infusion systems.
Infusion pumps are electromechanical medical devices that deliver fluids, such as nutrients and medications, into a patient's body in controlled amounts. They are used to safely deliver medications, fluids and nutrition to patients in the hospital as well as at home. The growing prevalence of chronic diseases and increasing geriatric population has surged the demand for ambulatory and home care services. This has significantly driven the adoption of infusion pumps as they provide convenience for continuous drug delivery outside hospitals. Further, infusion pumps offer advantages such as accurate dosage control and delivery compared to conventional gravity-based delivery systems.
Key Takeaways
Key players operating in the infusion pumps market are Consolidated Metco, Inc., BUVO Castings, Bodine Aluminum, Shandong Xinanrui Casting, RusAL, Walbro, RYOBI Aluminium Casting (UK) Ltd., Dynacast, Rio Tinto, Alcoa Corporation. These players are focusing on new product launches, collaborations and geographic expansion to consolidate their market position.
The growing popularity of ambulatory and home care services presents significant growth opportunities for players in the infusion pumps market. Technological advances are enabling the development of compact and portable infusion devices suitable for home use. This is expected to drive the adoption of infusion pumps in home care settings.
North America dominates the Global Infusion Pumps Market Size owing to the rising prevalence of chronic diseases. However, Asia Pacific region is anticipated to witness fastest growth during the forecast period supported by growing medical infrastructure, rising healthcare expenditure and increasing patient population in countries such as China and India. Key players are expanding their operations in emerging Asian countries to leverage growth opportunities.
Market Drivers
- Growing prevalence of chronic diseases such as cancer and diabetes positively impact the market growth. Chronic diseases often require long-term drug administration which propels the demand for infusion pumps.
- Rising geriatric population prone to chronic conditions also acts as a major driver as older patients prefer ambulatory and home care settings for continuous drug delivery.
Market Restraints
- Product recalls due to safety concerns pose a major challenge for market players and undermines user confidence. Frequent recalls restrains the market growth.
- High cost of advanced infusion devices limits their adoption in home and ambulatory care settings in developing regions. This acts as a market barrier especially in price sensitive areas.
Segment Analysis
The infusion pumps market can be segmented into two primary categories - large volumetric infusion pumps and syringe infusion pumps. Large volumetric infusion pumps are dominating the market currently accounting for around 65% share. These pumps are used to deliver large volumes of fluids, nutrients and medications to patients continuously at a precise, regulated rate over an extended period of time in hospitals and healthcare facilities. Their use in the long-term delivery of medications through intravenous drips makes them highly popular among healthcare providers.
Global Analysis
Regionally, North America is currently the fastest growing as well as the dominating regional market for infusion pumps. Advancements in healthcare infrastructure, rising prevalence of chronic diseases necessitating long-term medication management, growing geriatric population undergoing intravenous therapy are some key factors supporting market growth in the region. It is estimated that North America accounts for around 40% share of the global infusion pumps market currently. Asia Pacific is also emerging as a high potential market and is expected to see strongest growth during the forecast period with increasing medical tourism and private healthcare spending in countries such as China, India.
Get More Insights On This Topic: https://www.newsstatix.com/infusion-pumps-market-is-driving-trends-in-patient-centric-care-by-remote-monitoring/
Comments
0 comment