The Global Infusion Pump Market is expected to reach 21,798.08 USD Million by 2028, growing at a CAGR of 8.80% from 2022 to 2028. The increasing incidence of chronic diseases along with the rapid growth of the geriatric population is anticipated to augment the growth of the market during the forecast period.
- The insulin infusion pumps segment held a significant share in 2021. This is attributable to the increasing growing prevalence of diabetes and obesity across the globe. Further, the rising adoption of insulin pumps over traditional methods is also expected to support the segmental growth of the market. An insulin pump provides continuous delivery of short-acting insulin through a thin tube and also replaces the need for multiple daily injections with a continuous insulin infusion.
- The chemotherapy segment is projected to grow at a significant CAGR during the forecast period. This is attributable to the increasing patients of with cancer and the growing use of infusion pumps for the treatment and medication of cancer patients.
- The hospital's segment is projected to grow at a considerable CAGR during the forecast period. This is attributable to the availability of skilled healthcare professionals along with increasing government funding. Further, rising private sector investment in healthcare is also expected to support segmental growth of the market.
- Asia Pacific is expected to grow at the fastest CAGR during the forecast period. China accounted for the largest share in APAC in 2021. This is attributable to the rapid adoption of innovative medical devices by emerging economies such as India, and China in the region. Furthermore, the increased awareness among the population along with rising in medical tourism in developing countries is also anticipated to support the regional growth of the market.
Some of the key players in the Infusion Pump market include Becton, Dickinson and Company (US), Baxter International (US), B. Braun (Germany), ICU Medical (US), Fresenius Kabi (Germany), Smiths Medical (US), Medtronic PLC (Ireland), Moog Inc. (US), Avanos Medical, Inc. (US), Nipro Corporation (Japan), Terumo Corporation (Japan), Insulet Corporation (US), Ypsomed Holding AG (Switzerland), Tandem Diabetes Care (US), JMS Co., Ltd. (Japan), Micrel Medical Devices SA (Greece), InfuTronix Solutions LLC (US), Zyno Medical LLC (US), Roche Diagnostics (Switzerland), Teleflex, Inc. (US), Mindray Medical International Limited (China), Epic Medical (Singapore), SOOIL Development Co., Ltd. (South Korea), Shenzhen MedRena Biotech Co., Ltd. (China), and CODAN Medizinische Geräte GmbH & Co KG (Germany)..
The increasing prevalence of chronic disorders such as cancer, diabetes, chronic kidney diseases, and chronic obstructive pulmonary diseases, among others is anticipated to augment the growth of the Infusion Pump market in the years to come. As per WHO estimates, diabetes caused 1.5 million deaths and was the ninth leading cause of death in 2019 and it further results in kidney failure, blindness, heart attacks, stroke, and lower limb amputation. Further, it estimated that cancer caused nearly 10 million deaths in 2020 which is nearly one in six deaths owing to the increase in alcohol consumption, tobacco intake, high body mass index, and physical inactivity. The highest new cases of cancer were breast with 2.26 million cases followed by lung (2.21 million cases); colon and rectum (1.93 million cases); prostate (1.41 million cases); and skin (non-melanoma) with 1.20 million cases. With the increasing number of cases of chronic diseases, the demand for infusion pumps is also expected to increase in the future. Further, the growing demand for ambulatory infusion pumps in-home care settings are also expected to propel the market growth.
However, the stringent regulatory requirements for new products and increasing adoption of refurbished and rental infusion pumps is expected to hamper the growth of the market in the years to come. Moreover, an increase in demand from emerging countries along with the growing adoption of specialty infusion systems is expected to create immense opportunities for the growth of the market within the forecast period.
North America held the largest shares in 2021. The US held the largest share in North America for the Infusion Pump market. This is attributable to the increasing prevalence of chronic diseases and the high adoption of specialty infusion pumps for the treatment of chronic diseases in the region. Furthermore, the presence of many large hospitals and leading global players in the region is also expected to fuel the regional growth of the market. Additionally, the rising geriatric population in the region is also expected to support the growth of the Infusion Pump market in the region.