Press Release-Infusion Pump Market to Reach 21,798.08 USD Million by 2028
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Infusion Pump Market to Reach 21,798.08 USD Million by 2028
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.
Key Findings:
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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 market in the region.
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Infusion Pump Market to Reach 21,798.08 USD Million by 2028
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