Westford, USA, Sept. 25, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Infusion Pump Market will reach a value of USD 31.41 Billion by 2031, with a CAGR of 8.2% during the forecast period (2024-2031). Popularity of insulin delivery devices has increased greatly since leading market players including Insulet Corporation and Medtronic began selling insulin pumps. The market is expected to increase at a significant rate due to several important factors, including the rising incidence of chronic illnesses, improvements in drug delivery technology, and the rising use of these methods in developing nations. This pump is a medical device that provides the patient with controlled fluid delivery, including nutrients and medications.
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Infusion Pump Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 18.01 Billion |
| Estimated Value by 2031 | USD 31.41 Billion |
| Growth Rate | Poised to grow at a CAGR of 8.2% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, End Users and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Expanding R&D activities to launch home infusion systems |
| Key Market Opportunities | High growth opportunities in emerging markets |
| Key Market Drivers | Increasing number of surgical procedures |
Infusion Pump Market Segmental Analysis
Global Infusion Pump Market is segmented by Product, Setting, Application, and region.
Based on Product, the market is segmented into Accessories and Consumables, and devices.
Based on Setting, the market is segmented into Hospitals, Home Care Settings, Ambulatory Care Settings, and Academic and Research Institutes.
Based on Application, the market is segmented into Chemotherapy/Oncology, Diabetes Management, Gastroenterology, Analgesia/Pain Management, Pediatrics/Neonatology, Hematology, and Other Applications.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Insulin Pump to Hold Significant Growth due to Providing Precise & Continuous Insulin Delivery
According to estimates based on sales data, the global infusion pump market is largely attributed to insulin pumps, owing to their constant and accurate delivery of insulin which enhances glycemic control among diabetic individuals. This efficiency therefore leads to high patient adherence to treatment, resulting in demand. Also, technologies, such as coupling insulin pumps with continuous glucose monitors, improve the experience of the users of the infusion pumps, thus aiding in the growth of the market.
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Diabetes Application to Lead the Market due to Need for Effective Infusion Management Solutions
Diabetes applications dominate the global infusion pump market due to the rising prevalence of diabetes and the need for effective management solutions. The growing number of patients being treated for diabetes is a major impetus for the need for sophisticated insulin delivery systems. Furthermore, the increasing concern regarding diabetes management and such inventions as smart infusion pumps that are associated with mobile applications for better compliance drive treatment rates and outcomes.
North America to Dominate the Market due to Adoption of Ambulatory pumps
Due to the advanced healthcare facilities found in this region as well as the high use of technology in the medical equipment, North America’s infusion pump market is the largest in the world. The growing incidence of infusing technology-based solutions in the treatment of diabetes or other chronic condition problems is increasing too. In addition, the large expenditures on healthcare system and more importantly, the enforcement of policy on the use of advanced medicine technology in the region helps to consolidate the market further.
Infusion Pump Market Insight
Drivers:
- Increasing Prevalence of Chronic Diseases
- Technological Advancements in Infusion Pump Systems
- Rising Demand for Home Healthcare Solutions
Restraints:
- Availability of Alternative Treatment Methods
- Market Saturation in Developed Regions
- Regulatory Hurdles and Lengthy Approval Processes
Prominent Players in Infusion Pump Market
- Becton, Dickinson and Company (US)
- Baxter International Inc. (US)
- B. Braun Melsungen AG (Germany)
- Fresenius Kabi (Germany)
- Medtronic PLC (Ireland)
- Terumo Corporation (Japan)
- Nipro Corporation (Japan)
- Avanos Medical, Inc. (US)
- Insulet Corporation (US)
- Tandem Diabetes Care, Inc. (US)
- JMS Co., Ltd. (Japan)
- Roche Diagnostics (Switzerland)
- Moog, Inc. (US)
- Teleflex, Inc. (US)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)
- Ypsomed Holding AG (Switzerland)
- Micrel Medical Devices SA (Greece)
- Zyno Medical LLC (US)
- Infutronix (US)
- Epic Medical (US)
- Sooil Development Co., Ltd. (South Korea)
- Shenzhen Medrena Biotech Co., Ltd. (China)
- Codan Medizinische Gerate GmbH & Co. KG (Germany)
- Eitan Medical (Israel)
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Key Questions Answered in Global Infusion Pump Market Report
- What is the projected market value of the global infusion pump market by 2031?
- Which type of infusion pump is expected to drive significant growth due to its effectiveness in managing diabetes?
- What are some key factors contributing to North America's dominance in the global infusion pump market?
This report provides the following insights:
Analysis of key drivers (Improvement in healthcare infrastructure & accessibility, supportive regulatory frameworks, increased awareness of disease management), restraints (Availability of alternative treatment methods, market saturation in developed regions, technical malfunctions), opportunities (Growing healthcare needs, development of smart infusion pumps, increasing demand for wearable infusion devices), and challenges (Maintaining cybersecurity in connected devices, addressing patient concerns about device safety) influencing the growth of infusion pump market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the infusion pump market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the infusion pump market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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