Global Infusion Pump Accessories Market Size Is Surpassing USD 17.90 Billion by 2032, Growing at Projected 6% CAGR
The infusion pump accessories market will experience rapid growth due to the increasing incidence of chronic diseases during the forecast period. The positive reimbursement policies and favourable government initiatives to improve the healthcare industry will also augment the market’s growth.
Newark, Nov. 08, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 10 billion in 2022 global infusion pump accessories market will reach USD 17.90 billion in 2032. Noncommunicable diseases (NCDs) account for 41 million annual deaths worldwide, or 74% of all fatalities. Every year, 17 million individuals die from NCDs before they become 70 years old. Additionally, low- and middle-income nations account for 86% of these premature fatalities. 77% of NCD-related deaths occur in low- and middle-income nations. The World Health Organization provides these statistics. Increasing tobacco use, alcohol, physical inactivity and unhealthy diet are some primary risk factors driving these numbers. The increasing incidence and prevalence of chronic diseases will drive the market’s growth.
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Key Insight of the Global Infusion Pump Accessories Market
North America will dominate the market during the forecast period.
The need for infusion pumps will grow as chronic diseases become more prevalent. The market is driven by innovation because of major pharmaceutical and biotechnology businesses. The existence of major manufacturers guarantees the supply of infusion pump accessories, supporting the expansion of the market. The market’s expansion will also be aided by advantageous government efforts and reimbursement policies to improve the healthcare sector.
In 2022, the accessories and disposables segment dominated the market with the largest market share of 54% and market revenue of 5.4 billion.
The product type segment is divided into devices and pumps, accessories and disposables. In 2022, the accessories and disposables segment dominated the market with the largest market share of 54% and market revenue of 5.4 billion.
In 2022, the diabetes segment dominated the market with the largest market share of 34% and market revenue of 3.4 billion.
The application segment is divided into diabetes, analgesia and pain management, paediatrics and neonatology, gastroenterology, chemotherapy and others. In 2022, the diabetes segment dominated the market with the largest market share of 34% and market revenue of 3.4 billion.
In 2022, the hospitals segment dominated the market with the largest market share of 45% and market revenue of 4.5 billion.
The end-user segment is divided into hospitals, homecare, ambulatory settings and others. In 2022, the hospitals segment dominated the market with the largest market share of 45% and market revenue of 4.5 billion.
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Advancement in market
The Plum Duo infusion pump with LifeShield infusion safety software has gained 510(k) regulatory clearance from the U.S. Food and Drug Administration (FDA), according to ICU Medical Inc., a global leader in innovative medical products’ research, production, and distribution. Beginning in early 2024, clients in the US will be able to purchase the Plum Duo pump and LifeShield programme. The Plum Duo pump is ICU Medical’s newest infusion device, and it improves on the precise delivery of the distinct cassette technology of the Plum 360TM, winner of the Best in KLAS award. It has two channels that can give up to four compatible IV drugs and a huge colour touch screen with a simple user interface.
Driver: The prevalence of chronic illnesses is rising.
It is possible to link the rising prevalence of chronic illnesses or diseases to the modern lifestyle. In addition to bad eating and drinking habits, the younger population is at higher risk of developing chronic illnesses due to their increasingly hectic and stressful lifestyles. The increasing risk and susceptibility to chronic illnesses have also been exacerbated by environmental changes, such as extreme weather occurrences brought on by the accelerating climate change. Global demand for infusion pump accessories is expected to rise as the prevalence of chronic illnesses rises. An illustration of the rising danger of infectious diseases that caused a spike in the market for infusion pumps is the COVID-19 pandemic. Because of climate change, such occurrences are more likely to occur in the future. Given the urgency of climate change, such occurrences are more likely to occur in the future and will support the market’s expansion.
Restraints: Rise in the number of medical mishaps.
There is a much greater demand for healthcare services than there is supply. This can be linked to a lack of funding that resulted in inadequate infrastructure and a shortage of professionals. The lack of experts or carers puts more strain on the current workforce, which increases the risk of avoidable mistakes. In severe circumstances, these mistakes may result in patient deaths. For all parties concerned, it results in unnecessary stress and financial loss. Thus, the market’s expansion will be hampered by the rising number of medical blunders involving the usage of infusion pump accessories.
Opportunities: The release of fresh the release of new devices.
The market will rise due to rising research and development costs to create better infusion pumps and accessories in response to the growing demand. Technological developments have made it possible to incorporate cutting-edge technology like the Internet of Things to produce intelligent infusion pumps that streamline and automate procedures. The ability of smart infusion pumps to more quickly and precisely detect issues such as improper dosage, improper rate, and improper pump setting lessens carer stress and enhances patient outcomes. Thus, the launch of new devices will fuel the market’s expansion during the projected time.
Challenges: Integration problems.
Most countries do not have a well-established and technologically compatible healthcare infrastructure to integrate smart systems for better healthcare services. The dismal IT and telecom infrastructure, lack of digital literacy or qualified professionals to operate these systems and underfunded hospitals pose a challenge to the market’s growth.
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Some of the major players operating in the global infusion pump accessories market are:
• B. Braun Melsungen AG
• Baxter International
• Becton & Dickinson
• Fresenius SE & Co.
• ICU Medical Inc.
• Insulet Corporation
• Johnson & Johnson
• Medtronic plc
• Moog Inc.
• Terumo Corporation
Key Segments covered in the market:
By Product Type
• Devices and Pumps
• Accessories and Disposables
• Analgesia and Pain Management
• Paediatrics and Neonatology
By End User
• Ambulatory Settings
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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