DUBLIN--(BUSINESS WIRE)--The "Global Infusion Pumps and Accessories Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
Currently, there are a number of various types of infusion pumps available; one of them, which has gained huge popularity for continuous subcutaneous insulin infusion, is insulin infusion pump. Since their inception, the application of insulin pumps has been increasing, especially in developed nations, such as the United States. A significant rise in their use was observed in the past decade; in the year 2016, nearly 374,000 patients with Type 1 diabetes used insulin pumps in the United States, and as per the recent records, more than half a million patients with Type 1 and Type 2 diabetes are using insulin pumps.
Scope of the Report
The infusion pumps and accessories are used to deliver fluids, such as drugs and nutrients to the patients. The infusion pumps are operated by a trained person and the fluid delivery is regulated through a built-in software interface.
Key Market Trends
Volumetric Infusion Pumps are Believed to Witness Highest CAGR in the Forecast Period
Volumetric infusion pumps have a wide range of applications in various disease areas, owing to which the market value for volumetric is the highest, as compared to the markets for other pumps. Among the numerable uses of volumetric infusion pumps, they are also widely used for intravenous infusions. The use of these pumps in such critical cases increases the value of these devices in the total infusion pumps system.
Moreover, the safety, accuracy, and simplicity of the pumps attribute to the high demand of these pumps. Currently, the volumetric infusion pump segment is driven by its wide applications, advantages, and increasing use in developed countries. In the coming years, the demand for these pumps is expected to increase globally, especially in the Asia-Pacific and South American countries, owing to their increasing popularity.
The increasing chronic disease population is expected to boost the demand for these pumps, and therefore, the market growth in the future. Moreover, as the socio-economic prospect of developing countries improves, more people are expected to be able to opt for volumetric pumps in hospitals.
Germany Dominates the Market in Europe Region
The growth of the German infusion pumps and accessories market has been attributed to patients and physicians, who are steadily adopting new technologically advanced products for regular treatment of chronic disease conditions. Germany has well-established health insurance funds with a stronghold by national agencies on reimbursement, for which it is considered a central decision-making system. The biggest advantage for manufacturers, due to this system, is that it saves time for officials on evaluation and decision making, as only one dossier needs to be provided to the national authorities.
However, it must also be noted that due to the supreme power of the central decision-making body, if the reimbursement decision turns negative, the patient availability gets difficult. In Germany, more than 50% of unstable patients use insulin pumps. The trend for the usage of insulin pumps is growing over the years and the same trend is expected to be followed in the country which will ultimately contribute to the growth of the market.
The market for infusion pumps and accessories is highly competitive and consists of the global as well as local players. Due to the technological advancements, small and mid-sized companies are focusing on market penetration to grab the market share.
Some of the key global players of this market are B. Braun Melsungen AG, Becton, Dickinson and Company, Medtronic Plc., Smiths Medical Inc. and Terumo Corporation.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Adoption Rate of Infusion Pumps
4.2.2 Rapid Technological Advancements
4.2.3 Rising Incidences of Chronic Disease
4.3 Market Restraints
4.3.1 High Price of Infusion Pumps
4.3.2 Safety Issues Associated with Infusion Pumps
4.4 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Infusion Pump Types
126.96.36.199 Ambulatory Infusion Pumps
188.8.131.52 Syringe Infusion Pumps
184.108.40.206 Volumetric Infusion Pumps
220.127.116.11 Insulin Infusion Pumps
18.104.22.168 Enteral Infusion Pumps
5.2 By Application
5.3 By End User
5.3.2 Ambulatory Surgical Centers
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 B. Braun Melsungen AG
6.1.2 Baxter International Inc.
6.1.3 Becton, Dickinson, and Company
6.1.4 CareFusion Corporation
6.1.5 F. Hoffmann-la Roche Ltd.
6.1.6 Johnson & Johnson
6.1.7 Medtronic Inc.
6.1.8 Pfizer Inc.
6.1.9 Smiths Medical
6.1.10 Terumo Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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