Global Infusion Pumps and Accessories Market Size, Share, Trends, Growth, Forecast

Infusion Pumps and Accessories Market

Market Overview:

It is predicted that the market for infusion pumps and accessories will witness a CAGR of about 5.8 % over the forecast period, 2019-2024. This report is divided by type of product, application, end-user, and geography.

For four decades, the infusion pumps have been in use, and their applications are gradually increasing worldwide.

The ease offered by an infusion pump while treating a patient was largely due to its popularity and increased use.

There are currently a number of different types of infusion pumps available; one of them is the insulin infusion pump, which has become very popular for continuous subcutaneous insulin infusion.

Insulin pumps have been increasing since their inception, particularly in developed nations such as the United States.

Over the past decade, a significant increase in their use has been observed; nearly 374,000 patients with type 1 diabetes used insulin pumps in the United States in 2016.

According to recent records, insulin pumps are being used by over half a million patients with type 1 and type 2 diabetes.

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Volumetric Infusion Pumps are Expected to Witness Highest CAGR in the Forecast Period:

• Volumetric infusion pumps have a wide range of applications in different disease areas, as a result of which the volumetric market value is the highest compared to other pump markets.

• One of the main uses of volumetric infusion pumps from countless uses is their use in intravenous infusions.

• In such critical cases, the use of these pumps increases the value of these devices in the total system of infusion pumps.

• In addition, the pumps safety, accuracy, and simplicity are attributable to these pumps high demand.

• The volumetric infusion pump segment is currently driven by its wide-ranging applications, benefits, and increasing use in developed countries.

• Due to their increasing popularity, demand for these pumps is expected to increase globally in the coming years, particularly in the Asia-Pacific and South American countries.

• It is expected that the growing population of chronic disease will boost demand for these pumps, and hence the future market growth.

• Moreover, as developing countries socio-economic prospects improve, it is anticipated that more individuals will be able to choose volumetric pumps in hospitals.

Therapeutics Going Off-patent:

Therapeutics losing exclusivity to patents has a major impact on the market. There are many regional / local players on the market together with the innovator company. Because of this, therapeutic prices are falling rapidly, affecting the overall market. A number of HIV Therapeutics had gone off-patent in 2016 itself. In 2016, Epzicom, Trizivir, Norvir and Kaletra lost exclusive patent. Abbotts Kaletra has an anti-viral market share of more than 8 %. This will have a major impact on the anti-viral drugs market. The high cost of treating anti-viral drugs also hinders market growth.

Germany Leads the Market in Europe Region:

Patients and physicians have been attributed to the growth of the German market for infusion pumps and accessories, which are continuously adopting new technologically advanced products for regular treatment of chronic disease conditions.

Germany has well-established reimbursement insurance funds with a stronghold from national agencies. The central decision-making system is considered to be these agencies.

Because of this system, the biggest advantage for manufacturers is that it saves time on evaluation and decision-making for officials, as only one dossier needs to be provided to national authorities.

However, it must also be noted that if the decision on reimbursement becomes negative, the availability of the patient becomes difficult due to the supreme power of the central decision-making body.

In Germany, insulin pumps are used by over 50% of unstable patients. The trend of using insulin pumps is growing over the years and it is expected that the same trend will be followed in the country that will ultimately contribute to market growth.

Key Market Developments:

The infusion pumps and accessories market is extremely competitive and is made up of worldwide players as well as local players.

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Small and medium-sized enterprises focus on market penetration to capture market share due to technological advances. Some of this markets major worldwide players are B. Braun Melsungen AG, Becton, Dickinson and Company, Medtronic Plc., Terumo Corporation and Smiths Medical Inc.

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