NEW YORK, May 24, 2022 /PRNewswire/ -- According to the market research published by P&S Intelligence, the global infusion pumps market was valued at $12,825.9 million in 2021, which is predicted to reach $27,133.7 million by 2030, at a compound annual growth rate of over 8.7% between 2021 to 2030. The surging popularity of home infusion solutions, growing cases of chronic diseases, rising aging population, and increasing prevalence of hospital-acquired illnesses are the key factors responsible for market growth.
The revenue share of the homecare settings category was over 30% in 2021, and the category is predicted to grow at the highest rate in the coming years. This will be due to an increase in the incidence of chronic diseases, such as cardiovascular diseases, respiratory ailments, and diabetes, as well as the increasing older population and high cost of hospitalization.
The accessories and consumables category held the largest share of the infusion pumps market, and this is likely to maintain this position in the coming years. This is owing to the global availability of a wide range of accessories and consumables and their frequent purchases.
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The demand for traditional infusion pumps is expected to expand at a CAGR of about 10% in the coming years. This might be due to an increase in the requirement for these pumps in homecare and long-term-care settings for providing antibiotics, analgesics, chemotherapeutic medicines, and hydration fluids.
In 2021, the diabetes management category had an over 30% share of the infusion pumps market, and it is expected to grow in the future. This is credited to the rising global incidence of diabetes and technological advancements.
The cases of diabetes are on the rise in Europe, affecting people of all ages. In the EU, around 17 million adults were diagnosed with diabetes in 2000, which reached 35 million in 2019.
Smiths Medical, including its portfolio of vascular access devices, vital care products, syringes, and ambulatory infusion devices, was acquired by ICU Medical Inc. from Smiths Group plc in January 2022.
Similarly, Medtronic plc acquired Klue, a provider of behavior tracking software that can give real-time insights into whenever a person is eating, in December 2019. The Medtronic Personalized Closed Loop (PCL) insulin pump device is using Klue's technology.
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Due to the existence of numerous big companies, the infusion pumps market is competitive. Such companies are actively involved in collaborations and partnerships to maintain their position. Major companies are Eli Lilly and Company, Terumo Corporation, Pfizer Inc., Nipro Corporation, ICU Medical Inc., Medtronic plc, CareFusion Corporation, B Braun Melsungen AG, Becton, Dickinson and Company, and Baxter International Inc.
Patients are shifting from the expensive hospitals to less-expensive alternative facilities, such as homecare and diabetic clinics/centers. Home infusion treatment is quickly gaining popularity among diabetes patients as modern insulin delivery devices have become widely available.
Infusion Pumps Market Segmentation Analysis
By Product Type
By End User
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