Global Infusion Pumps and Accessories Market - Segmented by Product Type, Applications, End-users, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global infusion pumps and accessories market is expected to register a CAGR of 5.8% during the forecast period (2018 - 2023). The Asia-Pacific is anticipated to grow significantly during forecast period, owing to its huge population base and growing healthcare expenditure.
Increasing Adoption Rate of Infusion Pumps
Infusion pumps are being used for more than four decades.However, the applications of infusion pumps are increasing gradually, across the world. The ease that an infusion pump offers, while treating a patient, has largely been responsible for its popularity and increase in its usage. Today, there are various types of infusion pumps available- one of them, which has gained huge popularity for continuous subcutaneous insulin infusion, is insulin infusion pump. Since its inception, the application of insulin pumps has been increasing, especially in the developed nations, such as the United States. Additionally, technological advancement, rising incidence of chronic diseases, and growing popularity of infusion pumps in home care settings, are likely to drive the market for infusion pumps, across thw world.
High Price of Infusion Pumps
Infusion pumps are not cost-friendly for a majority of people across the world, especially in the middle class or lower middle-class population. High price happens to be a major hurdle for the low-income population. The infusion pump is a costly affair, not only for patients in underdeveloped and developing countries, but also in developed countries, such as the United States, the United Kingdom, etc. The price of infusion pumps varies with types, such as large volume pumps, syringe pumps, and patient-controlled analgesia (PCA) pumps, which come with their range of price tags. For example, in developed nations, the large-volume pumps price can be as low as USD 2,000 to as high as USD 6,500; syringe pumps can cost as low as USD 2,200 to as high as USD 6,000 and the price of PCA pumps can be as low as USD 1,700 to as high as USD 5,000.
Asia-Pacific to Register High Growth Rate
North America dominates the global infusion pumps and accessories market, owing to the high incidence of diabetes in the region and growing adoption of infusion pumps in home care settings. The Asia-Pacific is expected to grow tremendously during the forecast period, owing to factors, such as high prevalence of chronic diseases, like diabetes leading to a surge in demand for infusion pumps, growing awareness of infusion pumps, and rising healthcare expenditure.
Key Developments in the Market
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