The infusion pumps market will grow at a rate of 8.7% in the years to come, to touch USD 27,133.7 million by 2030.
The growth of the industry is because of the rising incidence of chronic diseases, booming acceptance of home infusion treatments, burgeoning aging population, increasing cases of HAIs, and the developments in technology.
Accessories and consumables had a larger share in the industry in the past. This is largely because of the accessibility of a range of accessories and consumables and their repetitive purchases, globally.
The share of the devices category was 45% in 2021. Insulin pumps led the industry, and the situation will persist in the future. This is because of the fact that they are more reliable than other devices and available in abundance. Additionally, numerous awareness programs are endorsing making people aware of effective long-term diabetes care, thus further propelling the industry.
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The requirement for traditional infusion pumps will witness the faster growth, of about 10%, in the years to come. This can be due to the fact that the demand for these pumps is growing for administering pain medicines, chemotherapeutic drugs, antibiotics, and hydration fluids in-home and long-term care settings.
The homecare settings category had a share of revenue of about 30%, and it will grow the fastest in the future. The increasing incidence of cardiovascular diseases, diabetes, and respiratory diseases, high hospitalization cost, growing aging population are the key factors behind the rapid growth in this category.
As per the experts at P&S Intelligence, North America is the highest revenue generator worldwide, followed by Europe. The dominance of the region is a result of the existence of well-developed healthcare infrastructure, high acceptance of advanced medical devices, and rise in the elderly population.
Additionally, in the European region, diabetes is becoming increasingly common amongst people of all ages. About 35 million adults received a diabetes diagnosis in 2019 in the European Union, up from 17 million in the year 2000. Other than The developed regions, APAC will continue to observe a rise in the demand for infusion pumps. The is because of the increasing occurrence of obesity, the rising awareness about diabetes and obesity management, and the snowballing healthcare expenditure.
Furthermore, increasing efforts of the government, particularly in China and India, for the development in healthcare infrastructure and the growing understanding about the usage of infusion pumps are propelling the regional market.
Due to the increasing elderly population all over the world, the demand for infusion pumps will continue to grow in the near future.