Infusion Pump Market Size Soars as Chronic Diseases Surge Worldwide 2030
Fairfield Market Research, a leading market research firm, has released a comprehensive report highlighting the optimistic growth prospects of the global infusion pump market in the coming years. The report, based on meticulous research and analysis, reveals key findings and insights that shed light on the factors driving the market’s growth, as well as the challenges and opportunities it presents.
Key Report Findings
Soaring Popularity of Home-Based Healthcare Services to Elevate Prospects of Infusion Pump Market
The global infusion pump market is set to witness substantial growth, primarily driven by the increasing popularity of home-based healthcare services. Factors such as a surge in geriatric populations, higher instances of hospitalization, and a spike in chronic disease prevalence are contributing to the rising demand for portable infusion pumps. Home-based healthcare not only curtails hospitalization costs but also aligns with the growing preference for homecare.
Product Recalls by FDA Continue to Present a Longstanding Impediment to Growth
Despite the promising growth outlook, the infusion pump market faces challenges, with frequent product recalls being a significant impediment. Infusion pumps have registered the highest rate of product recalls among all medical devices. Issues ranging from malfunctions, software errors, inaccurate fluid delivery, under/overdosage, interruptions in infusions, device leakages, and even safety concerns have affected sales and eroded consumer confidence.
Mounting Chronic Disease Prevalence to Fuel Adoption Rates
The global prevalence of chronic diseases, including cancer and diabetes, continues to rise. This trend is expected to drive the adoption of infusion pumps for managing chronic conditions effectively. As per GLOBOCAN 2020, global cancer burden is predicted to increase by 47% by 2040, leading to a growing demand for infusion pumps in oncology applications. Similarly, the rising prevalence of diabetes further bolsters the need for infusion pumps in managing chronic diseases.
North America Leads Its Way Across Infusion Pump Industry
North America is at the forefront of the global infusion pump market, accounting for a substantial share. Factors such as early adoption of specialty infusion pumps, a strong presence of key players, and state-of-the-art healthcare facilities, especially in the United States, contribute to the region’s leadership. Europe also emerges as a key market, while the Asia Pacific region displays immense growth potential due to alarming disease prevalence and healthcare infrastructure development.
Growth Drivers
- Rise in Home-based Healthcare Services
- Increasing Chronic Disease Prevalence
Growth Challenges
- Frequent Product Recalls
- Poor Wireless Connectivity and Lack of Interoperability
- Expansion of Rental and Refurbished Devices Market
Growth Opportunities Across Regions
- North America: A Frontrunner
- Europe: Key Market
- Asia Pacific: Lucrative Growth Market
Key Market Players – Infusion Pump Landscape
Prominent companies in the global infusion pump market include Baxter International Inc., Fresenius SE & Co., B. Braun Melsungen AG, Becton, Dickinson and Company, Smiths Medical, ICU Medical Inc., Johnson & Johnson, CME Medical UK Limited, Avanos Medical, Inc., Medtronic PLC, Moog Inc., Roche Diagnostics, Terumo Corporation, Nipro Corporation, Teleflex Inc., Insulet Corporation, Shenzhen MedRena Biotech Co. Ltd., and Zyno Medical LLC. These industry leaders are actively engaged in new product launches, partnerships, collaborations, acquisitions, and alliances to maintain a competitive edge.
In conclusion, the global infusion pump market is poised for significant growth in the coming years, driven by the increasing demand for home-based healthcare services and the rising prevalence of chronic diseases. While challenges such as product recalls and technology limitations persist, the market presents lucrative opportunities for both established players and newcomers.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/infusion-pump-market
Visit Our Blogs:
http://www.pml4all.org/profiles/blogs/global-advanced-wound-care-technologies-market-set-to-soar
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
Contact
Fairfield Market Research
London, UK
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
Web: https://www.fairfieldmarketresearch.com/
Email: sales@fairfieldmarketresearch.com
This press release first seen on Brilad
