With 7.3% CAGR, Infusion Pump Market Size Worth USD 15.81 Billion by 2028
Fortune Business Insights
Updated 5 min read
According to Fortune Business Insights, the global infusion pump market size is projected to reach USD 15.81 billion in 2028, at a CAGR of 7.3% during the forecast period, 2021-2028
Pune, India, Nov. 29, 2022 (GLOBE NEWSWIRE) -- The infusion pump market size was USD 9.02 billion in 2020. The market is projected to grow from USD 9.67 billion in 2021 to USD 15.81 billion in 2028 at a CAGR of 7.3% during the 2021-2028 period. The market stood at advancements in drug delivery systems, increasing prevalence of chronic disorders, and rising development and research initiatives are anticipated to boost the market growth. Fortune Business Insights™, present this vital information in its report titled, “Infusion Pump Market, 2021-2028.”
Industry Development
April 2021- Medtronic has launched world’s first and only infusion set that can be used for up to seven days in select European countries. This set is responsible for delivering insulin from the pump into the human body. This new set is compatible with all MiniMed 600 and 700 series insulin pumps.
Robust Demand for Pumps from Healthcare Sector to Boost Market Growth
This market will experience promising growth during the COVID-19 pandemic due to the increasing demand from the healthcare sector. The sudden spike in COVID-19 patients leads to the emergence of several organ failures, which, in turn, is likely to boost sales. The adoption of reduced capacities, part-time shifts, and production machinery may enable manufacturers to recover losses and balance costs. Furthermore, the rising medical expenditures and demand for advanced medical equipment are likely to boost the adoption of the product. These factors are likely to fuel the market development during the pandemic.
Growing Cases of Cancer and Diabetes to Aid Market Expansion
The increasing incidence of cancer among patients will spur opportunities for the infusion pumps market during the forecast period. According to the World Health Organization (WHO), in 2018, cancer was estimated to be the second most prominent cause of death globally and is responsible for about 9.6 million deaths. Cancer patients require chemotherapy which is to be delivered to the patients in a continuous manner which can be achieved by using the infusion pumps. Moreover, the knowledge about the advantages of infusion pumps such as the ability to administer fluids in small dosage and at accurate programmed rates will promote the infusion pumps market revenue.
Favorable Reimbursement Policies to Stoke Market Growth in North America
North America is projected to dominate the infusion pump market share because of favorable reimbursement policies. The market in North America stood USD 3.52 billion in 2020 and is expected to grow positively during the upcoming years. Further, higher diagnosis and treatment rates are likely to boost infusion pumps’ adoption. In addition, the presence of developed medical infrastructure and rising diabetes treatment rates may boost industry growth.
Europe is the second-largest market shareholder because of rising investments in healthcare sectors and increasing chronic diseases. In addition, rising medical expenditure and evolving lifestyles may facilitate industry development.
In Asia Pacific, rising diabetes cases, rising per-capita income, healthcare infrastructure development, and rising awareness regarding the benefits of advanced therapies may boost market development.
List of Key Players Profiled in the Infusion Pumps Market Report
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