From 2018 to 2026, the global infusion pumps market is set to chart a robust growth curve, owing to a growth rate of 5.4%, compounded annually. This is paving way for a higher market worth of USD 10 billion by the end of the period. It is pertinent to note here that it is a steep hike from USD 7 billion in 2017.
Reasons behind this notable growth are multiple and varied. Some of the top ones are outlined hereafter. First of all, need for parenteral nutrition is increasing due to an increase in chronic illnesses and increase in number of older people, usually over 60 years of age, who are supposed to be 2 billion in number by 2050 – a sharp rise from about 950 million in 2017. It is also significant to note here that six in every ten Americans are suffering from a chronic disease.
Used to deliver fluids and medication to patients with ease and control, the infusion pumps are also set to see increase in demand due to increase in need for hydration therapy and administrating fluids like plasma solutions and saline.
The only hindrance in the market that is posing a restrain in its full growth is high costs associated with devices that can be implanted. However, the slew of opportunities that are anticipated to arise owing to increasing unmet demand would more than compensate for this influence.
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Note here that a decent number of players are operating the global infusion pumps market landscape and they are opting for aggressive growth strategies to carve off a notable share of the market growth. Some of the most notable names in the global infusion pumps market are F. Hoffmann-La Roche Ltd., ICU MEDICAL, INC., Tandem Diabetes Care, Inc., Smiths Medical, and Medtronic plc, among others.
Strategies that are noted in the market landscape include continual product improvement, innovation via technological advancement and entering key alliances.