Published by Uma Rajagopal
Posted on February 16, 2022
The global infusion pumps market is poised to see a skyrocketing demand as the healthcare sector has been in constant need of medical equipment during the pandemic. Their extensive usage in hospitals and nursing homes to care for patients shot up as COVID-19 created emergencies. Growing cases of palliative care due to the high incidence of chronic diseases is expected to give the global infusion pumps market an impetus between 2022 and 2026, says Fairfield Market Research.
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COVID-19 Increases Demand for Infusion Pumps by Manifold
The outbreak of COVID-19 pandemic led to a dramatic rise in the demand for intravenous infusion pumps and accessories as hospitalizations shot up overnight. The demand was crucial for patients in the ICU who were treated via intravenous infusion pumps. In the case of acute care, intravenous infusion pumps are used as they enable the precise delivery of medication. These are used in the delivery of vasopressors, antithrombotic, opioids, insulin, anaesthetic agents, antiarrhythmic agents, and neuromuscular blocking agents. Many of these were used in treating COVID-19. The demand for the same is slated to see an upward trend if the world sees yet another debilitating wave of the virus.
Rising Cases of Chronic Disease Creates Opportunity of Sales of Infusion Pumps
GLOBOCAN 2020 estimates cancer incidence to rise 47% by 2040, making it the leading cause of mortality. This effectively will translate to the growing demand for palliative care for cancer patients at home and at hospitals, creating a sizeable need for infusion pumps.
Meanwhile, the International Diabetes Federation states that diabetes led to 4 million deaths worldwide in 2019. As this remains a reality, it is predicted that one out of 5 people aged 65 years or above is diagnosed with diabetes with more than 300 million under the increased risk of type 2 diabetes. Statistics also show that type 1 diabetics or juvenile diabetics are also increasing exponentially. All of these numbers are indicators of the growing demand for insulin infusion pumps, especially required for managing type 1 diabetes.
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Asia Pacific Paces Ahead as Hospitalizations Remain High
According to Fairfield Market Research, Asia Pacific is expected to emerge as a leading market for infusion pumps are the healthcare demands remain on the rise. A populous region with emerging economies of India and China, it is likely to show a high demand for these pumps as the number of diabetics, cancer patients, and infectious diseases remain on the rise. The growing healthcare expenditure and low cost of manufacturing are expected to bode well for the regional market, predict analysts.
Meanwhile, North America is also expected to witness a spur in the demand for infusion pumps as the region boasts a strong presence of manufacturers. Investments in the latest manufacturing technologies is expected to give this regional market a lucrative opportunity
Some of the key players operating in the global infusion pumps market are Baxter International Inc., B. Braun Melsungen AG, Fresenius SE & Co., Smiths Medical, ICU Medical, Inc., Becton, Dickinson and Company, Johnson & Johnson, Avanos Medical, Inc., CME Medical UK Limited, Medtronic PLC, Moog, Inc., Terumo Corporation, Roche Diagnostics, Nipro Corporation, Teleflex, Inc., Insulet Corporation, Zyno Medical LLC, and Shenzhen MedRena Biotech Co., Ltd.
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