Infusion pumps are generally used intravenously and they help introducing various fluids, nutrients and medications into the circulatory system of the patients. Rising applications for the chronic diseases, increasing onslaughts of chronic diseases and disorders and constantly evolving technology are some of the major drivers for the global infusion pump accessories market. North America is expected to dominate the global market at a healthy growth rate. Advancing technology is said to be the strong driver for the American as well as global market. Despite the rising demand certain factors like changing regulatory requirements and errors associated with these pumps and accessories are creating significant roadblocks for the market.
Segmentation in Infusion Pumps Market
The global infusion pump and accessories market is categorized based on the types of products and their applications. Apart from that the end users for these products are also taken into consideration. Geographic segmentation on the other hand provides details about the regional demand pattern for these products. The products segment is majorly divided into two major segments, which include the accessories and disposables and devices and pumps. End users include home care centers, hospitals and other institutes.
The product segment of the global infusion pump accessories market is further sub-segmented into dedicated disposables, infusion catheters, and non-dedicated disposables. Both dedicated disposables and infusion catheters are further divided into various sub-segments. Applications of these pumps are in the conditions like diabetes, pediatrics, neonatology, analgesia, pain management, chemotherapy, oncology, hematology and other processes. Geographically, the industry is categorized into NA, EU, APAC, and RoW.
Drivers and Forecasting Reports
Growth in the instances of chronic diseases and disorders is creating demand for the infusion pumps, which is automatically driving the global infusion pump accessories market. Growth in aging population, rising adoption of advanced diagnostic technologies, and technological advancements in the infusion pumps are some of the significant industry drivers. Growing awareness about healthcare practices and government efforts to improve the diagnostics and provide effective management of the diseases are also driving the industry. Rising demand from developing countries are creating strong growth prospect for the key industry players.
According to the latest reports, the infusion pump accessories market is set to grow at a projected CAGR of over 5.7% from 2013 to reach past $9,427 million by the end of the year 2018. North America is poised to dominate the global market with rising demand, adoption and innovation of advanced technology. Regions like Asia Pacific, Latin America, Middle East and Africa on the other hand are set to witness health rise in demand during the forecasting period with changing approach of their respective governments.