The global Infusion Pumps market is projected to reach USD 15.89 billion by 2023 from USD 11.90 billion in 2018, at a CAGR of 6.0%. The increasing prevalence of chronic diseases along with the rapid growth in the geriatric population, growing use of ambulatory infusion pumps in home care settings, and growing number of surgical procedures are some of the key factors driving the growth of the infusion pumps market.
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Based on product, the market has been segmented into devices (volumetric infusion pumps, insulin infusion pumps, enteral infusion pumps, ambulatory infusion pumps, syringe infusion pumps, PCA infusion pumps, and implantable infusion pumps) and accessories/consumables. Among infusion pump devices subsegments, the insulin infusion pumps segment is expected to register the highest CAGR during the forecast period due to the increasing prevalence of diabetes, coupled with the growing demand for management of insulin at home. Moreover, a shift in consumer preference from traditional insulin pumps to tubeless insulin pumps (such as OmniPod) to deliver continuous insulin is expected to play a pivotal role in the growth of the market in the coming years.
By applications, the global infusion pumps market is segmented into chemotherapy/oncology, diabetes, gastroenterology, analgesia/pain management, pediatrics/neonatology, hematology, and other applications. The diabetes application segment is expected to witness the highest growth during the forecast period. Growth in this application segment is mainly driven by the increasing incidence of diabetes and rising demand for insulin pumps in the home care management of diabetes.
On the basis of end users, the global infusion pumps market is segmented into hospitals, home care settings, ambulatory care settings, and academic and research institutes. The home care settings segment is projected to register the highest CAGR in the infusion pumps market during the forecast period. Technological advancements in infusion pumps have enabled the development of compact and lightweight devices that are easy to carry and operate. This, coupled with the increasing awareness and acceptance of ambulatory infusion pumps such as disposable pumps at home care settings to reduce hospital stays, is propelling the growth of the infusion pumps market for home care settings.
Geographically, the infusion pumps market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific (APAC) region is expected to register the highest CAGR during the forecast period. The growth in the APAC markets is primarily driven by the increasing prevalence of chronic diseases, along with the rising geriatric population and increasing healthcare expenditure in the region.