Publication Month: Jun 2019 | Report Code: TIPRE00005746 | No. of Pages: 170 | Category: Medical Device | Status: Published
The growth of the market is driven by the factors such as, increasing incidence of chronic diseases, increasing number of surgical procedures performed, growing and geriatric population. However, the market is likely to slower down its growth due to the factors such as frequent product recalls of infusion pumps and stringent regulatory requirements.
Infusion pumps are widely used in hospitals, nursing homes, and some types of infusion pumps can be used at home too. Infusion pumps are used to deliver medications such as, insulin or other hormones, antibiotics, chemotherapy drugs, and pain relievers. Thus rising prevalence of chronic diseases like cancer, diabetes and others drives the market growth. Diabetes is one of the largest global health emergencies of the 21st century. Each year more and more people live with this condition, which can result in life-changing complications. According to the International Diabetes Federation (IDF), in 2017, number of people with diabetes in North America was approximately 46 million which is expected to grow at 62 million in 2045. The increase in the disease prevalence is around 35% during the forecast period. Also, according to the World Health Organization in 2018, cancer was the second leading cause of death across the globe, and is responsible for an estimated 9.6 million deaths in 2018. Furthermore, the American Cancer Society estimated that in 2018, 1,735,350 new cancer cases were diagnosed in 2018. Infusion pumps are also used to treat heart failure that helps in relieving and controlling the symptoms. According to Emory Healthcare in 2018, around 5 million people in America suffer from congestive heart failure (CHF). Thus, the increasing incidences of chronic diseases poses several opportunities for the infusion pumps market to grow during the forecast period in the region.
US is expected to lead the market in the North America region owing to increasing prevalence of diabetic diseases, obesity, hormonal dysfunctions and others in the country. Whereas, steady drug injection is majorly required, rapid growth of the geriatric population, increasing awareness among patient population, technological advancements in infusion pump and favorable reimbursement policies are expected to fuel the growth of infusion pumps market in the US. Therefore, considering the above mentioned factors the growth of the market in the country is likely to contribute largest share in the North America region during the forecast period.
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