Market Trends of Global Syringe Pumps Industry
This section covers the major market trends shaping the Syringe Pump Market according to our research experts:
The Infusion Pumps Segment is Anticipated to Hold the Largest Market Share throughout the Forecast Years.
The infusion pump is a highly used medical device that helps medical professionals infuse medications and nutrients into the bodies of patients in a controlled amount. These pumps are helpful as the medication can be delivered at an automated interval in a specific amount required for the patient. Moreover, the advantages offered by infusion pumps over withdrawal pumps, such as large-sized bags that can be used for intravenous fluids, resulting in a fast infusion rate, have led to an increase in the acceptance rate of these pumps.
Surge in the prevalence of diseases and growing strategic developments from the key market players are likely to have a positive impact on the segment's growth. Infusion pumps are commonly used in cancer and diabetes patients. According to the data published by the International Diabetes Federation (IDF) Diabetes Atlas Tenth Edition 2021, in the year 2021, approximately 537 million adults (aged 20-79 years) were living with diabetes. The same source estimated that the total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. The major players are also focusing on leveraging the opportunities in the infusion pumps segment. For instance, in November 2021, Zealand Pharma and DEKA Research & Development Corp. formed a collaboration agreement to advance the development of an infusion pump to be used with Dasiglucagon for the treatment of congenital hyperinsulinism (CHI). Furthermore, in February 2021, Mindray Medical (China) launched the BeneFusion e series- eSP, eVP, and eDS, new infusion systems, thereby expanding its product portfolio.
Thus, all the aforementioned factors, such as the rising prevalence of chronic diseases and strategic developments, are boosting the segment's growth.
North America is Expected to Hold a Major Share of the Market throughout the Forecast Period.
Over the forecast period, North America is expected to hold the major share of the syringe pumps market. Some of the factors responsible for the growth of the syringe pumps market in the North American region are the high prevalence rate of chronic diseases accompanied by a prominent level of awareness regarding their health and treatment among patients and physicians.
According to the Centers for Disease Control and Prevention, 6 in 10 adults were suffering from chronic diseases in January 2021 in the United States. Furthermore, according to the article published in September 2020, titled "Chronic Disease in the United States: A Worsening Health and Economic Crisis", Florida has the highest prevalence of chronic disease at 16.6%. Moreover, according to the American Hospital Association data, in 2021, over 36.2 million hospital admissions were registered in the United States. Likewise, as per the statistics published in December 2021 by the Canadian government, 73% of individuals over 65 years of age have at least 1 of 10 common chronic diseases, with the highest prevalence of hypertension (65.7%), periodontal disease (52%), osteoarthritis (38%), ischemic heart disease (27%), and several others.
Additionally, in July 2020, the Food and Drug Administration (FDA) issued EUAs (Emergency Use Authorizations) to help increase the availability of infusion pumps and infusion pump accessories, which are integral to treating patients during the COVID-19 pandemic. In addition, in May 2020, the United States Food and Drug Administration (US FDA) issued an umbrella emergency use authorization (EUA) for infusion pumps for use by healthcare providers to treat conditions caused by the 2019 Coronavirus Disease for the controlled infusion of medications, total parenteral nutrition, and other fluid requirements. Thus, the abovementioned factors are expected to have had a positive impact on the growth of the market in the recent past and are expected to propel it at higher growth rates even in the future.
