Power Rental Market: Current Analysis and Forecast (2021-2027)

Power Rental Market: Current Analysis and Forecast (2021-2027)

The global infusion pump market is expected to witness a CAGR of around 8% during the forecast period (2021–2027). The prevalence of lifestyle-related diseases such as diabetes, increased surgical procedures, anesthetic usage in pain management, pediatric neonate nutritional supply, and the rapid growth in cancer patients all over the world. Additionally, infusion pumps are used for the treatment of diabetes. Therefore, increasing the prevalence of diabetes over the globe is expected to drive the market for infusion pumps during the forecast period. For instance, according to, the International Diabetes Federation (IDF), In 2021, Approximately 537 million adults (20-79 years) are living with diabetes. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. The rising geriatric population is also expected to drive the growth of the global infusion pump market during the forecast period. Above the age of 65, patients will require infusion pumps for the treatment of diabetes, cancer, anesthetic usage in pain management, and the rising number of surgeries. According to World Health Organization (WHO), the world's population over 60 years will nearly double from 12% to 22% during 2015-2050.

Becton, Dickinson and Company, Baxter International (US), B. Braun, ICU Medical, Fresenius Kabi, Smiths Medical, Medtronic PLC, Avanos Medical, Inc., Nipro Corporation, Terumo Corporation. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
"Amongst Type, device category to witness the fastest growth during the forecast period”

Based on type, the market is classified into devices and accessories. Amongst them, in 2020, the devices category dominated the market and is expected to maintain its dominance throughout the forecast period. This is mainly due to the rising incidence of diabetes, cancer, and gastroenterology, globally. Further, volumetric infusion pumps are used to provide safe and accurate administration of intravenous fluid products such as medications, blood products, and parenteral nutrition to the patient. Furthermore, infusion pumps are also used in chemotherapy for cancer patients. Chemotherapy infusion pumps help in the administration of chemotherapy drugs in a controlled procedure. According to the World Health Organization (WHO), cancer accounts for 8.3 million deaths each year, with 70% of new cancer cases expected to be reported over the next 20 years. The rising cancer cases all over the world is anticipated to be a key driver of the infusion pumps market during the forecast period.
"Amongst Application, Diabetes category is accounted for a significant market share in 2020”

Based on application, the market is classified into diabetes, oncology, pain management, and others. Amongst them, in 2020, the diabetes category is estimated to witness the highest CAGR for the forecast period. This is mainly due to the rising prevalence of diabetes and the increasing demand for insulin pumps for the management of diabetes in hospitals as well as home care settings. In addition, the growth of this market segment includes increased incidences of chronic diseases, growth in the geriatric population, and an increment in the number of people undergoing surgical procedures. Additionally, obesity and overweight is a major reason of complications of heart disease and stroke, diabetes, musculoskeletal disorders, cancer, and the risk for non-communicable diseases. According to the World health organization (WHO), In 2016, more than 1.9 billion adults, 18 years and older, were overweight. Of these over 650 million were obese. 39% of adults aged 18 years and over were overweight in 2016, and 13% were obese. Furthermore, 39 million children under the age of 5 were overweight or obese in 2020.
"Amongst End-Users, Hospitals and Clinics category is expected to witness significant growth in the infusion pump market”

Based on end-user, the market is bifurcated into hospitals and clinics, hospitals & clinics, ambulatory surgery centers (ASC), and others. In 2020, the hospitals and clinics category accounted for the majority share in the global market. This is can be ascribed to the fact that hospitals and clinics are the first step in disease diagnosis. In addition, a rise in the number of healthcare facilities across countries coupled with the surging investment in the research and development by the hospitals is resulting in the growth of the infusion pump market. Furthermore, the government across countries is investing in the healthcare industry for advancements and technological upgradation. However, the home care setting segment is expected to drive the market during the forecast period due to the growing adoption of ambulatory pumps. Moreover, increasing government initiatives for the reduction of overall healthcare costs associated with prolonged hospitalization is likely to support the rising demand for infusion systems for the homecare system
"North America to witness significant growth during the forecast period”

North America is expected to show the highest CAGR growth in the infusion pump market during the forecast period. Increasing Incidence of diabetes, cancer, and an increasing number of surgical procedures performed, increasing R&D, and adoption of advancements in technology drive the market of infusion market in this region. The major contributors to the growth of this market are U.S. and Canada. Among these regions, the U.S. held the largest market share in the region due to high disease prevalence, high medical R&D expenditure, and a strong healthcare system. In addition, the prevalence of diabetes in the U.S. is also quite significant, which can be attributed to their lifestyle and stressed work environment. According to the Centre for Disease Control (CDC), in the U.S., 34.2 million population were diagnosed with diabetes in 2018 and the number is expected to grow in the future.

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