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Written by mihir » Updated on: October 23rd, 2024
The global volumetric infusion pumps market is set to experience significant expansion, with market size projected to soar to US$1,600 Mn by 2031, marking a substantial increase from the US$980 Mn attained in 2024. According to market research, this growth trajectory is expected to be driven by a remarkable compound annual growth rate (CAGR) of 7.3% during the forecast period from 2024 to 2031.
For more information: https://www.fairfieldmarketresearch.com/report/volumetric-infusion-pumps-market
Driving Forces Behind Market Expansion
The burgeoning prevalence of chronic diseases, coupled with technological advancements, and the evolving healthcare needs of an ageing population, stand as the primary drivers behind the anticipated surge in the volumetric infusion pumps market. As chronic diseases such as diabetes, cancer, and cardiovascular disorders continue to escalate globally, the demand for precise and controlled delivery of medications and fluids, facilitated by volumetric infusion pumps, is on the rise.
Geographical Trends
While North America maintains its dominance in the market, attributed to its high healthcare expenditure and ageing population, Asia Pacific emerges as a region with significant growth potential. Factors such as increasing disposable incomes, escalating healthcare investments by governments, and a rising base of chronic disease patients propel the growth of the market in this region.
Transformative Impact of Smart and Connected Infusion Pumps
The advent of smart and connected infusion pumps is revolutionizing the market landscape. These pumps, equipped with features such as remote monitoring and error prevention, are enhancing patient safety and treatment efficacy. Through functionalities like wireless connectivity and data integration, healthcare providers can remotely monitor infusion parameters, track patient data in real-time, and ensure proactive intervention when necessary.
Key Growth Determinants and Barriers
Key factors contributing to market growth include the increasing prevalence of chronic diseases, technological advancements, and rising hospitalization rates. However, challenges such as stringent regulatory requirements, high costs of advanced devices, and concerns regarding device safety and reliability pose barriers to market expansion.
Trends and Opportunities
Integration of Internet of Things (IoT) technology and connectivity features into infusion pumps, along with the shift towards ambulatory and home care settings, present notable opportunities for market players. Moreover, untapped potential in emerging markets offers avenues for expansion and growth.
Navigating the Regulatory Landscape
The regulatory scenario significantly shapes the industry, ensuring patient safety and device effectiveness. While stringent regulations pose challenges for manufacturers, they also foster market growth and innovation by building trust among healthcare providers and patients.
Leaders in the Global Volumetric Infusion Pumps Market
Leading players in the market include B. Braun Melsungen AG, Fresenius Kabi AG, Terumo Corporation, ICU Medical, Inc., Becton, Dickinson and Company, Smiths Medical, and others. These companies employ various strategies such as product innovation, strategic collaborations, and geographical expansion to maintain their competitive edge and strengthen their market positions.
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