PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1635094
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1635094
The global infusion pumps market is projected to grow from an estimated $18.1 billion in 2024 to $27.5 billion by 2030, reflecting a compound annual growth rate (CAGR) of 7.3% during the forecast period.
This growth is primarily driven by the rising prevalence of chronic diseases, increasing popularity of home infusion treatments, growing elderly population, surging cases of hospital-acquired illnesses, and ongoing technological advancements. For instance, as per the National Cancer Institute (NCI), there will be more than 26 million cancer survivors in the U.S. by 2040. Additionally, the number of new cancer cases is expected to rise by around 30 million each year globally.
Key Insights
The growing preference for home-based care is a significant trend in the infusion pumps market. Patients with chronic diseases increasingly benefit from home-use infusion pumps, reducing the need for frequent hospital visits and enhancing comfort.
Technological advancements, including the integration of artificial intelligence (AI) and the Internet of Things (IoT), are improving the efficiency and safety of infusion pumps. This has led to higher adoption in both hospital and homecare settings.
The increasing prevalence of chronic conditions such as cancer, diabetes, and chronic pain is driving the demand for long-term medication management, boosting the adoption of infusion pumps.
The growing elderly population, which is more vulnerable to chronic illnesses, is contributing to the increased demand for infusion therapy, propelling market growth further.
Hospital-acquired infections have prompted a greater focus on safe and effective infusion therapies, leading to the increased adoption of advanced infusion pumps.
The COVID-19 pandemic accelerated the demand for infusion pumps due to the need for remote patient monitoring and medication administration. Regulatory bodies such as the FDA issued emergency use authorizations to facilitate the rapid deployment of these devices during the crisis.
North America holds the largest share in the infusion pumps market, owing to advanced healthcare infrastructure and the high prevalence of chronic diseases. The Asia-Pacific region is expected to witness the fastest growth, driven by improving healthcare facilities, increasing awareness, and rising investments in healthcare infrastructure.