Global Syringe Pump Market to Grow at a CAGR of 6.62% During the Forecast Period
Growing prevalence of various chronic diseases and
rising number of surgical procedures are driving the growth of Global Syringe
Pump market in the forecast period.
According to TechSci Research report, “Syringe Pump Market - Global Industry Size,
Share, Trends, Competition, Opportunities, and Forecast, 2017-2027”, the
Global Syringe Pump market stood at USD20757.85 million in 2021 and is expected
to grow at a CAGR of 6.62% during the forecast period. This can be ascribed to
the growing use of intravenous drug delivery procedures since the intravenous
mode of drug administration significantly increases drug bioavailability in the
blood. This is expected to positively influence market growth over the next few
years.
Furthermore, various benefits associated with the
use of syringe pumps such as the ability to gain effective symptom control due
to steady plasma drug concentration without peaks and troughs, single route of
administration that minimizes the need for repeated injections or multiple oral
medicines is further expected to support the market growth.
However, rising demand for refurbished syringe
pumps will lead to a decline in the overall growth of the global syringe pumps
market. Also, stringent regulatory policies can further slow down the approval
process of syringe pumps, thereby slowing down the market growth.
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The Global Syringe Pump market segmentation is
based on type, application, end user, region, and company. Based on type, the market can be split
into infusion pump and withdrawal pump. The infusion pump segment dominated the
market in 2021 with an overall share of 83.60%. This can be attributed to the
widespread use of these pumps in hospitals & clinics, ambulatory care
settings, among others for delivering various fluids to the patients.
Additionally, infusion pumps are considered critical devices and are
widely used in ICUs, CCUs and emergency departments. Infusion pumps are used to
control and deliver fluids (blood, drugs, or nutrients) at a continuous rate
without the need for constant supervision.
This, in turn, reduces the burden on the medical staff. Also, these
pumps have proved highly useful during the pandemic crisis since the infection
risks to the healthcare professionals were minimized with infusion pumps.
A partial list of leading market players, includes:
·
Baxter International Inc.
·
Medtronic Plc
·
ICU Medical, Inc.
·
Becton, Dickinson and Company
·
Fresenius SE & Co. KGaA
·
Moog Inc.
·
B. Braun Melsungen AG
·
Terumo Corporation
·
Nipro Corporation
·
Mindray Medical International Limited
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“The Asia Pacific region is expected to register the fastest growth
during the forecast period on account of the increasing aging population in the
region, which is susceptible to various chronic diseases such as cancer,
cardiovascular diseases, neurological disorders, etc., especially in countries
like China, India and Japan.
Besides, flourishing
medical tourism industry across the region, especially in countries like
Singapore, China, India and Japan on account of availability of medical
facilities at an affordable cost is contributing to the growth of the market in
the region. Also, the cost of surgeries performed in these countries is way
more lesser than those performed in the developed countries. Also, the services
provided by different hospitals and clinics, among others are quite affordable.”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Syringe Pump Market -
Global Industry Size, Share, Trends, Competition, Opportunities and Forecast, 2017-2027
Segmented By Type (Infusion Pump vs Withdrawal Pump), By Application (ICU,
Cardiac Surgery Units, Pediatric Units, Operating Theatres, Others), By End
User (Hospitals & Clinics, Ambulatory Care Settings, Others), By Region,” has evaluated the
future growth potential of global syringe pump market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global syringe pump market.
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