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 slowdown the approval process of syringe pumps, thereby slowing down the market growth.
Browse over 134 market data Figures spread through 204 Pages and an in-depth TOC on “Global Syringe Pump Market”
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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.
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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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