The growing number of surgical process is one of the critical factors that will trigger the growth of the infusion therapy devices market. Surgical procedures comprise manual and instrumental medical intervention, which are usually performed in ASCs and hospital clinical settings under anesthesia and with the aid of respiratory devices. Surgical procedures can be performed either in inpatient or outpatient settings. The growing number of outpatient and ambulatory surgeries and the increasing number of people with diseases such as cancer contribute to the growth of the global infusion therapy devices market. Infusion therapy devices are an important therapeutic tool to deliver medications continuously in critical care and pain management situations. The number of surgical procedures performed every year worldwide has increased over the last decade due to the rising prevalence of several diseases. Thus, the increase in the number of surgical procedures during the forecast period will drive the growth of the global infusion therapy devices market during the forecast period. Our analysts have predicted that the infusion therapy devices market will register a CAGR of 6% by 2023.
Growing aged population and chronic disease prevalence
The increasing life expectancy among people and the prevalence of chronic diseases such as diabetes, cardiovascular, kidney disease, and cancer are contributing to the demand or infusion therapy devices. The number of people with chronic diseases is increasing owing to the sedentary lifestyle, environmental issues, alcohol consumption, lack of physical activity, smoking, and unhealthy eating habits. The aging of the baby boomer generation and increasing prevalence of chronic diseases make the early diagnosis of diseases and the regular monitoring of patients essential to identify, treat, control, and limit the incidence of diseases. Thus, there is a high demand for infusion pumps to provide continuous medication and blood components for critically ill chronic patients. Therefore, the increasing aging of the population and the prevalence of chronic diseases drive the demand for global infusion therapy devices.
High cost of infusion therapy devices
The high cost of infusion therapy devices is one of the major concerns as most patients are unable to afford these devices. With the advances in infusion therapy devices, the cost of devices and treatment is also increasing. The cost includes physician fees, the type of infusion therapy device used, availability of inbuilt features like dose-error reduction software (DERS), and the amount reimbursed for such devices by Mediclaim. The high initial cost of infusion therapy devices, as well as their steep maintenance costs, make them inaccessible and unaffordable in hospitals and primary healthcare centers. Considering all these factors, this is expected to have an adverse impact on the market during the forecast period.
The market appears to be moderately fragmented. The presence of several companies, including B. Braun Melsungen AG and Becton Dickinson and Co. makes the competitive environment quite intense. Factors such as the growing aged population and chronic illness prevalence and the increasing number of surgical procedures will provide significant growth opportunities to infusion therapy devices manufacturers. F. Hoffmann-La Roche Ltd., Fresenius Kabi AG, ICU Medical Inc., Medtronic, and Terumo Corp. are some of the major companies covered in this report.- PR Newswire