Global Syringe Pump Market to Grow at a CAGR of 6.62% During the Forecast Period | TechSci Research

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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Global Syringe Pump Market to Grow at a CAGR of 7.21% during the Forecast Period | TechSci Research

Growth in volume of surgical procedures across the globe to drive the growth of global syringe pump market.

According to TechSci Research report, “Global Syringe Pump Market By Type (Infusion Pump v/s Withdrawal Pump), By Application (ICU, Cardiac Surgery Units, Pediatric Units, Operating Theaters, Others), By End User (Hospitals & Clinics, Ambulatory Care Settings, Others), By Region, Forecast & Opportunities, 2026”, the global syringe pump market stood at USD19.60 billion in value terms in 2020 and is expected to grow at a CAGR of 7.21% and reach USD29.40 billion by 2026 during the forecast period on account of the growing use of syringe pumps in treatment, diagnosis and research activities. Additionally, increasing awareness among the population pertaining to healthcare coupled with rapid adoption of electronic health records and smart pumps is further expected to create lucrative opportunities for the market growth during forecast period. Furthermore, advantages such as ease of use, reliability, rapid start of infusion, wireless communication between pumps, rapid access to drug libraries, among others associated with syringe pump are anticipated to increase their demand over the next few years, thereby driving the market growth.

Besides, syringe pumps can operate without connection to the main switch since they are automatically supplied with batteries, which is very helpful during electricity failure. Also, they ensure continuous infusion of fluids to the patient even during transportation. Besides, rising demand for ambulatory infusion pumps is further expected to fuel the market growth through 2026. However, issues of electrical leakage to the patient might hamper the growth of market over next few years. Additionally, increasing adoption of refurbished syringe pumps is expected to slow down the market growth. Furthermore, lack of skilled professionals negatively impacts the market growth. Also, increasing cases of injuries to the patient or sometimes death due to air bubbles or other hazards might further restrict the market growth. Moreover, stringent regulatory process is further anticipated to impede market growth during the forecast period.

Browse market data110 Figures spread through 110 Pages and an in-depth TOC on "Global Syringe Pump Market"

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The global syringe pump market is segmented based on type, application, end user, company, and region. Based on type, the market can be bifurcated into infusion pump and withdrawal pump. The infusion pump segment is expected to dominate the market owing to their widespread use for delivering small quantity of fluids to the patients at high but controlled pressure. Based on application, the market can be categorized into ICU, cardiac surgery units, pediatric units, operating theatres, and others. The ICU segment accounts for 41.59% and is expected to further increase during forecast period. The relay mode of syringe pump plays a pivotal role in ICUs. Critical patients in ICU often receive intravenous medications which cannot be interrupted at any point of time as this could affect their health. It also eliminates the possibility of medication errors on the part of both the hospital staff and the patient. These pumps can also be brought along with the patient during transportation, saving time and consumables.

Becton, Dickinson and Company, B. Braun Melsungen AG, Baxter International Inc., Fresenius Kabi, ICU Medical, Inc., Medtronic plc, Moog Inc., Terumo Corporation, Nipro Corporation, Mindray Medical International Limited, are some of the leading players operating in global syringe pump market. The companies operating in the market are using strategies such as product launches, mergers, and collaborations to boost their share.

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“North America is expected to dominate the syringe pump market during the forecast period, owing to the increasing use of syringe pumps for treating various chronic diseases in the region. Additionally, presence of large number of hospitals with commendable healthcare facilities is further expected to propel the market. Furthermore, technological advancements and innovations in the syringe pumps under the infusion pump segment, especially in the United States, is further anticipated to positively impact the growth of market through 2026. Besides, the presence of key market players in the region is expected to create lucrative opportunities for the market growth over next few years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Syringe Pump Market By Type (Infusion Pump v/s Withdrawal Pump), By Application (ICU, Cardiac Surgery Units, Pediatric Units, Operating Theatres, Others), By End User (Hospitals & Clinics, Ambulatory Care Settings, Others), By Region, Forecast & Opportunities, 2026”, 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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Mr. Ken Mathews

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New York – 10017

Tel: +1-646-360-1656

Email: sales@techsciresearch.com

Website: https://www.techsciresearch.com/

For More Market Research Blogs Visit: https://techsciblog.com/