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