Medical Pumps: Market Introduction
Medical pumps administer all the critical fluid transfers and is considered as the nerve of the medical operations. Medical pumps could be related to drug delivery, blood circulation or fluid delivery pumps that transfer fluid, nutrients or drugs in a controlled manner. Medical pumps are used in a widespread application in the healthcare industry. They could be either of high pressure or low pressure depending on the end use. These pumps are further classified according to their functions. Some medical pumps are stationary while others are portable or wearable.
Medical Pumps: Market Dynamics
The increasing number of hospitals and the growing need of healthcare facilities that caters best care is expected to augment the sales of sophisticated medical equipment and devices, which in turn, is anticipated to fuel demand for medical pumps in order to offer accurate treatments to patients. With the burgeoning healthcare sector establishing in developed as well as in developing countries, the associated sales of medical equipment including medical pumps is perceived to grow at a healthy rate during the forecast period.
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The velocity of innovation is blurring the line between the digital and biological spheres. Healthcare industry is the sole industry that adapts technological changes rapidly. MEMS (Microelectromechanical systems) piezoelectric micro medical pump, a relatively growing trend in the healthcare industry, offers an attractive alternative to the traditionally used medical pumps.
These are employed in precision controlled drug or nutrient delivery systems, such as insulin pumps, infusion pumps, or nebulizers. MEMS medical pumps offer several advantages over the traditional ones, such as they are lightweight, utilize low power, accurate, and are economical. Hence, they are undoubtedly employed in various applications including blood or IV transportation, injecting glucose into diabetic patients, and many more. Thus, this ever-green trend of all the industries; miniaturization, has reached the healthcare industry, and it is expected to gain significant traction in the global medical pumps market.
Patient safety is the only job and aim of the medical industry; thus, medical pumps that are equipped with additional safety features, such as alarm systems that are intended to self-activate at the time of risk are expected to witness significant growth in the medical pumps market.
Additionally, significant endeavors, such as private and public investments, have been made in the healthcare industry aiming to stimulate research and development activities in the sector so that the manufacturers of medical equipment, such as medical pumps, can capitalize in the market.
Medical Pumps: Market Segmentation
On the basis of medical pumps product type, the global Medical Pumps market can be segmented into the following:
- High Pressure Medical Pumps
- Low Pressure Medical Pumps
On the basis of medical pumps application type, the global Medical Pumps market can be segmented into the following:
- Analgesia/Pain Management
- Chemotherapy/Oncology
- Hematology
- Diabetes
- Gastroenterology
- Pediatrics/Neonatology
On the basis of medical pumps end use, the global Medical Pumps market can be segmented into the following:
- Hospitals
- Diagnostic Laboratories
- Educational and Research & Development Institutes
Medical Pumps: Regional Market Outlook
Among all the regions, North America, especially the United States, is highly regarded for their technological development and its adoption. In the last decade, the region has witnessed double-digit growth in the medical industry. Thus, the region is expected to continue to dominate the medical pumps market over the forecast period. Besides production, the region is stipulated to continue dominating the consumption end as well. Europe and Japan are expected to be an extremely lucrative market for the medical pumps owing to number factors.
In Europe, the inclination of the government towards public health and, in Japan, the growing ageing population to need more medical facilities, is projected to increase the volume sales of medical pumps during the forecast period. However, certain underdeveloped countries are estimated to witness slow-to-moderate growth in the global medical pumps market over the projected period.
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Medical Pumps: Key Market Players
Some of the key market participants in the global Medical Pumps market include:
- Aquatec International, Inc.
- ARGAL PUMPS
- TOPS Industry & Technology Co.,Ltd.
- Watson-Marlow Fluid Technology Group
- Clark Solution
- DEBEM Srl
- CHARLES AUSTEN PUMPS
- Diener Precision Pumps
- Avanos Pain Management
- The Lee Company