NEW YORK, Sept. 26, 2016 /PRNewswire/ -- The Latin American infusion pumps and accessories market is estimated to reach USD 671.9 million by 2021, at a CAGR of 6.6% during the forecast period (2016 to 2021). The increasing prevalence of chronic diseases, owing to the rising geriatric population, increasing prevalence of chronic diseases, increasing demand for ambulatory infusion pumps, and technological improvements in infusion pumps are some key factors driving the growth of this market. However, economic slowdown, stringent regulations for product approval, and the occurrence of several cases of medication errors associated with infusion pumps may restrain the growth of the infusion pumps and accessories market during the forecast period. Product innovations focusing on improving the safety features of infusion pumps are at the center of R&D efforts from leading players in this market.
In 2015, Brazil commanded the largest share of the Latin American infusion pumps and accessories market, followed by Mexico and Argentina. Countries like Brazil and Mexico are likely to grow at lower CAGRs as compared to the Colombian market, which is expected to grow at the highest CAGR during the forecast period. Growth in the Colombian market is largely driven by the rapidly aging population, increasing prevalence of chronic diseases, increasing healthcare expenditure, and increasing disposable income of the middle-class population in this country.
In this report, the market is segmented by product, application, patient care settings, and country. On the basis of products, the market covers infusion pumps (devices) and accessories. In 2015, the volumetric infusion pumps segment accounted for the largest share of the Latin American infusion pumps market. However, the insulin pumps segment is expected to grow at the highest CAGR during the forecast period The increasing prevalence of diabetes, coupled with the growing demand for management of insulin at home, is expected to drive the growth of this market segment in the coming years.
Infusion pumps accessories (comprising dedicated and non-dedicated disposables) accounted for the largest share of the Latin American infusion pumps and accessories market in 2015. Dedicated disposables for infusion pumps (related to volumetric pumps, syringe pumps, insulin pumps, enteral infusion pumps, ambulatory infusion pumps, patient-controlled analgesia pumps, and implantable pumps) accounted for the largest share of the Latin American infusion pumps accessories market in 2015. Growth in the infusion pumps dedicated disposables segment is mainly driven by the increasing demand for dedicated disposables in chronic disease management to minimize the risk of non-compatibility of disposables with infusion devices.
Some major players profiled in the infusion pumps and accessories market report include Becton, Dickinson and Company (U.S.), Baxter International, Inc. (U.S.), Hospira, Inc. (U.S.), B. Braun Melsungen AG (Germany), Fresenius SE & CO. KGaA (Germany), Medtronic, Inc. (U.S.), Smiths Medical (U.S.), Terumo Corporation (Japan), Moog, Inc. (U.S.), and Johnson & Johnson (U.S.). Other players include Roche Diagnostics (Switzerland), Nipro Corporation (Japan), and JMS Co., Ltd. (Japan).
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them garner a greater market share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for reaping greater market shares.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on product portfolios offered by the top players in the Latin American infusion pumps and accessories market. The report analyzes the infusion pumps and accessories market by product, application, and patient care settings across the Latin American countries
- Product Development/Innovation: Detailed insights on the upcoming trends, research and development activities, and new product launches in the Latin American infusion pumps and accessories market
- Market Development: Comprehensive information on the lucrative emerging markets in the Latin American infusion pumps and accessories market
- Market Diversification: Exhaustive information about new products, growing regions, recent developments, and investments in the Latin American infusion pumps and accessories market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the Latin American infusion pumps and accessories market
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