The latin america infusion pump market is projected to reach USD 671.9 Million by 2021 from USD 487.3 Million in 2016, growing at a CAGR of 6.6% during the forecast period. latin america infusion pump market growth can be attributed to the increasing prevalence of chronic diseases owing to the rapidly growing geriatric population, increasing use of infusion products in home care with favorable reimbursement coverage, and technological improvements in infusion products. However, the presence of stringent regulations for product approval and the occurrence of several cases of medication errors associated with infusion pumps (and related product recalls in the recent past) may restrain the growth of the Latin American 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 latin america infusion pump market.
In this report, the latin america infusion pump market is segmented by product, application, and patient care settings. On the basis of products, this market is mainly segmented into infusion pumps and accessories. The infusion pumps market is further segmented into volumetric pumps, syringe pumps, insulin pumps, enteral pumps, ambulatory pumps, patient-controlled analgesia pumps, and implantable pumps.
Volumetric infusion pumps accounted for the largest share of the Latin American infusion pumps market in 2015. However, the market for insulin infusion pumps is expected to grow at the fastest pace during the forecast period. The increasing prevalence of diabetes, coupled with the growing demand for ambulatory insulin pumps for the management of insulin at home, is expected to drive the growth of this market segment in the coming years. The shift in consumer preference from traditional insulin pumps to tubeless insulin pumps (such as OmniPod) to deliver continuous insulin is also expected to play a pivotal role in the growth of the insulin infusion pumps segment in the coming years.
Among the infusion pump and accessories, the infusion pump accessories segment (comprising dedicated and non-dedicated disposables) is expected to grow at the highest CAGR during the forecast period. Dedicated disposables for infusion pumps accounted for the largest share of the Latin American infusion pump accessories market in 2015. Growth in the dedicated disposable infusion pumps 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.
The infusion pumps and accessories market, by application, is segmented into cancer, gastroenterological disorders, diabetes, pediatrics/neonatal disorders, pain management, hematological disorders, and other applications. The cancer application segment accounted for the largest share of the Latin American infusion pumps and accessories market in 2015. However, diabetes and pain management applications offer significant growth opportunities in the market due to the increasing number of diabetes patients and increasing number of surgical procedures across the region.
The latin america infusion pump market, by patient care settings, is segmented into hospitals, home care, ambulatory surgery centers, and others. The hospitals segment accounted for the largest share of the Latin American infusion pumps and accessories market in 2015.