The medical advancement in blood infusion system has resulted in computer technology integrated systems which have sophisticated drug delivery mechanism. Wireless technology has enabled the wide use of systems across the healthcare industry especially in those cases where patients require constant dosage with regular day to day activities. Constant up gradation in the traditional blood infusion system has made home care setting possible leading to improved patient transition and patient care & services driving the market growth positively.
The geriatric population has been increasing over the year, with around 980 million people in 2018. The rise in population has led to increasing cases of cardiovascular disease, diabetes and neurological disorders owing to which there has been a surge in product demand. The inclination towards unhealthy lifestyle with improper eating habits is anticipated to drive the market growth during the forecast period owing to increase in chronic and fatal diseases for instance, cancer, immunity deficiency, inflammatory disease and many more at an early age.
The government investments in healthcare sector in order to provide better healthcare facilities for the remediation is anticipated to increase the market growth. Additionally, the government is investing more to promote and increase general public awareness regarding various diseases and disorders which is expected to improve the product demand.
The global blood infusion system market is anticipated to witness a significant growth over the forecast period i.e. 2019-2027 owing to increase in chronic and fatal diseases coupled with rise in technological advancements. The increase in death tolls with 70% deaths in 2018 due to fatal disease as recorded by WHO is expected to increase the product demand. The increase in geriatric population and inclination towards unhealthy lifestyle is anticipated to drive the market growth during forecast period owing to rise in cardiovascular and neurological disorders. It has been notified that, 20% of the total population suffers from severe heart disease which is expected to increase in the upcoming years, hence the surge in need for blood infusion systems is anticipated during the forecast period.
The market is segmented by type, route of administration and end user type. The type segment is further segmented into syringe, volumetric, ambulatory and others, out of which the volumetric segment is expected to have leading shares of around 38% during the forecast period owing to their ability to infuse large substances and integration with computerized systems. The volumetric systems allow medication flow to be at different rates according to patient’s need using a computer controlled roller or set of fingers. The end user segment is further divided into hospitals, clinics, research and labs, ambulatory surgical centers and home care setting, out of which the hospitals segment is anticipated to have significant market growth owing to wide application area to cater coupled with the fact that hospitals are multi-specialty and have number of healthcare infrastructure facilities with availability of advanced features for functioning of blood infusion systems.
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The programming errors that create discrepancies between the required amount and the infused amount has resulted in a serious health issue. The patient safety concerns has been a constant fear with the use of these systems creating hindrance in the market growth. The infusion although provide instant short term relief however, these are not sustained by body for long thus creating the need for constant infusions over the time. Additionally, the use of blood infusion have side effects ranging from simple nausea to high level body discomfort coupled with systematic shocks owing to introduction of new substance.
Our-in depth analysis of the blood infusion system market includes the following segments:
On the basis of regional analysis, blood infusion system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is anticipated to have leading shares owing to presence of major market players in the region. The rise in the geriatric population coupled with unhealthy lifestyle leading to rise in chronic disease is anticipated to drive the market growth. The increase in research and development activities coupled with government and private sector investment in health care industry is expected to boost the product demand. Europe region is expected to witness market growth on the back of improved healthcare facilities and rise in cases of neurological, cardio-vascular and cancer in the region on the back of their unhealthy lifestyle and eating habits. Asia-Pacific is expected to witness significant market growth on the back of prevalence of rise in geriatric population in the region leading to increased cases of age dependent chronic diseases. The increased disposable income, better healthcare facilities and improvement in economic conditions are expected to fuel the market growth during the forecast period.
The blood infusion system market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani