(EMAILWIRE.COM, July 21, 2018 ) The Latin American infusion pumps and accessories 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. 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 this market.

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Growth in this market is mainly due to the increasing prevalence of chronic diseases owing to the rising geriatric population, increasing demand for ambulatory infusion pumps, and increasing demand for smart infusion pumps in hospitals and ambulatory surgery centers. However, the economic slowdown, stringent product approval process, and 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 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 the R&D efforts of leading players in this market.

In this report, the Latin American infusion pumps and accessories market is segmented by product, application, and patient care settings. Among infusion pumps & accessories, infusion pump accessories (comprising dedicated and non-dedicated disposables) accounted for the largest share of the market in 2015.

The infusion pumps segment comprises volumetric pumps, syringe pumps, insulin pumps, enteral pumps, ambulatory pumps, patient-controlled analgesia pumps, and implantable pumps. Volumetric pumps accounted for the largest share of the Latin American infusion pumps market in 2015. Growth in this market is mainly driven by the increasing demand for volumetric infusion pumps in hospitals, long-term acute care centers, clinics, and ambulatory surgery centers.

On the basis of applications, the infusion pumps and accessories market is segmented into cancer, gastroenterological disorders, diabetes, pediatrics/neonatal disorders, analgesia/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. This can be attributed to the high prevalence of cancer across the region and the need of infusion pumps in the delivery of chemotherapy to such patients. Diabetes and pain management applications offer significant growth opportunities in the infusion pumps market.

The infusion pumps and accessories 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. This can be largely attributed to the financial capabilities of hospitals to purchase high-priced infusion devices as well as the availability of trained professionals to operate smart infusion pumps.

Brazil represented the largest country-wise market in 2015, followed by Mexico and Argentina. These countries are expected to offer significant growth opportunities for market players in the forecast period. The high growth in emerging countries is mainly due to the increasing prevalence of chronic diseases, growing utilization of ambulatory pumps such as disposable and chemotherapy pumps in the management of chronic diseases, improving healthcare infrastructure, and increasing disposable income of the middle-class population in several Latin American countries.

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The major players in the Infusion Pumps and Accessories Market are 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).

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