According to projections, the Patient-Controlled Analgesia Pumps Market will earn US$ 421.9 million in 2022 and US$ 699.9 million by 2032, growing at a CAGR of 5.2%. New research from Future Market Insights predicts that PCA pumps will control the market worldwide in 2021 with a share of about 75.5%. Over the forecast term, the patient-controlled analgesia pump market is expected to grow quickly; by the end of the forecast year, it’s expected to be worth more than US$ 500 million.
Patients with PCA or patient-controlled analgesia devices can self-administer analgesics as needed. The treatment of chronic pain does not involve the use of patient-controlled analgesia devices. Pediatrics, gastric, hematological, cancer, and diabetes are just a few of the conditions where PCA is used. There are several benefits to using PCA. It gives complete power over pain management. It also hastens healing and aids in preventing blood clots from developing.
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However, there are certain disadvantages, the main aspect being an occurrence of an over dost or an under dose that can take place in case of improper settings and programming of the device. Government initiatives to boost home medication, rising awareness about patient-controlled analgesia pumps, and affordable costs are few of the aspects contributing to the expansion of patient-controlled analgesia pumps market at a global level.
Global Patient-Controlled Analgesia Pumps Market: Dynamics
The growth of the global patient-controlled analgesia pumps market is influenced by aspects such as various advantages of PCA system over conventional continuous infusion systems, increasing standardization for reducing costs in hospitals, development of quality indicators for patient-controlled analgesia pumps, modernization with a view to reduce errors, increasing adoption of PCA owing to increasing prevalence of cancer, pain and diabetes, rising forward integration and increasing demand for PCA in rental and homecare services.
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These factors have contributed to the growth of the global market. On the contrary, lack of skilled manpower and lack of standard usage guidelines and vast product recalls are hampering the growth of the global patient-controlled analgesia pumps market. Various trends have been observed, to name a few, rapid med-tech progress, shifting production base to emerging economies, user-friendly advanced equipment and fragmented market. Opportunities such as increasing production base for smart pumps with bigger drug libraries and expanding production base for PCA, ambulatory and other pumps have been boosting the growth of the global market.
Segmental Highlights
The global patient-controlled analgesia pumps market has been segmented by product type, by end user, by application and by region.
- By product type, the PCA pumps segment is estimated to be the largest segment in terms of market value and likely to lead the global market. it is also projected to grow at a higher pace thus reflecting high potential for growth of global market in the coming years
- By region, Asia Pacific excluding Japan (APEJ) region is projected to be the fastest growing with a high 9.6% CAGR during the forecast period. North America is the largest from a market share perspective
- By end user, hospitals segment is the most lucrative. This segment dominated the global market in 2017 and is expected to lead the market by 2026 end with a valuation of more than US$ 200 Mn
- By application, diabetes segment is the fastest growing segment with a high CAGR of 6.0% throughout the period of forecast.
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The research report has also profiled various leading players in the global patient-controlled analgesia pumps market. Companies like Becton Dickinson and Company, Baxter International, B.Braun Melsungen AG, Terumo Corporation, Ace Medical Co. Ltd., Micrel Medical Devices, Hospira (Pfizer Inc.), Fresenius Kabi Group and Smiths Group plc., have been profiled in this research report.
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