Hartford, CT, January 28, 2012 --(PR.com
)-- Leading market research provider Global Information Inc. (GII) is pleased to announce a new report, "Infusion Systems - Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2017."
The global infusion systems market was valued at $6 billion in 2010, driven by an increase in the chronic pain patient population, positive reimbursement scenario and technological developments, the market is forecast to reach $8.3 billion by 2017 at a Compound Annual Growth Rate (CAGR) of 4.7%.
The biggest markets for infusion systems are the US and Europe. In 2010, the US and the European markets together contributed more than 70% towards the global infusion systems market. The majority of sales came from the US, with a contribution of 42% in 2010. The European market for infusion systems contributed 30% to the global revenues in 2010. These two regions are followed by the remaining market geographies such as the Asia Pacific region and South and Central America which together contributed 28% to the global revenues.
Increasing Patient Pool to Drive the Market for Infusion Systems.
Chronic pain is defined as pain which persists for duration of more than six months (more than one year according to some definitions). Chronic pain affects a significant number of the population as it is not restricted to any specific disease and can also occur as a side effect of a variety of conditions.
The increase in the population of patients suffering from chronic pain is expected to drive the market for infusion systems. This is because chronic pain in patients (suffering from various disorders) is a major medication area for which infusion pump usage is prescribed. Chronic pain affects a significant number of the population as it is not restricted to any specific disease and can also occur as a side effect of a variety of conditions. The prevalence rate for chronic pain is high across the globe. For example, a European survey (including 46,000 people) reported that one in five individuals were suffering from chronic pain. Similarly, an Australian population study of over 17,000 people showed the prevalence of chronic pain in 17.1% of males and 20% of females.
A number of studies point to the strong correlation between chronic pain and increasing age. Hence an increase in the elderly population can result in an increase in the prevalence rate of chronic pain indicating significant growth opportunities for the infusion systems market. Hospira is the leading player in the infusion pump market. It accounted for 16% of the total market in 2010. This position in a highly fragmented market can prove to be an advantage for increasing its current market share organically through new product launches and up gradation of existing products and inorganically through the formation of new alliances, partnerships or acquisitions.
Hospira was followed by CareFusion with 12% of the global market. Similar to Hospira, CareFusion has a strong presence in the US market as well as a substantial presence in the European market. Baxter is positioned third in the global infusion systems market with significant presence in Europe.
Changes in the US Medicare Reimbursment Policy for Home Based Infusion Therapy can Drive Market Growth
In June 2011, the bill "Medicare Home Infusion Therapy Coverage Act of 2011" was introduced which proposes to amend the current Social Security Act to provide Medicare coverage for home infusion therapy and home infusion drugs.
Although the coverage for home based infusion services has been provided by several private insurers as well as several government insurance services (such as state Medicaid programs, Medicare advantage, the Veterans administration, Federal Employees Health Benefit plan), the coverage under Medicare has been missing.
The successful passage and implementation of the bill will ensure a significant increased coverage of the patient population of senior citizens (currently covered under Medicare), boosting the home based infusion therapy market potential. The bill if passed will be a substantial opportunity for the market players and can positively impact the market growth rate as well.
For further details on this report, visit: http://www.giiresearch.com/report/gd229713-infusion-systems-global-pipeline-analysis.html
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