(MENAFN- America News Hour) The patient-controlled analgesia (PCA) pumps market studied was anticipated to grow with a CAGR of 5.2% during the forecast period. The major factors attributing to the growth of the market are a rising volume of chronic pain diseases like rheumatoid arthritis, cancer, and fibromyalgia. As per the study report published by the MD Anderson Cancer Center in January 2020, chronic non-malignant pain is common in cancer patients across the globe, necessitating effective pain management treatment. Increased demand for the products can be due to recent advancements that enhanced patient satisfaction with ease of use, and rise in adoption among patients who cannot take oral medications. Thus, the factors mentioned above are likely further to stimulate the growth of global PCA pumps market.
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Key Market Trends
Oncology is Expected to Hold the Major Market Share in the Patient-controlled Analgesia Pumps Market
The oncology segment by application category is expected to account for the largest market revenue share during the forecast period. This dominance is owing to its increased usage in managing sustained cancer pain. Highly potent opioid drugs, such as hydromorphine, morphine, and fentanyl through PCA infusion, are prescribed by physicians to treat the unbearable pain. Rising adoption of PCA pumps in such conditions to improve the quality of life is expected to growth of the segment. On the other hand, the application of these products in diabetes is anticipated to witness the highest CAGR over the course of the forecast period. The lucrative growth can be attributed to a rise in the availability of products specific to diabetes, global health problems. Also, a rise in the adoption of these devices to avoid the dose dumping of pain medication is likely to propel the growth of the overall market revenue.
North America Dominates the Market and is Expected to Hold the Position During the Forecast Period.
North America is expected to dominate the overall PCA pumps market owing to the rise in the number of cases of cancer, accidental injuries, diabetes, and other ailments related to pain management. Also, the huge target elderly population during the forecast period necessitates efficient analgesic treatment due to the presence of baby boomers in the United States. As per the International Diabetes Federation in 2019, about 48 million adults in North America are living with diabetes, among which more than half of the patients are over the age of 65. Furthermore, increased health awareness among the public about pain management is also expected to propel the growth of the market in the region throughout the forecast period.
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Competitive Landscape
The PCA pumps market is moderately competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. Some prominent players are developing safe and trouble-free systems with novel technologies, while others are distributing them. Some of the companies which are currently dominating the market are Smiths Group Plc, Becton, Dickinson and Company, Fresenius SE & Co. KGaA, B. Braun Melsungen AG, and Baxter International Inc.
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Technological Advancements with Enhanced Safety Features
4.2.2 Global Prevalence of Chronic Pain Diseases like Cancer and Arthritis
4.3 Market Restraints
4.3.1 Lack of Awareness Resulting in Patient Medication Errors
4.3.2 Stringent Regulatory Framework and Product Recalls
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
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