Infusion Pump Market share is anticipated to accomplish USD 18.30 Billion with the support of a 8.2% CAGR over the forecast period ending in 2020-2027
The infusion pump market is expected to reach USD 18.30 Billion by 2027, confirms Market Research Future (MRFR). The worldwide market could secure 8.2% CAGR between 2020 and 2027.
Infusion pumps like implantable pumps, insulin pumps and ambulatory chemotherapy pumps, help manage a variety of diseases, including diabetes and cancer, in home care settings. Ambulatory infusion pumps are wearable or portable while infusion pumps help in the precise delivery of fluids like medicines, antibiotics and nutrients in the body under a controlled environment. These are commonly deployed in ambulatory surgery centers, hospitals, infusion clinics, long-term care facilities, and home settings. Over the years, the preference for home healthcare has risen, thanks to the surging cases and prominence of chronic disorders. Surge in healthcare spending, especially with respect to hospitalization favor the worldwide industry as well. Home healthcare offer an affordable option to the patients, especially in comparison to expensive hospital care. This helps bring down the expenditure in terms of healthcare services. With the heightened need to cut down the rate of hospital stays; more and more patients are using ambulatory infusion pumps that are affordable compared to other types of infusion pumps and are easier to use too.
Since infusion pumps help administer vital fluids, which include high-risk medications, any error while using these devices can lead to serious harm to the patient. It can even cause death. This can be a key challenge given the negative impact on the product demand.
Emerging nations like India, Brazil and China will present significant opportunities to the global firms in the infusion pumps industry. These countries have diversified healthcare sectors, with the rising cases of chronic and infectious disorders, along with surging number of R&D of advanced medical technologies. Other than this, infrastructural advances in healthcare facilities, and the low-cost production advantage in Asia Pacific can prompt more players to invest in this region over the following years.The Novum IQ syringe infusion pump (SYR) with Dose IQ Safety Software from Baxter International Inc. has been given 510(k) approval by the U.S. Food and Drug Administration (FDA), marking the company's newest advances in infusion therapy. Through Baxter's IQ Enterprise Connectivity Suite, the Novum IQ SYR may be fully integrated with hospital EMRs. Through this, Baxter's decades-long expertise in infusion therapy is combined with cutting-edge digital health solutions, strengthening the company's already robust safeguards against potentially fatal medication mix-ups. The Novum IQ SYR provides a fully-integrated technological user experience, including improved safety features, cutting-edge connectivity, adaptable anesthetic care settings, and a comprehensive selection of sets optimized for precision. It has a backlit keyboard, a guided syringe loading mechanism, and colored visual banners to indicate enteral delivery. Anesthesiologists and doctors working with newborns and young children can also rely on this product to aid in the delivery of safe and precise infusions to their most fragile patients.
The repositioning of infusion pumps farther from the patient is one-way nurses respond to patient care and medicine dispensation in the current pandemic. The need for protecting frontline workers due to the widespread lack of PPE is estimated to encourage the infusion pump market. The pandemic has led several nurses to resort to placing infusion pumps outside the patient's room with the assistance of an extra-long extension tubing so that they can manage medications from several feet away. While not ideal, this trend is being observed in several setups, leading to innovations in improving infusion pump efficacy. The hospital shortage of ventilators, personal protective equipment, and infusion pumps critical for delivering medications and fluids to the rising number of hospitalized COVID-19 patients is vital in the market. This has led to the FDA's control seeking to boost tech like remote monitoring of infusion pumps so suppliers and COVID-19 patients can maintain safe distances from each other. Extension sets enable hospitals to run that tubing under doors and occasionally through crude holes in walls.Fresenius Kabi, a pharmaceutical company, has begun implementing a new strategy to strengthen its intravenous drug offerings by purchasing Ivenix, a provider of smart infusion pumps, for $240 million. Ivenix, based in Massachusetts, has developed an infusion system that aims to eliminate medical errors by using a digital, high-volume pump, together with related administration hardware, software, and analytics tools. The businesses seek to gain a larger share of the $5 billion hospital infusion market that Ivenix estimates they can enter by combining their products with those of Fresenius Kabi. In terms of biologics pipeline, manufacturing capacity, and business style, this acquisition is a perfect fit.
Increased Use Of Infusion Pumps For Drug Delivery
The surge in drug delivery intravenously in liquid form has risen as patients in critical condition cannot take their medications in solid forms.
Rising Prevalence Of Fatal Diseases
The escalating incidence of chronic illnesses and the fatality rates associated with these ailments are projected to transform the global market.
High Demand For The Infusion Systems In The Military Medical Units
The surging application in medical units in several military units is projected to add to the market's overall development.
Technological Advancements From The Leading Market Players
The enhancement in technology is a pivotal factor enhancing the infusion pump market share's progress in the future.
Patient Safety Concerns
The cases related to incorrect infusion techniques are projected to alter the development that can be expected from the market.Getting FDA clearance is a significant obstacle for major players. In August 2022, for example, the FDA issued similar warning letters to two infusion pump manufacturers for, among other things, failing to follow up on product complaints, resolve device problems, and take necessary corrective efforts.
Unmet Medical Needs In The Low-Income Countries
In developing countries, the dismal healthcare infrastructure is assessed to enhance the market for infusion pumps in the forthcoming period.
Growing Geriatric Population Presents Significant Growth
The rise in the elderly population is a significant contributor to expanding the infusion pump manufacturer in the impending period as they currently need the infusion pump devices more than ever in-home settings due to the COVID-19 restrictions that are currently in force in several countries.
The volumetric pump segment is likely to account for the principal market portion in the forecast period.
The chemotherapy segment reported for the principal infusion market share of the overall market in the impending period.
The hospital segment governed the infusion pump market with the chief market share in the approaching period.
North American To Be Moved By Advanced Technology
The North American regional market is the principal base for top infusion pump manufacturers. It is anticipated to rule the principal market portion because advanced technologies incessantly develop in these countries. The North American region is anticipated to influence USD 3.49 billion by the end of 2023.
Strong Patient Base To Enhance The Market
The European regional market is estimated to account for the subsequent chief market expected to earn nearly USD 3.11 billion in earnings. This speedy growth is majorly owing to current expansions in healthcare and refining economies and disposable income per person.
Steady Growth To Power APAC
With the presence of opening for continuously growing economies, the Asia Pacific region is projected to be the fastest budding regional market.DATA-mine study was released to back up D-mine pump, a product of EVER Pharma, a fully integrated specialty pharmaceuticals firm specializing in neurology, critical care, and more. Following the commercial success of the D-mine Pump, a micro infusion device intended to give precise continuous subcutaneous drug delivery for PD patients, the product family was expanded to incorporate a thorough data history readout.
The central companies in bolstering the infusion pump market size are
ICU Medical Inc. has acquired Smiths Medical from Smiths Group plc., thereby forming a new part of infusion. ICU Medical has been constantly acquiring companies in order to enhance its presence in the infusion pump market. The combined infusion pumps line offered by both ICU Medical and Smiths Medical will cement their presence in the worldwide market.
|Market Size||USD 18.30 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||3M, BRAUN MELSUNGEN AG, Baxter, Becton, Dickinson and Company, Fresenius Kabi AG, ICU Medical, Inc, Smiths Medical, Terumo Medical Corporation|
|Key Market Opportunities||Growing Geriatric Population Presents Significant Growth|
|Key Market Drivers||
Infusion Pump Market can touch a value of USD 18.30 billion by 2027.
Baxter, Fresenius Kabi AG, Terumo Medical Corporation, Becton, Dickinson and Company, B. BRAUN MELSUNGEN AG, ICU Medical, Inc, 3M, and Smiths Medical are prominent players of the global infusion pump market.
The volumetric pump segment has captured the maximum shares of the global infusion pump market under the ‘type’ segment.
The chemotherapy application has held the major share of the global infusion pump market.
North America can touch a significant value during the forecast period.
Infusion Pump Market can exhibit a CAGR of 8.2% from 2020 to 2027.