Infusion pumps are gaining traction, fuelled by the rapidly increasing Baby Boomer population and expanding home care industry. Companies operating in the infusion pump spectrum are focusing on enhancing the safety aspects of infusion pumps to strengthen their position and brand positioning in a market which is pegged to reach $5 billion in revenues by 2025.
Infusion Pumps Market Trends
The global infusion pumps market is anticipated to increase at over 5% compound annual growth rate (CAGR) during the period 2015-2025. Driving factors for growth include ageing population, growing appeal of home-based medical care, and innovation in infusion technology.
Of special significance are ambulatory infusion pumps, designed to maintain the mobility of patients. These portable infusion pumps are currently witnessing high demand, both from hospital settings and at-home care services. During the period 2015-2025, demand for ambulatory infusion pumps is expected to increase at nearly 7.7% CAGR.
Infusion Pump Failure: A Key Challenge
The infusion pumps industry has received bad press and increased FDA oversight in the recent past, owing to significant cases of pump failures. As infusion pumps are frequently used to administer life-saving fluids, pump failure can put patient’s life at risk, as has been the case in the past.
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Although lack of trained operating staff can be as much as a cause of mishap as a faulty design, regulatory authorities have come down strong on infusion pump manufacturers and imposed stricter regulations. In the U.S., the FDA has recalled and banned several models of infusion pumps for failing to meet safety standards. For example, Medtronic’s SynchroMed II Implantable Infusion Pump Systems was banned by the FDA in April 2015, nearly nine years after problems were first reported by patients.
Enhancing the safety of infusion pumps remains both a key challenge and opportunity for manufacturers. Although smart infusion pumps have been heralded as the future of infusion pumps, as it reduces human intervention, recent cases have shown that issues persist. CareFusion’s Alaris Pump model 8100, which was recalled due to a software failure in 2014, is a case in point that even smart infusion pumps are prone to glitches and failure.
Infusion pumps are used in the management and treatment of a number of diseases, including oncology, gastroenterology, neonatology, haematology, diabetes, and analgesia. Demand for infusion pumps in managing diabetes contributes the highest revenue to the global infusion pumps market. During the period 2015-2025, this segment is expected to increase at nearly 6% CAGR.
Infusion Pump Manufacturers Looking at a Foray into New Markets
Leading companies operating in the infusion pumps market landscape, such as Medtronic Plc., Johnson & Johnson Private Ltd., CareFusion Corporation, Smiths Medical, B. Braun Melsungen AG., Terumo Corporation, Pfizer (Hospira) Inc., and Fresenius Kabi AG are focusing on expanding into new markets to offset some of the saturation in established markets.
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The U.S. remains the most lucrative market for infusion pumps, and is expected to lead global revenues in the next decade as well. Overall, the North America infusion pumps market is expected to increase at a CAGR of 4.9% during 2015-2025. In addition to the U.S., Western Europe is another lucrative market for infusion pumps; collectively, North America and Western Europe account for nearly 60% of global revenues.
Many countries in Asia Pacific are in the midst of an economic transformation. Improving living standards, rising awareness levels, and government initiatives have provided an impetus to the healthcare sector. The infusion pumps market in Asia Pacific is expected to benefit from focus on health and well-being. During the forecast period 2015-2025, the Asia Pacific excluding Japan (APEJ) infusion pumps market is expected to increase at a CAGR of over 8%.