The Global Infusion Pump Market is likely to reach a valuation of USD 9.71 Bn at a CAGR of 5% by the end of the forecast period of 2017-2023, predicts Market Research Future (MRFR) in an in-depth study.
Infusion Pumps are medical devices that aid in the delivery of fluids, medications, or nutrients to patients in controlled amounts. The prime advantage that infusion pump provides over manual administration of fluids is that the rate and duration of fluid delivery can be controlled in case of infusion pump through a built-in software interface. Infusion pumps are largely used in the delivery of insulin, antibiotics, pain relievers, and are widely used in a clinical setting such as hospitals and nursing homes. With the spread of chronic diseases such as diabetes at an alarming rate, there is greater demand for infusion pump within the market. Expanding investment in diabetes care management is favoring the growth of the global infusion pump market.
With the spread of chronic diseases, growth in aging population, and increased life expectancy, the need for innovative medical products have increased which is likely to spur the demand for infusion pumps.
Prevalence of selected medical conditions which require controlled treatment and drug delivery at programmed rates have further fostered the market growth. A steady increase in home healthcare services has induced high demand within the global infusion pump market. Home infusion therapy is increasingly becoming popular for the treatment and management of certain diseases which does not require a stay at the hospital and this expected to augur the growth of the market over the forecast period.
Technological developments in infusion pumps such as the addition of safety features of alarms along with high demand for infusion pumps in military medical units are other factors boosting the growth of the global infusion pump market.
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Infusion pumps are used to administer critical fluids and errors associated with infusion pump such as pump failure, and adverse drug interaction can have high-risk implications on patient safety which is a major impediment to the growth of the global infusion pump market. In addition, all medical devices are subject to strict monitoring by the US FDA. Various adversities associated with infusion pumps have been reported to the FDA which has resulted in the establishment of new and tightened guidelines for medical device manufacturers which can deter the growth of the market over the forecast period. Furthermore, wireless infusion pumps are vulnerable to cybersecurity threats which is a major bottleneck to the growth of the global infusion pump market.
Infusion Pump Market – Competitive Landscape
Baxter International, Inc. (U.S.), B. Braun Melsungen AG (Germany), Terumo Medical Corporation (Japan), Moog Inc (U.S.), CareFusion Corporation (US), Pfizer, Inc. (U.S.), 3M (U.S.), Biomedical Solutions (US), Stryker (US), Becton Dickinson & Company (U.S.), Fresenius Kabi (Germany), ICU Medical, Inc. (U.S.), Johnson & Johnson (U.S.), Mircel Medical Device (Greece), Flowonix Medical Inc. (US), Hospira, Inc (US), Asante (US), Medtronic plc (Ireland), Q-Core (Israel), Roche Diagnostics (Switzerland), Micromed (UK), and Smiths Medical (U.K.) are the eminent players in the global infusion pump market.
Industry Updates:
In February 2019, the US FDA permitted the marketing of the first interoperable infusion pump which is intended for delivering insulin under the skin to diabetic patients.
Infusion Pump Market – Segmentation
The Global Infusion Pump Market has been segmented based on type, application, and end user.
By type, the global infusion pump market has been segmented into volumetric pump, syringe pump, ambulatory pump, & others. The volumetric pump segment is leading the market.
By application, the global infusion pump market has been segmented into Chemotherapy, diabetes, gastrointestinal diseases, pediatrics, and others. The chemotherapy segment is the dominating segment.
By end user, the global infusion pump market has been segmented into hospitals, ambulatory surgical centers, homecare, & others. The hospitals segment is spearheading the market.
Infusion Pump Market – Regional Analysis
By region, the Global Infusion Pump Market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa.
North America accounts for the largest share of almost 41% of the global market, led by the US and Canada. Growing aging population along with the prevalence of chronic diseases in the region is favoring the growth of the market. Besides, improvement in healthcare sector is also a factor driving market growth.
Europe follows the Americas closely which is spurred by the growing burden of chronic diseases such as diabetes and cancer in the region. Germany, France, and the UK are the key contributors to the Europe market who collectively account for almost 70% share of the market.
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APAC is the fastest growing market for infusion pumps. The rapid development of the healthcare sector and expanding patient base can be credited for the growth of the market.
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