Global Infusion Pump Market Size & CAGR (2021 to 2026)
The global infusion pump market is predicted to be USD 15.81 billion in 2021 and USD 23.36 billion by 2026, growing at a CAGR of 8.12% from 2021 to 2026.
Impact of COVID-19 on the global infusion pump market:
As COVID-19 raged across the globe in 2020, the ICU began to fill up with critically ill patients from the virus. Infusion pump supplies quickly depleted as COVID-19 patients began to crowd hospital ICUs. Suppliers were flooded with orders, putting pressure on them to produce more. Manufacturing lines cannot produce five times as much as they do now. The supply chain became more disrupted and complex as each government imposed its own restrictions and regulations. As a result, smart infusion pump shortages are on the rise in overburdened hospitals by COVID-19 admissions.
The MedTech industry has taken center stage at COVID-19, with unprecedented increases in demand for diagnostic tests, infusion pumps, PPE, ventilators, and other critical medical supplies. Aside from rapidly ramping up manufacturing capacity and capabilities. The availability of critical infusion set setups and components used in treating COVID-19 patients has been increased. These smart pumps deliver vasopressors, neuromuscular blocking agents, and insulin in acute-care settings, which many COVID-19 patients require. There is an increase in the global production of IV pumps, consumables, and solutions to meet the expected surge in demand.
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KEY DRIVING FACTORS:
The rising prevalence of chronic diseases globally and the geriatric population drive growth in the infusion pump market.
According to WHO, cancer is the world’s second leading cause of death, accounting for an estimated 9.6 million deaths in 2018. In addition, CVDs account for the vast majority of NCD deaths (17.9 million per year), followed by cancers (9.3 million), diabetes (1.5 million), and respiratory diseases (4.1 million). Globally, roughly 26% of the world’s population is under the age of 15, with only 9% over 65. The global population of people aged 60 and up is expected to increase to 2 billion by 2050, up from 900 million in 2015.
Growing adoption of Infusion pumps, an increasing number of patients are being treated in hospitals, which is expected to accelerate the growth rate of the global infusion pump market.
Infusion pumps are frequently used in clinical settings such as hospitals, nursing homes, and private residences. Smart pumps are increasingly being used in hospitals to administer critical fluids to patients. As infusion pump technology advances, smart pumps are more common in hospitals. As a result, patients with minor or non-urgent conditions are flooding emergency departments (EDs). This increase in patient volume, combined with ongoing fiscal constraints and restructuring, has significantly strained ED operations.
Rising demand for ambulatory infusion pumps at home and an increase in the number of surgical procedures performed across is expected to promote the global infusion pump market’s growth.
Such as increased awareness of home health care in developed countries, rising prevalence of chronic diseases such as cancer and diabetes, and positive patient outcomes in a less expensive home setting. Continuous technological advancements and newer applications are driving a boost in ambulatory pumps in the home. Ambulatory pumps are now used to deliver medications for various diseases and conditions, including diabetes and chronic pain. Because ambulatory infusion pumps have become more widely available, it is now possible to treat patients with IV therapy in various settings, including the patient’s own home. The total number of surgical procedures performed worldwide is estimated to be 234.2 million per year.
However, stringent regulatory requirements for new products, product recalls, and the growing use of refurbished infusion pumps have slowed the sector’s growth. Pump failures can have serious consequences for patient safety because infusion pumps are frequently used to administer critical fluids, including high-risk medications. The possibility of hacking threats in digital infusion pumps.
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KEY MARKET INSIGHTS:
- Based on type, the accessories and consumables segment held the largest market share in 2020.
- Based on product, in 2020, the insulin Infusion pump segment held the largest share of the global infusion pump market.
- In 2020, North America had the largest market share in the global market, and this trend is projected to continue all through the forecast period. The European region is forecasted to account for a promising share in the global market during the forecast period. At the same time, the APAC region is estimated to showcase the fastest CAGR among all the regions from 2021 to 2026
- The use of smart pumps in hospitals has increased as infusion pump technology improves. Medtronic, Insulet Corporation, Nipro, Baxter, B. Braun, BD, Terumo Corporation, ICU Medical, Fresenius Kabi, Smiths Medical, Avanos Medical, Inc. these are some of the leading companies in the infusion pump market. Global demand for infusion pumps especially has increased due to the COVID-19 outbreak, which is one of the fastest-growing segments of the medical device market in the future.
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RECENT MARKET DEVELOPMENTS:
- In Apr 2021, Medtronic has announced the European launch of the world’s first infusion set that can be worn for up to seven days to help reduce the diabetes burden.
- In Feb 2021, B. Braun has announced that its Infusomat® Space® Large Volume Pump was named a Best in KLAS for Traditional Smart Pumps in 2021.
- In Nov 2020, Baxter Canada received the first regulatory approval for its new Novum IQ Infusion Platform.
SEGMENTS COVERED IN THIS REPORT:
- Accessories and Consumables
- Volumetric Infusion Pumps
- Insulin Infusion Pumps
- Enteral Infusion Pumps
- Ambulatory Infusion Pumps
- Syringe Infusion Pumps
- Patient-Controlled Analgesia (PCA) Pumps
- Implantable Infusion Pumps
- Analgesia/Pain Management
- Other Applications
- Home Care Settings
- Ambulatory Care Settings
- Academic And Research Institutes
- North America
- Latin America
- Middle East and Africa
KEY MARKET LEADERS PROFILED IN THIS REPORT:
- Animus Corporation (U.S.)
- Asante (U.S.)
- Cellnovo Ltd. (U.K.)
- Insulet Corporation (U.S.)
- Medtronics, Inc. (U.S.)
- Nipro Diagnostic, Inc. (Japan)
- Ypsomed (Switzerland)
- Roche (Switzerland)
- Sooil Development Co., Ltd. (Korea)
- Tandem Diabetes Care, Inc. (U.S.)
BROWSE RELATED REPORTS:
- Insulin Pumps Market
- S. Insulin Pumps Market
- Intraosseous Infusion Devices Market
- S. Infusion Pump Market
- Europe Infusion Pump Market
- APAC Infusion Pump Market
- Latin America Infusion Pump Market
- MEA Infusion Pump Market
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