Infusion Pump Market to Outstrip $22.9 Billion by 2027 Growing Sturdy at 10% CAGR |Nova one advisor

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According to Nova one advisor, the global Infusion Pump market value was estimated at US$ 12.7 Billion in 2020 and is projected to reach US$ 22.9 Billion by 2027, registering a CAGR of 10% from 2020 to 2027. The report contains 150+ pages with detailed analysis.

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Growth Factors:

The increasing incidence of chronic diseases along with the rapid growth of the geriatric population, rising demand for ambulatory infusion pumps, and the growing volume of surgical procedures performed across the globe are some of the key factors driving the growth of the infusion pumps market. However, the presence of stringent regulations for new products, medication errors associated with infusion pumps (which have resulted in product recalls), and the increasing adoption of refurbished and rental infusion pumps are expected to restrain the growth of this market during the forecast period.

Infusion Pump Market Dynamics

Driver: Rising demand for ambulatory infusion pumps in home care settings and Increasing incidence of chronic diseases

Infusion pumps such as ambulatory chemotherapy pumps, implantable pumps, and insulin pumps are useful for managing various diseases, such as cancer and diabetes, in home care settings. Ambulatory infusion pumps are designed to be portable or wearable. Infusion pumps are used to deliver fluids such as nutrients, medicines, and antibiotics in a patient’s body precisely and under a controlled environment. They are commonly used in hospitals, ambulatory surgery centers, home settings, infusion clinics, and long-term care facilities. In the last few years, the demand for home healthcare has increased owing to the high incidence and prevalence of chronic diseases and rising healthcare expenditure, mainly on hospitalization. Home healthcare provides patients with an affordable option compared to expensive hospital care, which, in turn, helps reduce the public expenditure on healthcare services. With the growing need to reduce hospital stays, patients are increasingly adopting ambulatory infusion pumps that are cheaper than most other infusion pumps as well as easier to use.

Restraint: Product recalls

Infusion pumps are used to administer critical fluids, including high-risk medications. Errors in using these systems can cause serious harm to patients and may even lead to death. According to the Institute of Medicine (US), approximately 1.5 million patients annually experience medication errors costing USD 8,750 per Potential Adverse Drug Event (PADE). Among medical devices, infusion pumps have one of the highest recall rates. From 2005 through 2009, the FDA received approximately 56,000 reports of adverse events associated with the use of infusion pumps, which resulted in numerous injuries and 710 deaths. During this period, manufacturers recalled 87 infusion pumps to address the identified safety concerns; 21 companies were affected by recalls for infusion pumps and related equipment between 2003 and 2013. A significant portion of the recalls was attributed to faulty device design. The recall of these products due to safety and efficacy failures is a key concern for device manufacturers as it affects the sales of infusion pumps. These recall activities require manufacturers to replace erroneous infusion pumps with updated models and compel them to pay for serious injuries in mishaps. Hence, product recalls affect the growth of the overall infusion pumps market.

Emerging economies such as China, India, and Brazil offer significant growth opportunities for players in the infusion pumps market. This can primarily be attributed to the diversified healthcare markets in this region, the growing incidence of infectious and chronic disorders, and increasing R&D initiatives to develop innovative medical technologies. In addition, infrastructural developments in healthcare facilities, increasing healthcare expenditures, and the low-cost manufacturing advantage offered by emerging countries in the Asia Pacific are expected to encourage market players to invest in this region in the coming years. With visible growth prospects, many global infusion pump manufacturers are investing in the emerging markets of the Asia Pacific region. The low-cost manufacturing in these emerging markets also provides an added advantage for players to establish manufacturing facilities in these regions and improve profits.

Challenge: Increasing incidence of medication errors and lack of wireless connectivity in most hospitals

Medication errors are the most significant causes of medical injuries, representing 19.4% of all adverse events. According to NCBI, medical errors are estimated to account for as many as 251,000 deaths annually in the US, making medical errors the third leading cause of death. Intravenous (IV) infusions have been identified as frequent contributors to medication errors. Wireless connectivity of infusion pumps with the Barcoded Medication Administration (BCMA) system, Hospital Information System (HIS), and Electronic Medical Record (EMR) can help overcome these shortcomings and elevate the current smart pumps to the new level of “intelligent” infusion systems. Integrated smart pumps create a closed-loop, fully integrated medication safety system for infusion pumps to accomplish both auto-preprogramming and auto-documentation. However, the lack of interoperability among smart infusion devices and hospital information systems in most hospitals due to lack of wireless connectivity and low hospital budgets poses a significant challenge for the growth of the infusion pumps market.

North America is expected to account for the largest share of the infusion pump market in 2020

In 2020, North America accounted for the largest share of the global infusion pumps market, followed by Europe and the APAC. The large share of North America can primarily be attributed to the high adoption of specialty infusion pumps for the treatment of chronic diseases, increasing prevalence of chronic diseases, rising geriatric population, and the presence of many large hospitals in the region. Moreover, a large number of major global players are based in the US, owing to which the US is a center for innovation in the infusion pumps market.

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COVID-19 Impact on Infusion Pump Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Infusion Pump market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Infusion Pump market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Infusion Pump market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Infusion Pump market include:

Becton, Dickinson and Company (US), Baxter International (US), B. Braun (Germany), ICU Medical (US), Fresenius Kabi (Germany), Smiths Medical (US), Medtronic PLC (Ireland), Moog Inc. (US), Avanos Medical, Inc. (US), Nipro Corporation (Japan), Terumo Corporation (Japan), Insulet Corporation (US), Ypsomed Holding AG (Switzerland), Tandem Diabetes Care (US), JMS Co., Ltd. (Japan), Micrel Medical Devices SA (Greece), InfuTronix Solutions LLC (US), Zyno Medical LLC (US), Roche Diagnostics (Switzerland), Teleflex, Inc. (US), Mindray Medical International Limited (China), Epic Medical (Singapore), SOOIL Development Co., Ltd. (South Korea), Shenzhen MedRena Biotech Co., Ltd. (China), and CODAN Medizinische Geräte GmbH & Co KG (Germany).

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

Global infusion pump market, by product type

  • Accessories and Consumables
    • Dedicated Accessories and Consumables
      • Volumetric Infusion Pumps
      • Insulin Pumps
      • Enteral Infusion Pumps
      • Syringe Infusion Pumps
      • Ambulatory Infusion Pumps
      • PCA Pumps
      • Implantable Infusion Pumps
    • Non- Dedicated Accessories and Consumables
      • Infusion Catheters
      • IV/administration Sets
      • Needleless Connectors
      • Cannulas
      • Tubing & Extension Sets
      • Valves
      • Other Non- Dedicated Accessories and Consumables
  • Devices
    • By Product
      • Volumetric Infusion Pumps
      • Insulin Pumps
      • Enteral Infusion Pumps
      • Syringe Infusion Pumps
      • Ambulatory Infusion Pumps
      • PCA Pumps
      • Implantable Infusion Pumps
    • By Technology
      • Traditional Infusion Pumps
      • Specialty Infusion Pumps
    • By Type
      • Stationary Infusion Pumps
      • Portable Infusion Pumps

Global infusion pump market, by application

  • Chemotherapy/Oncology
  • Diabetes Management
  • Gastroenterology
  • Pain Management/ Analgesia
  • Pediatrics/ Neonatology
  • Hematology
  • Other Applications

Global infusion pump market, by setting

  • Hospitals
  • Home Care Settings
  • Ambulatory Care Settings
  • Academic and Research Institutes

Browse Complete Table of Content@ https://www.novaoneadvisor.com/toc/infusion-pump-market

Why Buy this Report?

The purpose of Nova one advisor’s Infusion Pump market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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