The market is estimated to grow with a CAGR of 6.2% from 2018-2025.
Infusion Pumps Market Insight
According to The Insight Partners market research study titled Infusion Pumps Market - Global Analysis and Forecasts By Type, Application and End User, the global infusion pumps market is expected to reach US$ 18,045.6 Mn in 2025 from US$ 11,378.8 Mn in 2017. The market is estimated to grow with a CAGR of 6.2% from 2018-2025. The report highlights the trends prevalent in the global infusion pumps market and the factors driving the market along with those that act as deterrents to its growth.
Infusion pump is a device used to deliver liquids into a patient’s body in a regulated manner, the pump enables to deliver fluid in large and small amounts. The pump is used to deliver both nutrients and medication in the patient’s body. Infusion pumps are regularly used to administer critical fluids, including high-risk medications, pump failures can have significant implications for patient safety. The growth of the Infusion Pumps in healthcare market is attributed to the increasing incidence of chronic diseases, increasing number of surgical procedures performed and growing geriatric population. However, the market is likely to experience restraining factors such as frequent product recalls of infusion pumps and stringent regulatory requirements.
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Infusion Pumps Market Comparative Landscape and Key Development
Some of the prominent players operating in infusion pumps market are BD, B. Braun Melsungen AG, Terumo Corporation, F. Hoffmann-La Roche Ltd., Medtronic, Baxter International, Inc., Smith Medical, Moog, Inc., ICU Medical, Inc., and Insulet Corporation.
The market players are focused towards introducing new and innovative products in the market to sustain their position in the market. For instance, in December, 2018, Terumo Corporation announced that a biosimilar was launched in Europe. The biosimilar is used by company’s PLAJEX pre-fillable syringe. The hulio (biosimilar) is manufactured by the company. These product innovations and launches are expected to propel the growth of the infusion pumps market during the forecast period.
The Infusion Pumps in healthcare market is expected to witness substantial growth post-pandemic. The Infusion Pumps in healthcare market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.
Growing Applications of Infusion Pumps in Healthcare to Drive Infusion Pumps in Healthcare Market Growth
An infusion pump, a medical device delivers fluids, like nutrients and medications, into a patient’s body in precise amounts. Infusion pumps are widely used in hospitals, nursing homes, and some types of infusion pumps can be used at home too. Infusion pumps are used to deliver medications – such as insulin or other hormones, antibiotics, chemotherapy drugs, and pain relievers. Thus rising prevalence of chronic diseases like cancer, diabetes and others drives the market growth.
Diabetes is one of the largest global health emergencies of the 21st century. Each year more and more people live with this condition, which can result in life-changing complications. According to the International Diabetes Federation (IDF), in 2017, number of people with diabetes in North America was approximately 46 million which is expected to grow at 62 million in 2045. The increase in the disease prevalence is around 35% during the forecast period.
The elderly population is defined as group of people aged 65 and over. Population ageing is poised to become one of the most significant social transformations of the twenty-first century. According to the report of United Nations, in 2017, there were approximately 962 million people aged 60 or over across the globe, that consists of 13% of the global population. The population aged 60 or above is growing at a rate of about 3 per cent per year. Across the globe, the number of persons aged 80 or above is projected to triple by 2050. The approximate population is around 137 million in 2017 which will reach up to 425 million in 2050. The value is expected to increase to 909 million in 2100, around seven times its value in 2017.
Global infusion pumps market, based on the type was segmented as, ambulatory pumps, volumetric pumps, syringe pumps, and accessories. In 2017, the volumetric pumps segment held the largest share of the market, by type. The segment is also expected to witness growth at a significant rate during the forecast period, due to its benefits of administering large volume of dosage of medications or drugs to the patients.
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