Healthcare facilities use syringe pumps, ambulatory pumps, volumetric pumps, implantable pumps, insulin pumps, enteral pumps, and PCA pumps among other infusion pump types. Patients typically get medications such as painkillers, insulin.
According to a recent market study by Future Market Insights (FMI), the global Infusion Pumps Market was estimated to be worth US$ 4.4 billion in 2022 and is projected to grow to US$ 6.6 billion by 2030, with sales revenue expected to rise at a CAGR of 5.0% over the forecast period.
Infusion pumps are pieces of medical apparatus used to administer fluids, nutrients, and high-risk medications to patients in a controlled and supervised setting. These medications are injected into the patient's body through subcutaneous, intravenous, and arterial vessels. While stationary infusion pumps are usually used in hospitals, wearable portable infusion pumps can be used while travelling.
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Healthcare facilities use syringe pumps, ambulatory pumps, volumetric pumps, implantable pumps, insulin pumps, enteral pumps, and PCA pumps among other infusion pump types. Patients typically get medications such as painkillers, insulin, and chemotherapy through infusion pumps.
Infusion pumps are expected to be valued at US$ 3,552.2 million by 2028, according to a recent industry report by Future Market Research. This market is expected to grow at a steady CAGR of 5.4% from 2018 to 2028. The research analyses the key market dynamics—drivers, constraints, and challenges—as well as the competitive business strategies of the leading market competitors.
Through 2026, the number of people with diabetes and chronic pain is expected to rise, and technologically enhanced products with better characteristics are expected to develop. Infusion pumps are predicted to be the most popular product in North America.
During the forecast period, the market growth for infusion pumps is expected to be constrained by the presence of strict government regulations for new products, an increase in product recalls that frequently result from medication errors associated with infusion pumps, and an increase in the adoption of reconditioned and rental infusion pumps. A significant share of complaints about infusion pumps are caused by user mistake. On the other hand, supportive reimbursement policies for infusion medicines administered in homecare settings are a key driver of revenue growth from the end-user segment of home infusion.
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Fragmented Infusion Pumps Market to Present Investment Opportunities; Acquisitions and Innovative NPD to Remain Key Forward Strategies
Key players in the global infusion pumps market include Pfizer (Hospira) Inc., Medtronic Plc., Terumo Corporation, Johnson & Johnson Private Ltd., B. Braun Melsungen AG., Smiths Medical, Baxter International Inc., and Fresenius Kabi AG. The top 5 key players contributed approximately 79% revenue share to the Infusion Pumps Market in 2017. The report on infusion pumps market offers a detailed competitive outlook along with strategy overview, SWOT analysis, and current developments.
Infusion pump manufacturers are constantly improving their forward integration capabilities in the value chain and establishing and enhancing distributor network. Moreover, since the infusion pumps market is highly fragmented, there is no definite leader for all categories, leaving enough scope for investment by mushrooming local players, especially in emerging economies such as China and India. Although, Medtronic is a clear market leader with close to two-third market share through 2014, it does not have a competitive edge in other categories of Syringe Infusion Pump including syringe pumps and ambulatory pumps.
Players dealing with hospital supplies are increasingly targeting the infusion pumps market for either acquiring leading companies or those facing large number of product recalls.
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Incorporating Smart Technology Will Drive the Infusion Pumps Market
In terms of forward strategy, companies are manufacturing user-friendly and technologically advanced infusion pumps that can be monitored remotely. Companies are also including comprehensive drug libraries in pumps that would enable multi-directional interoperability and enhanced data safety of the instrument and patients, for better electronic health record and medication management across multi-care settings. Lastly, advanced technologies including dose error reduction system [DERS] and barcode-enabled point of care (BPOC) systems are also been incorporated in infusion pumps to prevent medication errors, thereby, driving the growth of smart infusion pumps market.
Infusion Pumps Market by Category
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
May 22, 2023
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