Infusion Pumps Market Value Will Exhibit a Nominal Uptick in 2020 as Corona Virus Outbreak Prevails as a Global Pandemic, Says FMI in a Revised Report
VALLEY COTTAGE, N.Y. – The FMI report titled “Infusion Pumps Market” has noted the key factors affecting infusion pump manufacturers across the world and presented the market revenue forecast of the infusion pump market for the period 2013–2028. An infusion pump is a medical device that delivers fluids such as nutrients and medications into a patient’s body in controlled amounts. End users of infusion pumps include hospitals, nursing homes, home and long-term care units. These entities use different types of infusion pumps such as syringe infusion pumps, volumetric infusion pumps, ambulatory infusion pumps, etc. Infusion pumps are essentially used for intravenous drug delivery.
The drug delivery by infusion pumps can be either in drops (20 ml generally) or in large volume (volumetric infusion pumps). Rapid progress in medical technology is fuelling the designing complexity of infusion pumps such that they cannot be easily copied by other manufacturers and also, to avoid the frequent recall of infusion pumps – a tradition well noted in the U.S. by the FDA.
Rapid advancements in technology are expected to fuel the launch of more user-friendly and technologically smart infusion pumps. Companies are including detailed drug libraries in infusion pumps, providing multi-directional interoperability and protecting the data safety of the instrument and patients. These factors are expected to enhance infusion pumps medication management across multiple-care settings.
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Manufacturers of infusion pumps in the competitive infusion pump market are in a forward integration mode. For example, the infusion pumps manufacturer, Fresinius Kabi, signed an exclusive national purchasing agreement with Amerinet for the distribution and sale of its large volume infusion pumps – Fresenius Kabi Agilia – in May 2015.
Revenue growth of the global infusion pumps market is also driven by the rising adoption and growing demand for small and smart wearable infusion pumps, coupled with socio-economic factors such as increasing disease incidences due to growing ageing population. The increasing rate of hospitalization in emerging regions due to the improved access to affordable healthcare is fuelling the sales of infusion pumps.
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Failure of infusion pumps can have significant implications on patient safety, which makes it mandatory for infusion pumps to be operated by a trained person. The U.S. FDA received approximately 56,000 reports of adverse events associated with the use of infusion pumps, including numerous injuries and deaths over 2005-2009. Around 87 infusion pumps were recalled by manufacturers of infusion pumps to address identified safety concerns. Recalls of 70 infusion pumps were designated as Class II.
This had deep consequences on manufacturers of those infusion pumps who now spend significantly on the design and R&D of infusion pumps. This is a major pull-down factor for the manufacturers of infusion pumps.
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Players in the infusion pumps market are expected to benefit from the higher sales of specific infusion pumps such as ambulatory infusion pumps, insulin and PCA infusion pumps. The infusion pumps are used for the transfusion of drugs to patients of diabetes and those in chronic pain. With both indications witnessing a steep rise in disease incidences globally, the demand for these infusion pumps is expected to shoot up over the forecast period.
This infusion pumps market report has been created after a detailed analysis based on different product types, application types and end users. Some of the leading companies analyzed in the report include B.Braun Melsungen AG., Becton, Dickinson and Company, Fresenius Kabi AG, Terumo Corporation, Medtronic Plc., Baxter International Inc., Smiths Medical, MOOG Inc., Johnson & Johnson Private Ltd. and Pfizer (Hospira) Inc. A detailed competition landscape has been included to analyze the different strategies adopted by various players in the infusion pumps market to remain sustainably profitable in the long run. A detailed hazard analysis of infusion pumps in the U.S. has been conducted for clarity on the common errors and redesigning in infusion pumps.
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