Major Shortage of Infusion Pumps in Covid-19 Pandemic and Faster Regulatory Product Approvals to Generate Market Growth Opportunities, says Future Market Insights
The infusion pumps market is estimated to display a healthy 5.4% CAGR between the forecast years 2020 and 2030. The infusion pumps market is likely to find major growth opportunities for the duration of the coronavirus pandemic. High demand and shortage of infusion pumps to treat the unprecedented numbers of coronavirus patients around the world has generated a massive short-term surge in demand. Faster regulatory approvals during this period will further boost market prospects.
“The growing numbers of chronic diseases cases along with demand for infusion pumps in ambulatory settings, are major contributors to infusion pump manufacturers. Demand is also supported by higher numbers of surgical procedures in hospitals, sustaining long term growth,” states the FMI analyst.
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Infusion Pumps Market- Critical Takeaways
- Home care applications of infusion pumps exhibit fast growth owing to lower costs and development of ambulatory pumps.
- Patient control analgesia pumps are witnessing increased adoption with, high demand for pain management applications.
- Developing economies in Asia Pacific and Latin America are displaying faster growth, on the back of growing availability of treatment options for a wide range of chronic ailments.
Infusion Pumps Market- Drivers
- Higher accuracy of dosage administration in comparison to manual alternatives support adoption.
- Strong rise in demand for ambulatory infusion pumps for hospital and home care settings aid growth of demand.
Infusion Pumps Market- Restraints
- The potential for risk of hacking in digital infusion pumps is a major challenge for manufacturers.
- Strict regulations governing the production and use of infusion pumps hurts growth.
Coronavirus Impact on Infusion Pumps Market
The impact of the covid-19 outbreak on the infusion pumps market has largely been positive. The unprecedented growth in the number of patients in the pandemic has put severe strain on the healthcare systems, infusion pump assets in healthcare facilities are falling significantly short to meet the growing patient numbers, boosting short term demand. Consequently, regulators are pushing for faster approval of new product offerings in the market, which will also bolster near-term prospects.
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Baxter International, Fresenius Kabi, Micrel Medical Devices, Becton Dickinson, Q-Core Medical, are some of the leading players in the infusion pumps market.
Manufacturers in the infusion pumps market are aiming for strategic collaborations and investments into product development and launch processes, widening their portfolios, and meeting evolving consumer demand.
For instance, Baxter International has received the Australian and CE regulatory approvals for its Evo IQ syringe infusion systems. Tandem Diabetes Care has received FDA approval for its t:slim X2 insulin infusion pump. Further InfuTronix has partnered with Geo-Med for the development and launch of its Nimbus II PainPRO Infusion Pump for non-narcotic therapies.
About the Study
The study offers readers a comprehensive assessment of the Infusion pumps market. Global, regional and national-level analysis of the latest trends influencing the infusion pumps market is covered in this FMI report. The study provides insights according to product type (syringe pump, ambulatory pump, volumentric pump, implantable pump, insulin pump, enteral pump, PCA pumps, and pump accessories), application (chemotherapy, pediatrics, analgesia, gastroenterology, hematology, and diabetes), and end user (hospitals, ambulatory surgical centers, homecare, clinics, and others) in seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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