Demand of Infusion Pumps Market is expected to register growth in Western Europe at rate of 3.0% CAGR
The global Infusion Pumps Market was valued at US$ 4.4 billion in 2022, according to a recent market report by Future Market Insights (FMI), and it is anticipated to reach US$ 6.6 billion by 2030, with sales revenue likely to rise at a CAGR of 5.0% during the forecast period.
Infusion pumps are medical equipment used to provide patients with high-risk drugs, fluids, and nutrients in a monitored and regulated environment. Subcutaneous, intravenous, and arterial veins are used to pump these substances into the patient’s body. Portable infusion pumps are wearable and can be used while on the go, while stationary infusion pumps are typically utilised in hospitals.
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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
By Product Type:
- Syringe Pumps
- Ambulatory Pumps
- Volumetric Pumps
- Peristaltic
- Cassette/Piston
- Implantable Pumps
- Insulin Pumps
- Enteral Pumps
- PCA Pumps
- Pump Accessories
By Application:
- Chemotherapy/Oncology
- Pediatrics/Neonatology
- Analgesia
- Gastroenterology
- Hematology
- Diabetes
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Home Care
- Clinics
- Others
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