Intravenous Infusion Pump Market to Hit USD 13.2 Billion by 2032, says Persistence Market Research
The thriving Intravenous Infusion Pumps Market, driven by increasing chronic diseases and innovative drug delivery technologies, sees significant growth, particularly in North America
New York, Jan. 22, 2024 (GLOBE NEWSWIRE) — Market Size & Overview:
Newly-released Intravenous Infusion Pumps market analysis report by Persistence Market Research shows that global sales of the Intravenous Infusion Pumps Market in 2021 were held at US$ 5.6 Bn. With a CAGR of 9% during 2022 – 2032, the market is projected to reach a valuation of US$ 13.2 Bn.
The absolute dollar opportunity for Intravenous Infusion Pumps Market will be witnessing US$ 7.6 Bn overall growth because the demand for intravenous infusion pumps in healthcare facilities such as hospitals, and nursing homes have significantly increased.
Based on the research conducted by Persistence Market Research, a prominent market research and competitive intelligence provider, the Intravenous Infusion Pumps Market witnessed a historical increase in market value at a Compound Annual Growth Rate (CAGR) of approximately 7.6% from 2017 to 2021. Notably, North America played a significant role in contributing to the global market share during this period.
The upswing in the prevalence of chronic diseases, including diabetes, cardiovascular ailments, cancer, respiratory disorders, and other autoimmune conditions, has been a primary driver for the market’s expansion.
Anticipated growth in demand during the forecast period is attributed to the rising number of surgical and medical procedures being performed. According to the World Health Organization (WHO), the global population of individuals aged 60 and above is projected to reach 1.4 billion by 2030, and this demographic shift is identified as a crucial factor fueling the growth of the Intravenous Infusion Pumps Market.
Furthermore, the escalating elderly population is expected to be a key driver for the Intravenous Infusion Pumps Market, projecting a growth trajectory with a Compound Annual Growth Rate (CAGR) of 5.7% over the next decade. This indicates a sustained and substantial market expansion in response to the evolving healthcare landscape and demographic trends.
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|Market Revenue 2022
|US$ 5.6 billion
|Estimated Revenue 2032
|US$ 13.2 billion
|Growth Rate – CAGR
|No. of Pages
|Key Companies Profiled
In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at: https://www.persistencemarketresearch.com/market-research/intravenous-infusion-pumps-market.asp
Some Prominent Drivers of Intravenous Infusion Pumps Market:
Rising Prevalence of Chronic Diseases: The increasing incidence of chronic diseases such as diabetes, cardiovascular diseases, cancer, respiratory disorders, and autoimmune diseases is a significant driver. Intravenous infusion pumps play a crucial role in delivering medications and therapies for the management and treatment of these conditions.
Growing Aging Population: As the global population ages, there is a higher demand for healthcare services. The World Health Organization (WHO) predicts a substantial increase in the elderly population, and this demographic shift is contributing to the growth of the Intravenous Infusion Pumps Market, as older individuals often require continuous medical interventions and treatments.
Increasing Number of Surgical and Medical Procedures: The demand for intravenous infusion pumps is closely tied to the rising number of surgical and medical procedures performed globally. These devices are essential for the controlled administration of fluids, medications, and nutrients during surgeries and other medical interventions.
Technological Advancements: Ongoing advancements in technology have led to the development of more sophisticated and user-friendly intravenous infusion pumps. Improved features such as enhanced precision, programmability, and connectivity contribute to the market growth by increasing the efficiency and safety of medical treatments.
Growing Awareness and Adoption of Home Healthcare: The trend toward home healthcare is gaining traction, and intravenous infusion pumps are increasingly being used outside traditional healthcare settings. Patients are opting for home-based care, and portable infusion pumps enable the administration of medications in a more comfortable environment.
Expansion of Home Infusion Therapy: The trend toward home healthcare and the increasing preference for receiving medical treatments at home present a significant opportunity. Intravenous infusion pumps that are portable, user-friendly, and capable of remote monitoring can play a pivotal role in supporting home infusion therapy.
Technological Innovations: Continued advancements in technology, including smart infusion pumps, connectivity solutions, and integration with electronic health records (EHRs), provide opportunities for market players. Innovations that enhance ease of use, reduce errors, and improve overall patient outcomes are likely to gain traction.
Emerging Markets and Untapped Regions: The penetration of intravenous infusion pumps in emerging markets and regions with untapped potential offers substantial growth opportunities. Increasing healthcare investments and infrastructure development in these areas create a conducive environment for market expansion.
Customization and Personalization of Infusion Therapies: Tailoring infusion therapies to individual patient needs is an emerging trend. Customizable infusion pumps that allow for personalized treatment plans, adjustable dosing, and flexibility in administration schedules can cater to the growing demand for precision medicine.
Rise in Ambulatory Surgical Centers (ASCs): The increasing prevalence of ambulatory surgical centers provides a growth opportunity for intravenous infusion pump manufacturers. These centers often require compact and portable infusion solutions for various medical procedures conducted on an outpatient basis.
High Initial Costs: The initial costs associated with acquiring and implementing advanced intravenous infusion pump systems can be substantial. This may pose a challenge for healthcare facilities, particularly in resource-constrained settings or regions with limited financial resources.
Stringent Regulatory Requirements: The medical devices industry is subject to rigorous regulatory scrutiny. Compliance with various standards and regulations, such as those imposed by health authorities, can be challenging and time-consuming. Meeting these requirements is essential for market entry and product approval.
Concerns Regarding Cybersecurity: As medical devices become more interconnected and digitally integrated, the risk of cybersecurity threats increases. Intravenous infusion pumps, if not adequately secured, could be vulnerable to hacking or unauthorized access, posing risks to patient safety and data privacy.
Lack of Skilled Healthcare Professionals: Effective and safe use of intravenous infusion pumps requires skilled healthcare professionals. A shortage of adequately trained personnel may hinder the optimal utilization of these devices, potentially leading to errors and compromising patient outcomes.
Product Recalls and Liability Issues: Instances of product recalls due to malfunctions or safety concerns can damage the reputation of manufacturers and erode trust among healthcare providers. Additionally, the potential for liability issues in case of device-related complications may pose legal challenges.
Top 6 Trends in the Intravenous Infusion Pumps Market:
- Smart Infusion Pumps and Connectivity: Integration of smart technologies into infusion pumps, enabling connectivity with electronic health records (EHRs) and other healthcare systems.Remote monitoring capabilities for healthcare professionals to track and adjust infusion parameters, improving patient management.
- Home Infusion Therapy: Growing emphasis on home healthcare solutions, with intravenous infusion pumps designed for patient use outside traditional healthcare settings.Portable and user-friendly devices allowing patients to receive intravenous treatments at home, promoting comfort and convenience.
- Precision Medicine and Personalized Infusion Therapies: Increasing focus on precision medicine, leading to the development of infusion pumps that can deliver personalized treatment plans.Customizable dosing and administration schedules to meet individual patient needs and optimize therapeutic outcomes.
- Wireless and Wearable Infusion Devices: Advancements in wireless technologies and miniaturization, leading to the development of wearable infusion pumps. Wearable devices offering increased mobility for patients undergoing infusion therapies while maintaining accurate drug delivery.
- Emphasis on Cybersecurity: Growing awareness of cybersecurity risks in healthcare, prompting manufacturers to prioritize the development of secure and protected infusion pump systems. Implementation of robust cybersecurity measures to safeguard patient data and prevent unauthorized access.
- Continuous Product Innovation: Ongoing research and development efforts to introduce innovative features, improve pump precision, and enhance user interface design. Introduction of infusion pumps with advanced functionalities, such as dose error reduction systems (DERS) and real-time monitoring capabilities.
Some of the major players operating in the Intravenous Infusion Pumps Market:
- Baxter International: Global healthcare company providing essential healthcare products, including infusion pumps for accurate drug delivery.
- B. Braun Melsungen AG: German medical and pharmaceutical company specializing in healthcare solutions, with a focus on infusion therapy products.
- Medtronic: Global medical technology company offering infusion pumps for precise administration of fluids and medications.
- Micrel Medical Devices SA: Company specializing in the design and manufacture of medical devices, including innovative infusion pumps.
- Boston Scientific Corporation: Global medical technology company known for healthcare solutions, including infusion pumps for various medical applications.
- CareFusion Corporation (BD): Acquired by BD, CareFusion offered infusion pumps and medication management systems to enhance medication safety and workflow efficiency.
- Fresenius Kabi: Global healthcare company specializing in pharmaceuticals and medical devices, with a focus on infusion therapy products.
- Smith’s Medical: Part of Smiths Group plc, Smith’s Medical provides a range of healthcare products, including infusion pumps for safe and precise medication delivery.
Market Segments Covered in Intravenous Infusion Pumps Market:
By Infusion Pumps Type:
Volumetric Infusion Pumps: Devices delivering fluids in predetermined volumes at controlled rates, commonly used for various medical treatments.
Insulin Infusion Pumps: Specifically designed for continuous subcutaneous insulin delivery, offering precise dosage control for diabetes management.
Syringe Infusion Pumps: Utilizes syringes for controlled and accurate administration of medications or fluids, commonly used in medical settings.
Enteral Infusion Pumps: Designed for the administration of enteral nutrition, ensuring controlled delivery of nutrients directly to the gastrointestinal tract.
Ambulatory Infusion Pumps: Portable devices allowing patients to move while receiving continuous infusion therapies, enhancing mobility and convenience.
Patient-Controlled Analgesia Infusion Pumps: Empowers patients to self-administer pain medication within prescribed limits, enhancing pain management control.
Implantable Infusion Pumps: Surgically implanted devices for controlled and continuous drug delivery directly into specific body areas or organs.
By Disease Indication:
Chemotherapy: Infusion pumps used for controlled delivery of chemotherapy drugs, ensuring precise dosages and treatment effectiveness.
Diabetes: Specifically insulin infusion pumps designed for continuous and controlled subcutaneous insulin administration in diabetes management.
Gastroenterology: Enteral infusion pumps applied in the field of gastroenterology for controlled nutrient delivery directly to the gastrointestinal tract.
Analgesia/Pain Management: Patient-controlled analgesia infusion pumps and other devices designed to manage and alleviate pain through controlled medication administration.
Pediatrics/Neonatology: Infusion pumps tailored to the unique needs of pediatric and neonatal patients, ensuring safe and accurate drug delivery.
Hematology: Used in the field of hematology for controlled infusion of blood products and medications to treat various blood disorders.
North America: Market for infusion pumps in the North American region, characterized by technological advancements and high healthcare standards.
Latin America: Growing market for infusion pumps in Latin America, influenced by increasing healthcare investments and infrastructure development.
Europe: Well-established market in Europe, marked by the adoption of advanced medical technologies and stringent regulatory standards.
APAC (Asia-Pacific): Emerging and rapidly growing market in the Asia-Pacific region, driven by rising healthcare needs and expanding infrastructure.
MEA (Middle East and Africa): Increasing adoption of infusion pumps in the Middle East and Africa, fueled by improving healthcare infrastructure and rising awareness.
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