The growing number of surgeries performed, and rising prevalence of chronic diseases are some factors that provide key opportunities for key players in the market. However, product recalls by some major players, and stringent regulations on manufacture of infusion pumps are expected to challenge/restrain the growth of the market.
The report Infusion Pump
Market size is 17.1 billion for 2023 and is
projected to reach USD 26.2 billion by 2029, at a CAGR of 7.3% during the
forecast period.
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KEY MARKET DYNAMICS
1
MARKET DRIVERS
1 Rising demand for ambulatory infusion pumps in home care settings
2 Increasing incidence of chronic diseases along with rapid growth in
geriatric population
3 Growing number of surgical procedures performed
2
MARKET RESTRAINTS
1 Product recalls
2 Stringent regulatory requirements for new products
3 Increasing adoption of refurbished and rental infusion pumps
3
MARKET OPPORTUNITIES
1 High growth opportunities in emerging countries
2 Growing adoption of specialty infusion systems
4
MARKET CHALLENGES
1 Increasing incidence of medication errors and lack of wireless
connectivity in most hospitals
Market Segmentation:
In 2022, the market for dedicated accessories and consumables
accounted for the largest share and was also the faster growing segment of the
infusion pump accessories and consumables market. This segment is mainly driven
by the requirement of compatible administration sets designed for a particular
type of infusion pump by the manufacturer to ensure optimum results of
dedicated accessories.
Out of the dedicated accessories and consumables
market in 2022, the volumetric infusion pump accessories and consumables
segment accounted for the largest share. High adoption of volumetric infusion
pumps and related accessories in hospitals for the purpose of delivering large
volumes of medications and nutrients to patients is pushing the market forward.
Regional Analysis
The infusion
pump market is segmented into five major regions, namely, Europe, North
America, Latin America, the Middle East and Africa, and Asia Pacific (APAC).
Asia Pacific attributes to the highest growth rate amongst the other regions
during the forecast period. The rapid infrastructure growth, increase in
disposable incomes, and increase incidences of chronic diseases are factors
which are likely to support the growth of infusion pump market in the region.
The emerging Asian countries, such as China, and India, offer significant
growth opportunities for market players.
Recent Developments of the Infusion Industry
- In August 2023, ICU Medical, Inc. (US) received FDA clearance
for its Plum Duo infusion pump, which will make it available for customers
in the US in early 2024.
- In April 2023, Fresenius Kabi (Germany) announced that its
Ivenix Infusion System has received an Innovative Technology contract from
Vizient, Inc. (US), which sets terms for hospitals to evaluate and
purchase the Ivenix Infusion System.
- In August 2022, Becton Dickinson and Company (US)’s Novum IQ
Syringe Infusion Pump received FDA approval.
- In March 2022, Freseniu kabi (Germany) received US FDA
approval for the wireless Agilia Connect Infusion System, which includes
the Agilia Volumetric Pump and the Agilia Syringe Pump with Vigilant
Software Suite-Vigilant Master Med technology.
- In January 2022, ICU Medical, inc. (US) acquired Smiths
Medical, inc. (US) to increase its share in the infusion pump market by
adding syringe and ambulatory pumps to its portfolio.
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Top Key Players:
The key players in the infusion pump market Becton, Dickinson
and Company (US), Baxter International, Inc. (US), and B. Braun Melsungen AG
(Germany). These companies adopted strategies such as product launches,
collaborations, partnerships, and acquisitions to strengthen their presence in
the market.
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