Key Infusion Pump Market Trends and Highlights
- A surge in chronic diseases and an aging population are
significant drivers of the infusion pumps market. These pumps are
crucial in delivering precise and continuous medication, making
them indispensable in managing chronic conditions.
- With the increasing volume of surgical procedures performed
worldwide, infusion pumps have become essential for controlled drug
administration during surgeries. Their accuracy and safety features
contribute to their market growth.
- Rapid technological advancements in healthcare have led to
increased health awareness, thus driving the adoption of infusion
pumps. The development of technologically advanced pumps in various
sizes and shapes continues to fuel market expansion.
- The adoption of specialty infusion systems is rising. These
systems cater to specific medical needs and offer customized
solutions. The trend provides high-growth opportunities for market
players.
NEWARK, Del., Aug. 1, 2024 /PRNewswire/ -- The Infusion
Pump Market is expected to be valued at USD 104.7 million in 2024. The market is
projected to progress at a CAGR of 7.2% from 2024 to 2034.
By 2034, the market value is forecasted to hit USD 209.8 million. Surging Demand
for Infusion Pumps is Attributed to their Ability to Cater to a
Diverse Range of Medical Needs with Utmost Precision and
Efficiency.
The aging population is expected to drive the demand for
infusion pumps over the forecast period. As people age, they are
more likely to require medical treatment, which can include the use
of infusion pumps. In addition, the elderly population is more
likely to suffer from chronic diseases, further driving the demand
for these devices.
Advancements in technology are fueling the growth in the
infusion pump market. Manufacturers are developing pumps that are
more accurate, easier to use, and more reliable than ever before.
Innovations such as smart pumps are making infusion pumps more
accessible to healthcare providers and patients alike, further
driving the demand for these devices.
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However, there are also some challenges that could impact the
growth of the market. One of the key challenges is the high cost of
these devices. Infusion pumps can be expensive, and this can limit
their adoption in certain markets. In addition, there have been
concerns about the safety of these devices, with reports of adverse
events such as medication errors and device malfunctions.
Despite these challenges, the infusion pump market is expected
to continue to grow in the coming years. With an aging population
and increasing incidence of chronic diseases, the demand for these
devices is likely to remain strong. Manufacturers will need to
continue to invest in research and development to improve the
safety and reliability of their products, while also working to
bring down costs to make these devices more accessible to patients
and healthcare providers.
Infusion Pump Market Restraining Factors
- The infusion pump market faces challenges due to many product
recalls, primarily related to design deficiencies. Issues such as
alarm errors, software problems, and human factor errors have
contributed to these recalls. Manufacturers are compelled to
replace faulty devices, impacting the sustainability of the
market.
- A shortage of skilled professionals and standardized usage
guidelines hinders the growth of the market. Insufficient training
and adherence to guidelines can lead to errors in pump operation,
increasing the risk of emergencies, which subsequently hampers
market development.
"The market for infusion pumps is highly competitive, with
several major players operating in the space. These manufacturers
are investing heavily in research and development to improve their
products, and are also expanding their distribution networks to
reach new customers," says Sabyasachi Ghosh (Associate Vice President at
Future Market Insights, Inc.).
Key Takeaways from the Infusion Pump Market
- The infusion pump market is estimated to register a CAGR of
7.2% and reach a valuation of USD
209.8 million by 2034.
- The small-volume infusion pumps are anticipated to dominate the
global market, accounting for a 45.32% market share in
2024.
- Stationary pumps account for a 65.96% market share,
dominating the market by modality.
Diabetes, a Leading Application Driving the Infusion Pump
Market
Diabetes is emerging as a dominant force, projected to hold a
substantial share of 25% in 2023. The prominence indicates the
crucial role infusion pumps play in managing diabetes and
highlights the significance of this market segment in addressing
the needs of a growing patient population.
The infusion pump market is witnessing notable advancements in
diabetes care. Manufacturers are continuously innovating to create
user-friendly and technologically advanced infusion systems that
address the specific needs of diabetes patients.
The innovations include the integration of detailed drug
libraries into pumps, multi-directional interoperability, and
robust measures to ensure the safety of patient and device data,
which align with the broader trend of electronic health record
management.
Competitive Landscape from the Infusion Pump Market
The infusion pump market is highly competitive with a diverse
range of players, including major healthcare companies, medical
device manufacturers, and start-ups. To meet the growing demand for
infusion pumps across the healthcare sector, companies are
continuously innovating and introducing new products. Furthermore,
smaller players and start-ups are committed to developing more
affordable and user-friendly infusion pumps, which may potentially
disrupt the market during the forecast period.
Recent Developments in the Infusion Pump Market
- In 2023, Terumo Corporation revealed its plans to build a new
manufacturing plant for its medical care solutions division. The
facility will be located at the Kofu Factory premises situated in
Yamanashi, Japan.
- In 2023, Virginia Oncology Associates (VOA) procured the Ivenix
Infusion System to deliver medications to its patients. This
purchase was made under an agreement signed with Fresenius
Kabi.
- In 2023, Terumo Blood and Cell Technologies collaborated with
BioCentriq to showcase how automated cell and gene therapy
platforms from Terumo can expedite the development of CAR-T
cells.
Key Market Players
- Terumo Corporation
- Medtronic Plc
- Smiths Medical
- MOOG Inc.
- B. Braun Melsungen AG
- Fresenius Kabi AG
- Terumo Corporation
- CareFusion Corporation
- ICU Medical, Inc.
- Baxter International Inc.
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Infusion Pump Market Segmentation
By Product Type:
- Syringe Pumps
- Small Volume Pump
- Ambulatory Pumps
- Volumetric Pumps
- Peristaltic
- Cassette/Piston
- Implantable Pumps
- Insulin Pumps
- Enteral Pumps
- PCA Pumps
- Pump Accessories
By Modality:
- Stationary Pumps
- Infusion Pumps
By Application:
- Chemotherapy/Oncology
- Pediatrics/Neonatology
- Analgesia
- Gastroenterology
- Hematology
- Diabetes
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Home Care
- Clinics
- Others
By Region:
- North America
- Latin America
- East Asia
- South Asia
- Europe
- Oceania
- MEA
Author by
Sabyasachi Ghosh (Associate
Vice President at Future Market Insights, Inc.) holds over 12 years
of experience in the Healthcare, Medical Devices, and
Pharmaceutical industries. His curious and analytical nature helped
him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust,
hypothesis-based solutions to empower them with strategic
decision-making capabilities come naturally to him. His primary
expertise lies in areas such as Market Entry and Expansion
Strategy, Feasibility Studies, Competitive Intelligence, and
Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored
numerous publications and has been cited in journals, including The
Journal of mHealth, ITN Online, and Spinal Surgery News.
Have a Look at the Related Report from the Infusion Pump
Market:
The global implantable infusion pump market is expected to
reach a valuation of US$ 485.1
Million in 2022.
The intraosseous infusion devices market size is projected
to be valued at US$ 4.4 billion in
2023 and is expected to rise to US$ 8.6
billion by 2033.
The healthcare IT outsourcing market trend is projected to
record a robust CAGR of 7.2% between 2023 and 2033, totaling around
US$ 105.753 billion by the end of
2033.
The global MRI-compatible IV infusion pump systems market is
expected to enjoy a valuation of US$ 234.8
Million by the end of 2022.
The global next generation infusion pump market holds a
forecasted share of US$ 5059.7
million in 2022 and is likely to surpass US$ 8509 million by 2032.
The medical device technology market is experiencing steady
growth, with a projected market size of USD
549.2 billion in 2024.
The global multi-therapy infusion pumps market size is
projected to reach US$ 370.4 million
in 2023.
The pressure infusion cuffs market size is estimated to ascend
at a valuation of approximately USD 350.8
million by 2024.
The growing demand for vascular access systems will elevate
the size of the industry from USD 5.4
billion to USD 10.1 billion
from 2024 to 2034.
The advanced infusion system market is projected to be
valued at US$ 8,862.8 million in 2023
and is expected to rise to US$ 16,536.9
million by 2033.
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