PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1398763
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1398763
The global Next-Generation IV Infusion Pumps market, which achieved approximately US$ 2.1 billion in revenue in 2024, is expected to witness remarkable growth, reaching a valuation of US$ 5.4 billion by the end of 2031. The market's growth is driven by technological advancements, especially the adoption of smart IV infusion pumps, which transform patient outcomes.
Smart IV infusion pumps are revolutionizing healthcare by optimizing infusion efficiency, enhancing patient involvement, and minimizing the risks associated with IV medication administration. These systems collect valuable patient infusion data, enabling more informed decisions on critical health matters. Incorporating real-time drug administration guidance and an automated drug library, these pumps provide clinicians with real-time alerts, improving drug compliance and patient safety.
Recent years have witnessed a surge in the adoption of "smart" intravenous infusion pumps, featuring smart technology, wireless controllers, and interoperability features. Ambulatory infusion pumps are also gaining popularity, offering portable solutions for managing conditions like diabetes and cancer, reducing hospital stays. As long-term care costs rise and chronic illnesses become more prevalent, the demand for ambulatory infusion pumps in home care settings is surging, presenting significant opportunities for market expansion.
Despite their widespread use, smart pumps continue to have design flaws that can jeopardize patient safety. Software errors, human factors, damaged components, power supply failure, and over- or under-infusion are common issues associated with smart pumps. FDA recalls and safety programs have highlighted these challenges, leading to a decrease in Class I recalls but continuing recalls in recent years. While intravenous smart pumps have reduced medication administration errors, they haven't eliminated them, particularly for boluses, titrated doses, secondary infusions, and multiple intravenous infusions. User errors related to the pump interface contribute to programming mistakes, emphasizing the need for safety improvements.
The U.S. market is thriving due to the FDA's safety initiatives and programs. The FDA's Infusion Pump Improvement Initiative, launched in 2010, aims to promote infusion pump benefits while minimizing associated risks. This initiative focuses on establishing requirements for manufacturers, facilitating device improvements, and raising user awareness, thus boosting the market.
Germany's growing aging population and the prevalence of chronic illnesses are driving the demand for medical technologies, including smart IV infusion pumps. Significant healthcare spending over the past decade further contributes to market growth.
China's rising cancer rates and the burden of chronic illnesses are contributing to market growth. An increasing elderly population and unhealthy lifestyles are expected to further escalate the burden of cancer in China.
The market is characterized by key global players such as B. Braun Melsungen AG and Terumo Corporation, investing heavily in research and development to expand their product lines.