Market Research Report
Intravenous Infusion Pumps Market Size, Share & Trends Analysis Report By Product (Volumetric, Insulin, Syringe, Enteral, Ambulatory, Implantable Pumps), By Disease Indication, By Region, And Segment Forecasts, 2021 - 2028
|Intravenous Infusion Pumps Market Size, Share & Trends Analysis Report By Product (Volumetric, Insulin, Syringe, Enteral, Ambulatory, Implantable Pumps), By Disease Indication, By Region, And Segment Forecasts, 2021 - 2028|
Published: August 2, 2021
Grand View Research, Inc.
Content info: 110 Pages
Delivery time: 2-10 business days
The global intravenous infusion pumps market size is expected to reach USD 8.4 billion by 2028, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 7.9% from 2021 to 2028. The introduction and development of specialty and smart pumps are imparting crucial growth of the market as they constitute Dose-error Reduction Software (DERS) and customized drug libraries. According to a study conducted by Mindray Medical Company in 2018, medical pumps are the most conventional hospital rentals equipment.
To improve the safety and efficacy of intravenous infusion pumps, the U.S. FDA took an initiative known as the Infusion Pump Improvement Initiative in 2010, which focuses on supporting the benefits of generic pumps and minimizing the risk associated with them at the same time. FDA also launched a website that gives peculiar information about medical pumps to the patients, users, and other stakeholders. Several government collaborative research projects like the Generic Infusion Pump Project are introduced that are aimed at creating new methods for manufacturers for developing software for intravenous medical pumps. National Institute of Standards and Technology is working in collaboration with NCCoE to manufacture wireless medical pumps and such incorporation of various government policies and regulations will in turn propel the market.
The amalgamation of factors like the shift in technology, automation, and standardized dosing for the intravenous medical devices are anticipated to make therapy more convenient and user-friendly for patients. For instance, in May 2018, Baxter launched SPECTRUM IQ that allows patients records to be transferred directly from the EMR to the infusion system which is apt for home therapy as well as for therapies carried out in hospitals.
The hematology disease indication segment is anticipated to grow fast over the forecast period. Rising cases of blood cancer are driving demand for blood transfusion through hematology, thereby driving the segment. North America dominated the market in 2019 and is anticipated to maintain its dominance over the forecast period. Increasing number of surgeries, rising cases of chronic diseases, and R&D in healthcare sector are driving the market in the region.