PUBLISHER: Grand View Research | PRODUCT CODE: 1404619
PUBLISHER: Grand View Research | PRODUCT CODE: 1404619
The global veterinary infusion pumps market size is expected to reach USD 427.79 million by 2030, registering a CAGR of 7.36% from 2023 to 2030, according to a new report by Grand View Research, Inc. An increasing pet population, prevalence of chronic diseases among animals, technological advancements in infusion therapy, and growing R&D initiatives are key drivers accelerating market demand. As per the European Pet Food Industry Federation (FEDIAF), in 2022, the pet population in Europe was more than 340 million in 2022 from over 305 million in 2021. Thus, the growing adoption of pets in developed regions and rising awareness regarding advanced infusion pumps owing to several advantages are a few aspects driving market demand.
The COVID-19 pandemic significantly affected the market. This included reduced access to veterinary services, disruption in the supply chain, temporary ban on imports and exports, shutdown of manufacturing units, and economic constraints on veterinary facilities. However, despite this, the market showed positive growth during the year 2021 owing to heightened awareness regarding preventative disease management for better pet care coupled with the growing adoption of infusion pumps among homecare settings for long-term disease management, and increased demand for telemedicine and remote monitoring platforms. Thus, the factors mentioned above propelled market demand.
Growing government initiatives for pet care, favorable regulatory scenarios, and rising research and development activities for novel drug innovations are some of the major factors driving the market growth. Further, the rising trend towards effective nutritional therapies such as enteral nutrition for animal care positively influences market revenue growth. Technological advancements in infusion pumps including the integration of wireless technology, several program modes for precise drug dosing, a multichannel mode for continuous administration of multiple medications simultaneously, and several others, will accelerate product adoption over the forecast period.
The strong presence of key market participants at the domestic, regional, and global levels actively focusing on the development, manufacturing, and commercialization of advanced veterinary infusion pumps for enhanced patient outcomes is propelling the overall market growth. For instance, in June 2023, B. Braun Melsungen AG launched DoseTrac, a next-generation infusion management software for real-time data monitoring and analysis for infusion pump operational data. This platform can connect up to 40,000 infusion pumps from different locations. Such advancements broadened the company's offerings in the significant market and offered a competitive edge over its peers.