Market Research Report
Infusion Pump Market - Forecasts from 2021 to 2026
|Infusion Pump Market - Forecasts from 2021 to 2026|
Published: July 8, 2021
Knowledge Sourcing Intelligence
Content info: 111 Pages
Delivery time: 1-2 business days
The global infusion pump market is evaluated at US$ 7.871 billion for the year 2019 growing at a CAGR of 5.51% reaching a market size of US$11.456 billion by the year 2026.
The infusion pump is a medical device that is used to deliver fluids into a patient's body to infuse nutrients or medications like insulin, other hormones, antibiotics, and pain relievers. Infusion pumps may be stationary or ambulatory that are designed to be portable or wearable. Different types of infusion pumps like the enteral pump, patient-controlled analgesia (PCA) pump, and insulin pump are used for specialized purposes. Depending on the mechanism used they can be classified into syringe pump, elastomeric pump, peristaltic pump, multi-channel pump, and smart pump. Geographically North America is the largest market for infusion pumps, followed by Europe, Asia-Pacific, and Latin America. The rising prevalence of chronic diseases, increasing healthcare expenditure, and improving healthcare infrastructure are major growth drivers for the market.
The global infusion pumps market is primarily driven by the rising incidence of chronic diseases, such as cancer and others, coupled with the rising adoption of these devices, owing to broadening applications of infusion pumps. Currently, infusion pumps are widely used in chemotherapy, diabetes management, and many other applications. The rising prevalence of these diseases, worldwide, is creating ample opportunities for the market to grow. For instance, according to International Diabetes Federation (IDF), in 2019, there were approximately 463 people were living with diabetes, and is estimated that the number is anticipated to grow to 700 million by 2045. In addition, technological advancements in device technology, and companies' efforts in innovating products to meet the safety and increase the adoption of devices are likely to fuel the market growth. Moreover, the market players in the global infusion pumps and accessories market are actively participating in new product launches against individual disease treatment procedures, geography expansions, and collaborations to improve their market share. One such activity includes the launch of D-mine, a wearable micro-infusion pump, used for the continuous subcutaneous administration of drugs to treat Parkinson's disease, by EVER Pharma in July 2019. Currently, there are several various types of infusion pumps available; one of them, which has gained huge popularity for continuous subcutaneous insulin infusion, is the insulin infusion pump.
The exponential rise in the number of chronic diseases and their corresponding cases has been a significant driver of the market over the years. A significant rise in the usage of insulin pumps was observed in the past decade and as per the article published by American Diabetes Association in 2018, approximately 30-40% of patients with Type 1 diabetes and a growing number of insulin-requiring patients with Type 2 diabetes are dependent on infusion pump and sensor technology. Hence, owing to all the aforementioned factors the market is anticipated to grow at high growth rates.
The market witnessed exponential growth during the year 2020 owing to the COVID-19 pandemic. In May 2020, United States Food and Drug Administration (US FDA) issued an umbrella emergency use authorization (EUA) for infusion pumps and infusion pump accessories for use by healthcare providers to treat conditions caused by the Coronavirus Disease 2019 for the controlled infusion of medications, total parenteral nutrition, and other fluid requirements. The US FDA has issued EUAs that have increased the availability of infusion pumps and infusion pump accessories, which are an integral part of the patient treatment during the COVID-19 pandemic. This guideline had a positive impact on the growth of the market in the recent past and is expected to propel at higher growth rates even in the future.
The market is expected to rise during the forecast period owing to the rising rate of obesity, growing genetic factors for type-2 diabetes, and the increasing number of type-1 diabetes patients.
Insulin pumps use is high among the type-1 diabetes population. It is also growing in type-2 patients. The ratio of children to adults, or type-1 to type-2, patient's usage of insulin pumps varies across countries. Insulin pumps reduce the large swings in blood glucose levels, lessen pain, and deliver more accurately than injections. The scheduling of meal timings is not required when using pumps. This makes infusion pumps more user-friendly for patients. Insulin therapy is also known as continuous subcutaneous insulin infusion (CSII). It is an efficient and flexible method of insulin delivery. The insulin pump has evolved and is more reliable than it was previously. CSII technology has witnessed numerous technological advancements, like the integration of continuous glucose monitoring with the pump. Moreover, insulin pumps can control the algorithm that automatically delivers the insulin, after analyzing the blood glucose reading.
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