Market Research Report
Infusion Pumps and Accessories Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
|Published by||Mordor Intelligence Pvt Ltd||Product code||390886|
|Published||Content info||125 Pages
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|Infusion Pumps and Accessories Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)|
|Published: March 1, 2021||Content info: 125 Pages||
The Infusion Pumps and Accessories Market was valued at USD 9,990 million in 2020 and it is expected to reach USD 13,735 million by 2026, registering a CAGR of 5.4% during the forecast period.
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 global infusion pumps and accessories 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.
A significant rise in the usage of insulin pump 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.
Volumetric infusion pumps have a wide range of applications in disease management as well as parenteral nutrition, owing to which the market value for volumetric is the highest, as compared to the markets for other pumps. The safety, accuracy, and simplicity of the infusion pumps in the treatment of many therapeutic areas contribute to the high demand for these pumps.
Currently, the volumetric infusion pump segment is driven by its wide applications, advantages, and increasing use and growing product launches in the developing as well in the developed countries. In 2019, Mindray launched its new BeneFusion 5 Series infusion pump system to redefine the safe Infusion through various safety features. The launch of these technologically advanced products is the major reason propelling the market demand. Moreover, the demand for these pumps is expected to increase globally, especially in the Asia-Pacific and South American countries, owing to their increasing popularity and rising focus of governments on the healthcare infrastructure.
The increasing chronic disease population is also expected to boost the demand for these pumps, and therefore, the market growth in the future. Moreover, more people are expected to be able to opt for the use of volumetric pumps in-home healthcare as s the socio-economic prospect of developing countries is improving which is acting as a driving factor for the market growth. The major players are also focusing on leveraging the opportunities of home infusion. For instance, in 2018, Shift signed a collaboration agreement with New England Life Care (NELC), to expand its footprint in the home and alternate site infusion market
North America is expected to hold the major share of the intravenous infusion pumps and accessories market. The growth of the market is driven by the rapid adoption of technologically advanced products by patients and physicians both for regular treatment of chronic disease conditions. The burden of several chronic diseases is increasing at surging rates. The latest 2019 report from National Health Council has stated that chronic diseases affect around 133 million Americans, representing more than 40% of the total population of this country. It was estimated by the same report that by 2020, around 157 million Americans may be having chronic conditions with 81 million having multiple conditions. The current growth of the market can is also driven by the rapid adoption of home healthcare infusion pump therapies. Also, the Institute for Safe Medication Practices Canada (ISMP) conducts surveys on infusion pumps and their usage in the hospitals. By conducting surveys, ISMP understands the issues and concerns and suggests the safe utilization of infusion pumps to the hospitals in Canada. All these initiatives by the government increase the procurement of these pumps and accessories in hospitals.
Also, for the past few decades, the duration of inpatient stays has increased resulting in increased demand for infusion pumps for these patients. According to the American Hospital Association in 2018, over 36,353,946 hospital admissions were registered in the United States. Hence, owing to all the aforementioned factors, the market is anticipated to grow exponentially.
The market for infusion pumps and accessories is highly competitive and consists of global as well as local players. Due to technological advancements, many small and mid-sized companies are focusing on market penetration to grab the market share. Some of the key global players of this market are B. Braun Melsungen AG, Becton, Dickinson and Company, Medtronic Plc., Smiths Medical Inc., and Terumo Corporation.