PUBLISHER: SkyQuest | PRODUCT CODE: 1270722
PUBLISHER: SkyQuest | PRODUCT CODE: 1270722
Global Infusion Pump Market size was valued at USD 13.74 billion in 2021 and is poised to grow from USD 14.7 billion in 2022 to USD 27.03 billion by 2030, growing at a CAGR of 7% in the forecast period (2023-2030).
The global infusion pump market is expected to witness significant growth in the coming years due to the rising prevalence of chronic diseases and the increasing number of surgical procedures. Infusion pumps are widely used to deliver fluids, medication, and nutrients to patients. They offer advantages such as precise medication delivery and reduced human error. Additionally, technological advancements such as wireless connectivity and improved safety features are expected to boost market growth. However, the high cost of infusion pumps may hinder market growth to some extent.
Top-down and bottom-up approaches were used to estimate and validate the size of infusion pump market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report
Global infusion pump market is segmented based on product type, application, end user, and region. Based on product type, the infusion pump market is segmented into Accessories and consumables (Dedicated Accessories and Consumables, Non-Dedicated Accessories and Consumables), Devices (product, technology, type). Dedicated accessories and consumables are further divided into Volumetric infusion pumps, insulin pumps, enteral infusion pumps, syringe infusion pumps, ambulatory infusion pumps, PCA pumps, implantable infusion pumps. Non dedicated accessories and consumables are further divided into infusion catheters, IV/administration sets, cannulas, valves, needleless connectors, tubing & extension sets, others. Devices are further divided into product, technology, type. Products further divided into volumetric infusion pumps, insulin pumps, enteral infusion pumps, syringe infusion pumps, PCA pumps, Implantable infusion pumps. Technology is divided into traditional infusion pumps, speciality infusionpumps. Based on application, the market is segmented into Chemotherapy/Oncology, Diabetes management, Gastroenterology, Pain management/Analgesia, Paediatrics/Neonatology, Haematology, Others. Based on end user, the infusion pump market is segmented into Hospitals, Ambulatory care settings, Speciality Clinics, Home care settings.
Driver
Various factors, such as the aging population and the prevalence of lifestyle disorders like obesity, have contributed to a significant increase in the number of surgical procedures performed worldwide. Obesity is a leading cause of numerous diseases, such as cardiovascular and orthopedic illnesses, cancer, and type 2 diabetes mellitus. Infusion pumps are crucial in administering medications during and after surgeries, with primary applications in chemotherapy, pain management, diabetes, and gastroenterology. Infusion therapy demand is expected to rise as the number of surgical procedures increases.
Restrain
Infusion pumps deliver liquid medication and solutions into patients' bodies, and their safety and efficacy are crucial. The infusion pump market is highly regulated, with multiple authorities responsible for approving new products. Manufacturers must obtain CE mark approval to legally sell infusion pumps in Europe. Infusion pumps are classified as Class IIb devices if they are non-implantable and as Active Implantable Medical Devices (AIMD) if they are implantable.
Trend
The prevalence of chronic illnesses and the rising expenses of hospital-based infusion treatments have led to the development of home-based infusion solutions. The demand for extended care provided at home has surged due to the increasing number of patients with diabetes, cancer, and neurological ailments. The creation of new products intended for home-based infusion therapies has been catalyzed by the growing number of elderly individuals requiring long-term care. Major players in the market are focusing on specialized management of medicine site of care. Ivenix, Inc. launched the Epic smart infusion pump in August 2020 to help patients avoid complications associated with infusion therapy.