Intravenous Infusion Pump Market 2023 Industry Growth Estimate, Strategy & Application

In 2021, the market for Intravenous Infusion Pump worldwide was worth $ 4.8 million US dollars. AMR Group projects that the market will reach US$ 8.9 billion by 2031, growing at a CAGR of 8.3 percent between 2022 and 2031.

Industry Overview

Intravenous Infusion Pumps are the medical devices designed and developed to provide fluids or medications into patient's systemic circulation in a controlled manner. There are many different types of infusion pumps, which are used for various purposes and in some different environments. Infusion pumps are capable of delivering fluids in large, medium or small dosage, and can be used to deliver nutrients or medications like antibiotics, chemotherapy drugs, insulin or other hormones and pain relievers. Some infusion pumps are developed mainly to be anchored use at a patient's bedside. Besides that, ambulatory infusion pumps, are designed to be portable or wearable for the easy connivance. Infusion pumps are proven to a better option than manual fluid administration pumps because as they can deliver fluids at precise frequencies, volumes, and intervals.

The infusion pumps, which were used to deliver liquid nutrients & medications to a patient in both emergencies and chronic conditions, contributed a significant market share in 2022. These ambulatory infusion pumps are broadly classified for its delivery of medications and nutrients. The availability of other pumps like insulin pumps, patient controlled analgesia (PCA) pumps, and smart pumps will contribute to the additional growth of this market. The increasing demand for enteral & syringe pumps is contributing to the flourishing preference for the intravenous infusion pump which will also lead to the growth of this market. Recently, smart pumps with controlled intravenous medication & error prevention software's are highly used as these pumps are equipped with advanced features like drug libraries. They help in storing the amount of medicated fluid given to the patient, and its barcode technology, helps in the verification of a patient's identity and prevents drug administration errors.

Market Dynamics

In Intravenous Infusion Pump Market there is an increasing incidences of chronic diseases, along with rapid growth noticed in the geriatric population. A study report by WHO shows that the percentage of the global population, over 60 years, will double its rate from 12% to 22% between 2015- 2050 expecting a rise in the geriatric population. Increasing number of ambulatory infusion pumps and the rising number of people undergoing surgical procedures are some other driving factors leading to the market. Intravenous infusion pumps are mostly used in the administration of critical fluids that include high-risk medication. Most of the infusion pumps are equipped with safety features & in-built alarms for the operator alerts, intended to activate in the event of emergency. Many disease conditions like deficiencies, immune cancer, and congestive heart failure require infusion pump therapy.

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Accordingly, Infusion pumps offers various advantages over manual administration of medicated fluids such as the ability to deliver fluids in very small volumes. However, it also offers to deliver fluids at precise process or automated intervals. Therefore, these techniques remain highly adopted by healthcare systems. Moreover, the product recalls and infusion pumps malfunctions like software defects & user interface issues are the major growth restraining factors for the market to hamper the growth of the Intravenous Infusion Pump which may restrain the market growth.

COVID Impact

The COVID-19 pandemic had a negative impact on the intravenous infusion pump market. As COVID-19 spread increased around the globe in 2020, intensive care units (ICU) started to fill up with patients who were critically ill from the virus. As COVID-19 patients began to increase in hospital ICUs, infusion pump stocks quickly dropped down. A surge in orders was required from supplier's, pressurizing on them to manufacture more to fulfill the demand. As per the article in 2021 under the title "Comparative Analysis of Intravenous Pumps Relocation for Critically Ill Isolated COVID-19 Patients from Bedside to Outside the Patient Room", after the relocation of intravenous pumps from inside to outside the patient room, there was a considerable decrease in COVID-19 exposure based on the frequency of new entries.

Regional Trend

Geographically, North America dominated the Intravenous Infusion Pump market and had the largest revenue share of 49.7% in 2022. The growth in this region can be attributed to due to the rising incidences of chronic diseases coupled with rising number of surgical procedures performed. A well-developed and increasing R&D and escalating adoption of technological advancement in infusion pumps contributed to the growth the of intravenous pumps industry in this region. The U.S. held the biggest market share of the North America intravenous infusion market due to rise in disease prevalence, huge medical R&D investments and a strong healthcare system. The prevalence of diabetes in the U.S. is also a key significant factor, which can be attributed to their lifestyle & stressed work environment.

Asia Pacific region is expected to witness a significant growth of 8.5% over the forecast period. Asian countries are densely populated with an increasing burden of chronic diseases like cardiovascular illnesses, diabetes, and cancer. Asian countries like Japan, China and India are developing economies with well-developed healthcare infrastructure and facilities.

Competitive Landscape

Key players operating in the Intravenous Infusion Pump Market include B. Braun Holding GmbH & Co. KG, Baxter International, Inc., Becton, Dickinson and Company, Boston Scientific Corporation, CareFusion Corporation, F. Hoffmann-La Roche Ltd., Fresenius SE & Co. KGaA, ICU Medical, Inc., IRadimed Corporation, Medtronic, Micrel Medical Devices SA, Mindray, Moog Inc., Smith Medical, Tandem Diabetes Care, Inc., and Terumo Corporation among others. In May 2018, Baxter International launched SpectrumIQ, an infusion pump technology with integrated EMR (Electronic Medical Records), & DeviceVue, an asset tracking software to improve the efficiency of drug delivery.

Key USP's-

One of the key factors driving competitiveness among market players is the shift in technology, automation, standardized dosing, and the extensive adoption of advanced healthcare technology for better healthcare services. However, major players often opt for geographical expansion to retain market share and adopt strategies such as mergers, acquisitions, and new product launches to widen their product portfolio.

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Market Segmentation

Based upon the Types of pumps used in the Intravenous Infusion Pump market is segmented in Volumetric Infusion Pumps, Insulin Infusion Pumps, Syringe Infusion Pumps, Enteral Infusion Pumps, Ambulatory Infusion Pumps, Patient Controlled Analgesia (PCA) and Implantable Infusion Pumps. The Volumetric infusion pumps dominated the Intravenous Infusion Pumps market in 2022 with a market share of 16.7% of the total segments. Volumetric infusion pumps held the largest market share in 2022 as these pumps are having the capacity of delivering continuous and very specific amounts of fluids at very slow to very fast rates. Based on the application, the Intravenous Infusion Pump market is segmented into Chemotherapy, Diabetes, Gastroenterology, Analgesia/Pain Management, Pediatrics/Neonatology and Hematology. In the application segment the most dominant market is pediatrics /neonatology which covered the largest Intravenous Infusion Pumps market share of 26.5% in 2022. This segment is driven by the treatment for pediatrics with advanced technology and with the rising number of births worldwide, the demand for effective pediatric care has also grew.

End user segment of Intravenous Infusion Pump market is further bifurcated into Hospitals & Clinics and Home Healthcare. The hospitals & clinics segment held major share of the global market in 2021. Demand for medical equipment, including Intravenous Infusion Pumps, due to availability of smart and advanced intravenous infusion pumps in hospitals along with rise in prevalence of chronic diseases and increased healthcare expenditure.

By Type

· Volumetric Infusion Pumps

· Insulin Infusion Pumps

· Syringe Infusion Pumps

· Enteral Infusion Pumps

· Ambulatory Infusion Pumps

· Patient Controlled Analgesia (PCA)

· Implantable Infusion Pumps

By Application

· Chemotherapy

· Diabetes

· Gastroenterology

· Analgesia/Pain Management

· Pediatrics/Neonatology

· Hematology

By End User

· Hospitals & Clinics

· Home Healthcare

Key Benefits:
• The analysis provides an overview of the factors driving and limiting the growth of the market including trends, structure and others.
• Market estimation for type and geographic segments is derived from the current market scenario and expected market trends.
• Porter's Five Force Model and SWOT analysis are used to study the global Intravenous Infusion Pump market and would help stakeholders make strategic decisions.
• The analysis assists in understanding the strategies adopted by the companies for the growth of this market.
• In-depth analysis of the types of Intravenous Infusion Pump would help in identifying future applications in this market.

Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter's five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support

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Objectives of the Study:
• To provide with an exhaustive analysis on the Intravenous Infusion Pump Market by Product, By Application, By End User and by Region.
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions- North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
• To record and evaluate competitive landscape mapping- product launches, technological advancements, mergers and expansions

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