Infusion Pumps Market
Infusion Pumps Market By Type (Volumetric Pumps, Syringe Pumps, Enteral Pumps, Insulin Pumps, Elastomeric Pumps, Implantable Pumps, and Patient-Controlled Analgesia Pumps), By Application (Diabetes, Oncology, Pain Management, Gastroenterology, and Others), By End User (Hospitals & Clinics, Ambulatory Care Settings, Home Care Settings, and Others), By Geography is expected to grow at a steady CAGR Forecast till 2026 owing to Increasing Prevalence of Chronic Diseases and Increase in the demand of Remote Patient Monitoring
Global Infusion Pumps Market was valued at USD 12.67 billion in 2020, growing at a CAGR of 9.53% during the forecast period from 2021 to 2026, to reach USD 20.75 billion. The demand for Infusion Pumps is primarily motivated by the increasing prevalence of chronic diseases, increase in the demand of remote patient monitoring, growing research and development activities to launch home infusion systems, and increasing cost of hospital-based infusion therapies.
Infusion Pumps Market Dynamics:
Infusion pumps offer significant benefits over the manual delivery of fluids like the ability to administer the fluids in a very small dosage and at accurate programmed rates. In many cases like cancer and diabetic conditions, these pumps are used to deliver the medication to maintain drug level in the bloodstream at a steady state. According to the World Health Organization (WHO), in 2020, cancer was estimated to be the second most prominent cause of death globally, with an estimated 19.3 million new cancer cases and more than 10 million deaths in 2020. Overall, the burden of cancer incidence and mortality is growing globally rapidly. Cancer patients need chemotherapy which is to be delivered to the patients in a continuous manner which can be achieved by using the pump. Such diseases have become a major public health concern and need a quick and regulated mode of treatment.
Moreover, according to the International Diabetes Federation (IDF), in 2019, the prevalence of diabetes was estimated to be around 463 million cases worldwide, and this is estimated to increase to 578 million adults with diabetes by 2030, and 700 million by 2045. The insulin infusion pumps are increasingly being preferred in the management of type 1 diabetes. These patients necessitate user friendly self-controlled pumps to achieve continuous medication delivery. The rise in incidences of diseases such as cardiovascular and cancer has led to an increase in demand for intravenous infusion pump devices.
The Global Burden of Disease Study 2019 confirmed that the high prominence of pain and pain-related diseases is the leading cause of disability and disease burden globally. Globally, the burden caused by chronic pain is growing and it was estimated 1.9 billion people were found to be affected by recurrent tension-type headaches, which were the most common symptomatic chronic condition. There are many risk factors for chronic pain, including socio-demographic, psychological, clinical, and biological factors. Together, these factors are surging the demand for infusion pumps across all regions.
The COVID-19 pandemic has also led to an increase in the demand for intravenous infusion pumps and related systems as the majority of the hospitalized patients, especially those in ICUs, are medicated via intravenous infusion pumps due to their ability to deliver precise doses automatically at set times.
Certain factors such as the infusion pumps giving faulty readings sometimes and also non availability of best practicing guidelines for using infusion pumps pose as a minor hurdle for the growth of the infusion pumps market.
Infusion Pumps Market Segment Analysis:
By Type (Volumetric Pumps, Syringe Pumps, Enteral Pumps, Insulin Pumps, Elastomeric Pumps, Implantable Pumps, and PCA Pumps), By Application (Diabetes, Oncology, Pain Management, Gastroenterology, and Others), By End User (Hospitals & Clinics, Ambulatory Care Settings, Home Care Settings, and Others), and By Geography (North America, Europe, Asia-Pacific, and Rest of the World).
In type segment, insulin pump is expected to hold a largest share in the market. With the growing prevalence of diabetes, devices such as insulin infusion pumps come in handy for people who self-administer insulin on daily basis. An insulin pump is a small computerized device that provides continuous delivery of short-acting insulin through a thin tube and substitutes the need for a long-acting one. Insulin pump also replaces the need for multiple daily injections with a continuous insulin infusion. According to International Diabetes Federation, in 2019, 1.1 million children and adolescents under the age of 20, were living with type 1 diabetes. The insulin infusion pumps are increasingly being preferred in the management of type 1 diabetes. Rising technological advancement and adoption of insulin pumps over traditional methods are some of the key market drivers. These pumps are highly convenient for people who require multiple insulin injections on a daily basis. These devices are less invasive and hence, are largely adopted by the patient pool. On August 11, 2021, Insulet Corporation, the global leader in tubeless insulin pump technology with its Omnipod® brand of products, introduced the Omnipod DASH® Insulin Management System (Omnipod DASH) to healthcare providers in Australia. The demand has heightened for portable diabetes management solutions amid COVID-19 and may favour the infusion pumps market.
Growing applications of PCA pumps in pain management are likely to boost the global Infusion Pump product demand in coming years.
The hospitals segment accounted for the largest share of the market due to the high procuring power of hospitals for costliest infusion devices, comparatively large patient pool visiting these facilities, and the readiness of trained staff to operate Infusion Pump. However, home care settings segment is expected to grow at the highest CAGR during the forecast period due to the growing adoption of ambulatory infusion pumps and increasing preference for site of care management to reduce cost burden.
Additionally, assistance from government bodies, increasing government initiatives to reduce the overall healthcare cost associated with prolonged hospital admittance is likely to support the rising demand for infusion systems. Hence, all the above mentioned factors is expected to drive the segment growth in the infusion pumps market.
North America is expected to dominate the overall Infusion Pumps Market:
North America is expected to dominate the overall Infusion Pumps market during the forecast period. This domination is due to the growing demand for advance technologies in Infusion Pumps, higher diagnosis rate, the increasing chronic disease in the region, presence of large players, and others is driving the regional growth in the infusion pumps market.
Further, in North America, the market is driven by favourable reimbursement environment in the US, for example, Medicare Parts A and B cover tubeless and tubed pumps, respectively, requiring the patient to pay only 20% of the cost of the pump. In addition, the presence of medical device companies operating in insulin pump, such as Tandem and Insulet, in the region will also help the growth of the infusion pumps market.
According to the Centers for Disease Control and Prevention (CDC), in 2020, about 34.2 million Americas (10.5% of total population) suffered from diabetes, and around 88 million have pre-diabetes. Moreover, as of January 2019, there were an estimated 16.9 million cancer survivors in the United States and this number is projected to increase to 22.2 million by 2030. In 2020, there were around 1.8 million new cancer cases diagnosed and 606,520 cancer deaths reported in the US. The prevalence is increasing at a high rate, which in turns, will increase the demand for better treatment. This situation is giving rise to a critical need for Infusion Pumps for the prevention, and treatment of chronic disease, which will further boost the demand for infusion pumps market in both hospital as well as home care settings in North America.
Europe and Asia-Pacific region has the future potential growth for the Global Infusion Pumps. This is due to the rising burden of chronic diseases in the European region countries and in Asia countries also. In all countries, chronic illness rates have been increasing. According to the World Health Organization (WHO), approximately 60 million people are affected by diabetes across Europe, with high blood sugar killing roughly 3.4 million annually in the region. The WHO also estimates that diabetes-related deaths will double by 2050 in Europe. This is likely to surge the demand for insulin pumps in the region.
Infusion Pumps Key Players:
Some of the key market players operating in the Infusion Pumps market includes Baxter International, B. Braun Melsungen AG, Medtronic, Micrel Medical Devices SA, Boston Scientific Corporation, CareFusion Corporation, Fresenius Kabi, Smiths Medical, and others.
Recent Developmental Activities in Infusion Pumps:
- On August 11, 2021, Insulet Corporation, the global leader in tubeless insulin pump technology with its Omnipod® brand of products, introduced the Omnipod DASH® Insulin Management System (Omnipod DASH) to healthcare providers in Australia.
- In February 2021, B. Braun Medical Inc.’s Infusomat Space Large Volume Pump was awarded as 2021 Best in KLAS. These awards are given on the basis of side-by-side performance comparisons and feedback from healthcare providers throughout the United States.
- In September 2020, Medtronic plc received approval from the US Food and Drug Administration (FDA) for its MiniMed 770G hybrid system.
- In May 2020, Baxter International Inc. received regulatory approval for the Evo IQ Syringe Infusion System along with CE marking from Australia’s Therapeutic Goods Administration (TGA).
Key Takes Away from the Infusion Pumps Market Report Study
- Market size analysis for current market size (2020), and market forecast for 5 years (2021-2026)
- The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the market.
- Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
- Key companies dominating the Global Infusion Pumps Market.
- Various opportunities available for the other competitor in the Infusion Pumps Market space.
- What are the top performing segments in 2020? How these segments will perform in 2026.
- Which is the top-performing regions and countries in the current market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for market growth in the coming future?
Target Audience who can be benefited from this Infusion Pumps Market Report Study
- Infusion Pumps providers
- Research organizations and consulting companies
- Infusion Pumps-related organization, association, forum, and other alliances
- Government and corporate offices
- Start-up companies, venture capitalists, and private equity firms
- Distributors and Traders
- Various End-users who want to know more about the Infusion Pumps Market and latest technological developments in the Infusion Pumps market.
Frequently Asked Questions for Infusion Pumps Market:
What is Infusion Pump?
An infusion pump is a medical device used to deliver fluids into a patient’s body in a controlled manner. There are many different types of infusion pumps, which are used for a variety of purposes and in a variety of environments. Some infusion pumps are designed mainly for stationary use at a patient’s bedside. Others, called ambulatory infusion pumps, are designed to be portable or wearable.
What is the market for Global Infusion Pumps?
Global Infusion Pumps Market was valued at USD 12.67 billion in 2020, growing at a CAGR of 9.53% during the forecast period from 2021 to 2026, to reach USD 20.75 billion.
What are the drivers for Global Infusion Pumps?
The major drivers driving the demand for Infusion Pumps are the rising prevalence of chronic diseases, upsurge in the demand of remote patient monitoring, increasing research and development activities to launch home infusion systems, and increasing cost of hospital-based infusion therapies.
What are the key players operating in Global Infusion Pumps?
Some of the key market players operating in the Cardiovascular Imaging Equipment market includes Baxter International, B. Braun Melsungen AG, Medtronic, Micrel Medical Devices SA, Boston Scientific Corporation, CareFusion Corporation, Fresenius Kabi, Smiths Medical, and others.
What regions has the highest share in Infusion Pumps market?
North America is expected to dominate the overall C Infusion Pumps market during the forecast period, 2021 to 2026. This domination is due to the growing demand for advance technologies in Infusion Pumps, higher diagnosis rate, the increasing chronic disease in the region, presence of large players in the US.