Infusion Pumps Market Analysis and Forecast to 2031: By Type (Volumetric Pumps, Syringe Pumps, Elastomeric Pumps, Insulin Pumps, Enteral Pumps, Implantable Pumps, Patient Control Analgesia Pumps), Application (Diabetes, Oncology, Pain Management, Others), End User (Hospitals, Ambulatory Care Settings, Specialty Clinics, Home Care Settings), and Region
The infusion pumps market was valued at USD 9.7 billion in 2021 and it is anticipated to grow further to USD 19.7 billion by 2031, at a CAGR of 7.3% during the forecast period.
Medications, hormones, and nutritious fluids are administered into the circulatory system through veins in controlled volumes using intravenous infusion pumps. In clinical settings including hospitals, nursing homes, and homes, these pumps are widely used. Using built-in software, the skilled operator controls the pump by setting the rate and duration of fluid supply. Nutrients, hormones, antibiotics, chemotherapeutic medications, and painkillers can all be given by intravenous infusion pumps.
Market Trends and Drivers
The number of surgical operations carried out worldwide has significantly increased over time. The growing elderly population, as well as the increased frequency of obesity and other lifestyle disorders, are both responsible for this. One of the main causes of orthopedic and cardiovascular disorders is obesity. Obesity also raises the risk of ischemic stroke, type 2 diabetes mellitus, joint and tissue damage, breast, colon, ovarian, endometrial, kidney, and gallbladder cancer. The continuous and controlled medicine administration during and following many types of surgeries is made possible by infusion pumps. Diabetes, analgesia/pain management, gastroenterology, and chemotherapy are the main applications for infusion pumps. Infusion pumps are also frequently used to administer narcotic analgesics and anesthesia locally after cardiothoracic surgery, laparoscopic cholecystectomy, and bariatric surgery. The demand for infusion therapy is anticipated to rise as the number of procedures conducted does.
Market Restraints and Challenges
Infusion pumps are intended to administer liquid medications and other solutions to a patient's body. They must adhere to certain regulations and guidelines in order to safeguard patients' health and safety. For the approval of new goods, the infusion pump market is governed by a number of regulatory agencies, including the US Food and Drug Administration (FDA), the Medicines and Healthcare Products Regulatory Agency (MHRA), and the European Medicines Agency (EMA). In order to lawfully sell and promote infusion pumps in European nations, the CE mark certification is required. Non-implantable infusion pumps are categorized as Class II b devices, while implantable infusion pumps are categorized as Active Implantable Medical Devices (AIMD). There are over 300 standards for medical equipment that are unique to the UK.
Global Infusion Pumps Market Segmental Overview
The report analyses the global infusion pumps market based on the type, application, end user, and region.
Global Infusion Pumps Market by Type
Based on the type, it is segmented into volumetric pumps, syringe pumps, elastomeric pumps, insulin pumps, enteral pumps, implantable pumps, and patient control analgesia pumps. The insulin pumps segment is anticipated to dominate the market during the forecast period. The key factors such as growing number of type 1 diabetic patients population across the globe and the introduction of promising technologies in insulin pump areas. Growing applications of PCA pumps in pain management are anticipated to boost the growth of the market.
Global Infusion Pumps Market by Application
Based on the application, it is segmented into diabetes, oncology, pain management, and others. The diabetes segment is anticipated to dominate the market during the forecast period. The oncology segment is also likely to witness the fastest growth during the forecast period. The growing prevalence of various cancers coupled with increasing new product launched in this field is boosting the growth of the market.
Global Infusion Pumps Market by End User
Based on the end user, it is segmented into hospitals, ambulatory care settings, specialty clinics and home care settings. The hospital segment is anticipated to dominate the market during the forecast period. The high procuring power of the costliest infusion devices coupled with the large patient pool visiting these facilities, and the readiness of trained staff to operate the pump is boosting the growth of the market.
Geographical Analysis of the Global Infusion Pumps Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is anticipated to dominate the market during the forecast period. Technological advancements related to the medical devices in the region is boosting the growth of the market. Likewise, Europe held the second position in the market size owing to rise in prevalence of chronic diseases and significant expenditure in the healthcare sector by the European Commission are likely to boost the demand for these pumps in Europe region.
Major Players in the Global Infusion Pumps MarketCOVID-19 Impact
One of the sectors most severely impacted by the pandemic in 2020 was the healthcare sector. Hospitals throughout the world were stretched to their limits by the emergency care given to COVID-19 patients. Infusion pumps and ventilators, on the other hand, can be regarded as crucial devices because they are utilized in ICUs, CCUs, and emergency rooms. In addition, the growing need for infusion pumps, such as ambulatory and enteral feeding pumps, in the home care industry is promoting market expansion at the moment. However, industry participants anticipate a reduction in device sales in the fourth quarter of 2021, which is anticipated to have a limited impact on the market's expansion. The market's major players have been compelled by the shift in demand toward medical devices to plan their manufacturing capacities, concentrate on new product development, and look for the best supply chain strategies targeted at COVID-19 need.
Additionally, industry participants are changing their long- and short-term growth plans by focusing on the consumables market and creating cutting-edge solutions to tackle the pandemic, including smart infusion pumps. However, despite the fact that the impact of COVID-19 on the market for infusion pumps is greater than that of other medical device markets, it is crucial for business operations, especially those involving vital imported raw materials, to design and implement contingency plans in a timely manner.
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