Intravenous Infusion Pump Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Intravenous Infusion Pump Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Intravenous Infusion Pump Market is expected to register a CAGR of 3.5% during the forecast period.

COVID-19 had a significant impact on the intravenous infusion pump market. As COVID-19 spread around the globe in 2020, intensive care units (ICU) began to fill up with people who were critically ill from the virus. As COVID-19 patients began to flood hospital ICUs, infusion pump stocks quickly decreased. A rush of orders was sent to suppliers, putting pressure on them to manufacture more. As per the article published 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 nurse entries. Furthermore, as per the article published in April 2021 under the title “Extending tubing to place intravenous smart pumps outside of patient rooms during COVID-19: an innovation that increases medication dead volume and risk to patients”, as the intravenous tubing system was expanded outside the patient room, the complexity and cognitive demands of intravenous medication delivery increase, and nursing, pharmacy, and ordering professionals were conscious of the peculiarities of innovative arrangements, thereby improved the patient outcome. Thus, as per the factors mentioned above, COVID-19 had a profound impact on the market studied.

Infusion pumps enable automatic and precise administration of certain amounts of medication at predetermined periods. The market for intravenous infusion pumps is likely to grow owing to the factors such as the increasing prevalence of chronic disease, rising healthcare expenditures, and increasing adoption of home healthcare settings. For instance, as per May 2022 update from the Centers for Disease Control and Prevention (CDC), 6 in 10 adults in the United States have a chronic disease, and 4 in 10 adults have two or more chronic diseases. Since patients with chronic disease are prone to nutrient shortages, a high prevalence of chronic disease is expected to increase the usage of IV infusion pumps.

Furthermore, as per CDC 2022 update, chronic diseases are the biggest source of annual healthcare costs in the United States, equivalent to USD 4.1 trillion. The increase in the geriatric population, rise in government initiatives, and growth in the adoption of portable infusion pumps are the key driving factors in the intravenous infusion pump market. For instance, as per the news report from 'The Economic Times' published in March 2020, India provided 15 tonnes of medical supplies worth Rs 2.11 crore to coronavirus-hit China, including one lakh surgical masks, five lakh pairs of surgical gloves, 75 pieces of infusion pumps, 30 pieces of enteral feeding pumps, 21 pieces of the defibrillator and 4,000 pieces of N-95 masks. Such bulk supplies of infusion pumps are likely to boost the market growth over the forecast period.

Hence, as per the factors mentioned above, the intravenous infusion pump market is anticipated to grow over the forecast period. However, the high costs and stringent regulatory approvals associated with IV infusion pumps restrain the market growth.

Key Market TrendsVolumetric Infusion Pump Segment is Expected to Witness a Healthy Growth Over the Forecast Period

Volumetric infusion pumps have a wide range of applications in disease management as well as in 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 pumps are attributed to the high demand for these pumps.

The volumetric infusion pump segment holds a significant share in the intravenous infusion pump market and is anticipated to show a similar trend over the forecast period. The growing trend of adoption of technologically advanced volumetric infusion pumps that possess capabilities such as electronic health record (EHR) integration, built-in safety systems as well as drug libraries, etc. is likely to drive the market growth. For instance, as per the article published in July 2020 under the title “Intravenous Smart Pumps During Actual Clinical Use”, the reality of setting up an IV smart pump is that even a single dose of medication requires numerous steps and keystrokes, each of which adds the possibility of error. IV smart pumps include drug libraries, also known as a dosage error reduction system or dose error reduction software (DERS), which are designed to reduce medicine administration errors. Hence, such advancements in IV infusion pumps are likely to boost the market growth over the forecast period.

Furthermore, the high prevalence of chronic diseases is one of the major factors for adopting the IV infusion pump. For instance, as per the 2021 update from CDC, the prevalence of doctor-diagnosed arthritis is expected to increase in the coming decades. By the year 2040, an estimated 78.4 million adults aged 18 years and older (25.9% of the projected total adult population) are anticipated to have doctor-diagnosed arthritis. Moreover, as the socio-economic prospect of developing countries improves, more people are expected to be able to opt for the use of volumetric pumps in home healthcare, which in turn, is likely to support the market growth over the forecast period.

North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period

North America is expected to hold a major market share in the intravenous infusion pump market due to an increase in the incidence of chronic diseases, the rising geriatric population, and favorable reimbursement policies in this region.

Furthermore, adopting new technologically advanced products for regular treatment of chronic disease conditions, awareness pertaining to advance intravenous infusion pumps and the presence of well-established healthcare infrastructure are also fueling the growth of the overall regional market to a large extent. For instance, in November 2020, Baxter Canada, a leader in innovative technology for medication delivery, received Health Canada marketing authorization for its new Novum IQ Infusion Platform. The marketing authorization in Canada includes Novum IQ large volume (LVP) and syringe infusion pumps as well as the company’s Dose IQ Safety Software, representing Baxter’s latest developments for infusion therapy and medication safety.

Furthermore, government and private agency initiatives and recommendations regarding home care infusion settings are promoting market growth in the studied region. For instance, as per the 2022 news published in National Home Infusion Association, several health systems, hospitals, and group purchasing organizations from all 50 states are urging Congress to address Medicare beneficiary access to home infusion treatments and approve legislation to enhance access to home-based care. Hence, such movements are promoting the home care setting to adopt IV infusion systems and thereby boosting the market growth.

Hence, owing to the factors mentioned above North America is expected to witness growth over the forecast period.

Competitive Landscape

The intravenous infusion pump market is consolidated and consists of a few major players. In terms of market share, some of the companies which are currently dominating the market are B. Braun Melsungen AG, Baxter International Inc, Becton, Dickinson and Company, ICU Medical, Inc., IRadimed Corporation, Mindray, Moog Inc., Smiths Medical, Terumo Corporation, and Zyno Medical.

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