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Infusion Pumps Market to be Worth USD 15.6 billion by 2031| Transparency Market Research Study

WILMINGTON, Del., Dec. 6, 2023 /PRNewswire/ -- The increasing prevalence of chronic diseases and the need for home care settings will drive demand for infusion pumps.

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The global industry was worth US$ 10.3 billion in 2022. A CAGR of 4.6% is projected from 2023 to 2031, reaching US$ 15.6 billion. Medical devices continue to develop and innovate to meet the increasing demand for home care, preventative measures, early diagnosis, and streamlined patient recovery times. Digitalization, augmented reality, 5G, and machine learning are becoming increasingly popular among companies.

Infusion pumps with remote monitoring are replacing traditional infusion pumps, which can be controlled wirelessly to control and monitor intravenous drips. Fluids can be administered with infusion pumps using very small volumes or at precisely programmed rates or intervals, offering several significant advantages over manual administration of fluids. These pumps can deliver hormones, antibiotics, chemotherapeutic drugs, and pain relievers to patients as needed, including insulin and other hormones.

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Advanced infusion pump technologies are in high demand due to the growing use of biologics and specialty drugs. Drugs of this type must usually be administered in a precise and controlled manner. Infusion pumps with barcode scanning, drug libraries and alarms will continue to be developed to improve patient safety through the detection of medication errors early on.

Infusion Pumps Market Report Scope:

Report Coverage

Details 

Forecast Period 

2023-2031

Base Year 

2022

Size in 2022

US$ 10.3 Bn

Forecast (Value) in 2031

US$ 15.6 Bn

Growth Rate (CAGR)

4.6

No. of Pages

262 Pages

Segments covered

Product, Application, End-user

Key Findings of Market Report

  • Diabetes and a growing ageing population are expected to increase the demand for insulin pumps.
  • The diabetic management market is expected to have the largest share market in 2023.
  • The growing adoption of smart/portable infusion pumps is driving the growth of the European infusion pump market.
  • A recent industry forecast indicates North America will dominate the infusion pump market from 2023 to 2031.

Global Infusion Pumps Market: Growth Drivers

  • Portable devices that deliver medication or fluids to patients while they remain mobile are becoming more popular. Home healthcare is becoming more popular, and continuous medication administration is becoming more convenient. A growing number of chronic diseases are being diagnosed, such as cancer, diabetes, and cardiovascular disease. Infusion pumps are increasingly addressing chronic conditions and health concerns associated with aging as the geriatric population grows.
  • A smart pump integrates both electronic medical records (EMRs) and advanced functionalities as technology advances. Due to these technological advances, medication delivery has become more accurate and safe, increasing the demand for infusion pumps. An infusion pump reduces the risk of medication errors by administering medication accurately and efficiently. Infusion pumps enable healthcare providers to deliver drugs with greater precision and safety by enabling more precise and safe delivery.
  • With the advancement of technology, infusion pumps have become more affordable, user-friendly, and portable. This advancement has increased the likelihood of infusion pumps being adopted by healthcare providers in emerging markets. Health facilities are expanding as hospitals, clinics, and home healthcare services expand in emerging markets. The expansion of healthcare creates a greater need for infusion pumps to support the delivery of medications and fluids in different care settings.

Global Infusion Pumps Market: Regional Landscape

  • North America is expected to drive demand for infusion pumps in the market. The rise in chronic diseases like diabetes and the growing need for ambulatory infusion pumps are contributing to this growth. With an aging population, chronic diseases and conditions often requiring infusion therapy are on the rise in the United States. Therefore, infusion pumps have become more popular for administering fluids and medications.
  • As cancer and cardiovascular diseases become more prevalent, the market for these pumps is increasing. Smart pumps with increased accuracy, connectivity features, and safety mechanisms are becoming more common as infusion pump technology advances.
  • The prevalence of home-based healthcare is increasing as patients receive treatment at home using infusion pumps. As a result, portable and user-friendly infusion pumps have become increasingly popular.

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Global Infusion Pumps Market: Key Players

New products are being developed by major infusion pump manufacturers to expand their product portfolios. Mergers and acquisitions, partnerships, joint ventures, and collaborations are also used to increase their global market share.

  • ICU Medical Inc.
  • Tandem Diabetes Care, Inc.
  • Medtronic plc
  • Terumo Corporation
  • F. Hoffmann-La Roche AG
  • Baxter International
  • BD
  • Fresenius Kabi AG
  • B. Braun SE
  • Insulet Corporation

Key Developments

  • In August 2023, a world leader in developing, manufacturing, and selling innovative medical devices, ICU Medical Inc., received regulatory clearance for 510(k) from the U.S. Food and Drug Administration (FDA) for the Plum Duo infusion pump with LifeShield infusion safety software. Customers in the United States can purchase Plum Duo pumps and LifeShield software in early 2024.
  • Mayo Clinic standardized drug library management processes across its U.S. enterprise, improving clinical practice workflows and drug library management. The University of Utah Health and St. Jude Children's Research Hospital, both of which require heavy lifting at first but can reduce drug dosage errors, have also completed pump library standardization projects.

Global Infusion Pumps Market: Segmentation

By Product

  • Insulin Pumps
  • PCA Pumps
  • Enteral Pumps
  • Others

By Application

  • Diabetes Management
  • Pain Management
  • Chemotherapy
  • Others

By End User

  • Hospitals
  • Ambulatory Care Settings
  • Home Care Settings
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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SOURCE Transparency Market Research

By: PR Newswire Association LLC. - 06 Dec 2023
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