Market Overview:
Infusion Pump Market size was valued at USD 13.74 billion in 2019 and is poised to grow from USD 14.7 billion in 2023 to USD 27.03 billion by 2031, growing at a CAGR of 7% in the forecast period (2024-2031). The Infusion Pump market is poised for considerable growth, propelled by several key drivers, such as rising cases of neurological disorders, continuous technological innovation, and an increasing need for minimally invasive procedures, are expected to take the Infusion Pump market to considerable heights.
Other factors contributing to this can be attributed to the large and rapidly growing patient population suffering from such targeted diseases in key markets, resulting in a significant rise in demand for Infusion Pump. One of the major factors acting as a potential catalyst to drive the market growth over the forecast period is a high prevalence of acute ischemic stroke.
Market Insights:
Infusion Pump Market Drivers
Increasing Number of Surgical Procedures
The number of surgical procedures conducted around the world has increased significantly over the years. This can be ascribed to an ageing population as well as an increase in the prevalence of obesity and other lifestyle disorders. Obesity is a major cause of cardiovascular and orthopaedic illnesses. Obesity raises the risk of coronary heart disease, joint and tissue damage, cancer (of the breast, colon, prostate, endometrial, kidney, and gallbladder), ischemic stroke, and type 2 diabetes mellitus. Infusion pumps are essential for the continuous and regulated administration of medications during and after various types of surgery. Infusion pumps’ primary application areas include chemotherapy, gastroenterology, analgesia/pain management, and diabetes.Following bariatric surgery, cardiothoracic surgery, and laparoscopic cholecystectomy, infusion pumps are extensively utilised for the local delivery of narcotic analgesics and anaesthetics. The need for infusion therapy is predicted to rise as the number of procedures conducted rises.
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Key Market Segments:
Product
Accessories & Consumables (Dedicated accessories & consumables and Non dedicated accessories & consumables), Devices (Type, Technology and Mode)
Application
Chemotherapy/Oncology, Diabetes management, Gastroenterology, Pain management/Analgesia, Paediatrics/Neonatology, Haematology, Other applications.
End users
Hospitals, Ambulatory` care settings, Speciality Clinics, Home care settings
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Infusion Pump Market Analysis by Product Type:
The insulin pump segment dominated the global infusion pump market. The segment is expected to maintain its dominance by expanding at an extremely fast rate during the projection period. This is due to an increase in the number of type 1 diabetic patients worldwide, as well as the launch of promising technology in the insulin pump field. Growing pain treatment applications for PCA pumps are expected to drive global product demand in the future years.
Infusion Pump Market Analysis by Application:
Diabetes application segment held largest share due to rising diabetes prevalence globally. During the projection period, the segment is expected to increase at the fastest CAGR. The oncology market is likely to gain substantial traction as the prevalence of various cancers rises and new product launches increase. Other applications include haematology, pediatrics, gastrointestinal, anaesthesia, blood transfusion, and others.
Regional Insights:
Based on region, global infusion pump market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa. In 2020, the global infusion pump market in North America was valued at USD 3.52 billion. The regional market is characterised by greater diabetes diagnosis and treatment rates, as well as high adoption of ambulatory pumps and attractive reimbursement policies. The advancement of medical device technology in North America is boosting market growth. Europe has the second-largest market share. An increase in the frequency of chronic diseases in this region, as well as large European Commission expenditure in the healthcare sector, are expected to fuel demand for these pumps in Europe during 2021 –2028. The market in emerging regions such as Asia Pacific, Latin America, and the Middle East and Africa is expected to grow at a faster rate over the forecast period. Rise in the prevalence of chronic diseases such as diabetes and cancer, growing healthcare infrastructure, growing GDP, disposable income, and increasing awareness about the availability of advanced therapies in the Asia Pacific region are some of the factors expected to drive market growth in this region in the coming years. The market in Latin America, the Middle East, and Africa is still in its infancy. However, the increased focus of key players on expanding their presence in these countries will boost the market growth in these regions.
Prominent Players in Infusion Pump Market:
- Becton, Dickinson and Company (BD)
- Baxter International Inc.
- Fresenius Kabi AG
- Terumo Corporation
- ICU Medical, Inc.
- Medtronic plc
- Smiths Medical (a division of Smiths Group plc)
- Braun Melsungen AG
- Moog Inc.
- Halyard Health, Inc.
- Nipro Corporation
- Johnson & Johnson
- Roche Holding AG
- Tandem Diabetes Care, Inc.
- Insulet Corporation
- Ypsomed AG
- Valeritas Holdings, Inc.
- Animas Corporation (a subsidiary of Johnson & Johnson)
- Ambu A/S
- Mindray Medical International Limited
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Additional Insights:
Market Penetration: Analysis of the product portfolio of different market players and the status of new product launches.
Product Development/Innovation: Assessment of R&D activities, new product development, and emerging trends.
Market Development: Analysis of regions with high growth potential.
Market Diversification: Assessment of new products, recent developments, and emerging regional markets.
Competitive Landscape: Growth strategies, revenue analysis, and product innovations by market players.
Key Questions Answered in Infusion Pump Market Report:
What is the global market size of the Infusion Pump Market?
Who are the key vendors in the Infusion Pump Market?
What is the key driver of the Infusion Pump Market?
What is the key market trend for the Infusion Pump Market?
Which region accounted for the largest share in the Infusion Pump Market?
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