Executive Summary
The global Volumetric Infusion Pumps Market generated approximately US$ 927.3 Million in revenue in 2022, and it is expected to grow at a CAGR of 5.9%. By the end of 2033, the market is projected to reach a valuation of approximately US$ 1.7 Billion.
Volumetric Infusion Pumps Market are medical devices used to administer precise and controlled amounts of fluids, medications, or nutrients into a patients body. They are widely used in various healthcare settings, including hospitals, clinics, and ambulatory surgical centers.
Impact of COVID-19 on the Global Infusion Pump Market:
The COVID-19 pandemic placed significant stress on understaffed healthcare systems and emergency rooms. It led to a substantial increase in the demand for infusion pumps, particularly those supporting nebulization for COVID-19 treatment. Hospitals faced shortages, prompting governments to procure infusion pumps. This surge in demand drove global and domestic manufacturers to expand their production capacity, presenting growth opportunities. Overall, the pandemic had a positive impact on the infusion pump market.
In 2020, the healthcare industry, including infusion pumps, faced exceptional challenges. Limited operations, raw material shortages, and disrupted supply chains had a more pronounced effect on the infusion pump market compared to other medical device markets. These devices play a crucial role in intensive care units and emergency rooms. The home healthcare sector saw an increased demand for infusion pumps, such as enteral feeding and portable infusion pumps. Sales declined in the fourth quarter of 2021 due to the pandemics disruptions, but market players adapted by entering the consumer market and developing innovative solutions to address the crisis.
Market Trends:
The year-on-year growth in the prevalence of chronic diseases, such as diabetes and cancer, is expected to be a significant driver of global infusion pump market growth. Cancer is a leading cause of death worldwide, with an estimated 9.6 million deaths in 2018, making it responsible for one in every six deaths. The increasing global incidence of diabetes is another substantial factor contributing to market expansion. In 2021, approximately 537 million people between the ages of 20 to 79 were living with diabetes worldwide. The prevalence of diabetes is higher in low- and middle-income countries compared to developed nations. In 2016, diabetes led to approximately 1.6 million deaths globally.
Additionally, the growing elderly population, rising demand for infusion pumps, increased awareness and adoption of home healthcare, and the growing number of surgeries conducted worldwide are all propelling market growth. Moreover, the increase in research and development activities and investments by key market players further supports the infusion pump markets growth. The rising adoption of infusion pumps in emerging economies, the increased uptake of technological advancements in infusion pump manufacturing, and the growing number of government initiatives in favor of the infusion pump market are all contributing to its growth rate.
Market Restraints:
The infusion pump market faces significant challenges due to product recalls stemming from safety and effectiveness issues. Recalls have been triggered by incidents such as alarm errors, software problems, suboptimal user interface design, battery failures, component damage, fires, sparks, electrical disconnections, and charring in infusion pumps. These recalls compel manufacturers to replace faulty pumps with updated units and provide compensation to individuals suffering severe injuries due to accidents. As a result, product recalls have a negative impact on the overall sustainability of the infusion pump market. Moreover, the lack of qualified professionals and standardized usage guidelines is expected to hinder market growth, potentially leading to incorrect pump usage and increased risk of emergencies.
The market for volumetric infusion pumps is propelled by several factors, including:
- Increasing Prevalence of Chronic Diseases: The global rise in chronic diseases like diabetes, heart disease, and cancer necessitates long-term medication therapy, effectively administered using volumetric infusion pumps.
- Rising Demand for Ambulatory Infusion Pumps: Ambulatory infusion pumps, known for their portability and cost-effectiveness, are in high demand as they enable patients to receive infusions outside of hospital settings, including their homes.
- Growing Investments in Healthcare Infrastructure: Governments and healthcare organizations are making substantial investments in healthcare infrastructure, including the acquisition of new medical equipment such as volumetric infusion pumps.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2032 – By Product Type, Application, End-user, and Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa): https://www.persistencemarketresearch.com/market-research/volumetric-infusion-pumps-market.asp
Market Segmentation
The volumetric infusion pumps market is segmented based on product type, application, and end-user.
By product type:
- Large volume infusion pumps
- Small volume infusion pumps
- Enteral infusion pumps
- Syringe infusion pumps
- Patient-controlled analgesia (PCA) pumps
By application:
- Parenteral nutrition
- Pain management
- Chemotherapy
- Antibiotic therapy
- Other applications
By end-user:
- Hospitals
- Ambulatory surgical centers
- Home healthcare settings
- Clinics
Growth Drivers:
- Increasing Demand for Minimally Invasive Surgeries
- Rising Geriatric Population
- Growing Awareness of the Benefits of Volumetric Infusion Pumps
- Technological Advancements in Volumetric Infusion Pumps
Challenges:
Increasing Incidence of Medication Errors: Medication errors are on the rise, with the most common infusion errors including unit errors, multiples of ten errors, miscalculations, and push-button mistakes. Fatal errors, such as decimal entry errors while programming infusion pumps (e.g., programming morphine at 90 ml/hr instead of 9.0 ml/hr, causing a tenfold overdose), are of particular concern.
Lack of Wireless Connectivity in Most Hospitals: The integration of infusion pumps with the Barcoded Medication Administration (BCMA) system, the Hospital Information System (HIS), and the Electronic Medical Record (EMR) through wireless connectivity has the potential to enhance the functionality of smart pumps, elevating them to intelligent infusion systems. However, the lack of interoperability among smart infusion devices and hospital information systems in many hospitals, primarily due to the absence of wireless connectivity and budget constraints, presents a significant challenge to the growth of the infusion pumps market.
Competitive Landscape
The volumetric infusion pumps market exhibits a moderate level of fragmentation, with a few major players and several smaller companies. Major players in the market include:
- Becton Dickinson (BD)
- Baxter International
- Terumo Medical Corporation
- Fresenius Kabi
- Medtronic
- Smiths Medical
- Braun Melsungen AG
- Ivenix, Inc.
- Abbott Laboratories
These companies are focused on product innovation and global expansion to gain a competitive edge.
Future Outlook
The global volumetric infusion pumps market is poised for continued growth, driven by the factors mentioned above. Technological advancements, such as wireless and connected volumetric infusion pumps, are expected to further propel market growth. Additionally, the increasing demand for home-based healthcare presents opportunities for the growth of the ambulatory infusion pumps segment.
Key Takeaways
- The global volumetric infusion pumps market is projected to reach US$ 2.86 billion by 2033.
- Market growth is driven by the increasing prevalence of chronic diseases, rising demand for ambulatory infusion pumps, and growing healthcare infrastructure investments.
- Market segmentation is based on product type, application, and end-user.
- Key growth drivers include increasing demand for minimally invasive surgeries, a rising geriatric population, growing awareness of the benefits of volumetric infusion pumps, and technological advancements.
- Key challenges include the high cost, stringent regulatory requirements, and the need for trained healthcare professionals.
Conclusion:
The global volumetric infusion pumps market is poised for growth due to the rising prevalence of chronic diseases, increased demand for ambulatory infusion pumps, and significant investments in healthcare infrastructure. Advancements like wireless and connected volumetric infusion pumps, coupled with the growing demand for home-based healthcare, will drive this growth.
Despite challenges such as high costs, stringent regulations, and a shortage of trained healthcare professionals, the market is expected to expand. In 2022, it generated around US$ 927.3 million in revenue, and it is projected to grow at a CAGR of 5.9%. By 2033, it is estimated to reach approximately US$ 1.7 billion. The future of the volumetric infusion pumps market appears promising, contributing to improved patient care and outcomes.
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