Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Programmable Infusion Pumps and Catheters Market - Insights
Programmable infusion pumps and catheters are devices used for delivering fluids to the patient’s body in a controlled manner. The devices include safety features such as user alerts which are activated when there is a risk of adverse drug interaction, or when the pump’s parameters are set outside its specified safety limits. Infusion pumps are used for different purposes such as delivering nutrients or medications like antibiotics, chemotherapeutic drugs, analgesics, hormones such as insulin, and so on. These are generally designed for stationary use, that is along patient’s bedside in an ICU setting, however few such as the ambulatory infusion pumps, are portable. Infusion pumps are designed for specific purposes. For instance, the enteral pump is designed to deliver medication to patient’s digestive tract through tube feeding.
Increasing launch of novel infusion pumps is expected to boost the global programmable infusion pumps and catheters market growth over the forecast period
Frequent approvals of novel infusion pumps and their launches in developed economies are expected to significantly drive the global programmable infusion pumps and catheters market growth over the forecast period. For instance, in April 2018, Smiths Group plc. launched its new product, CADD-Solis wireless infusion pump, for safe delivery of analgesics. These infusion pumps are portable and have wireless software and drug library updation facility without the need to find, plug in and update the pump personally.
In April 2013, Flowonix Medical Inc., a medical device company involved in the manufacture of implantable drug delivery systems, launched the Prometra programmable intrathecal pump in the U.S. The pump is implantable and effective in delivering Infumorp (preservative free morphine) in patients undergoing treatment for chronic pain as it directly delivers the medication in the intrathecal space around the spinal cord. The Prometra pump uses a dual-gated valve drug delivery mechanism for accurate dosing.
The global programmable infusion pumps and catheters market was valued at US$ 8,365.3 million in 2017, and is expected to witness a robust CAGR of 5.8% over the forecast period (2018–2026).
Figure No.1: Global Programmable Infusion Pumps and Catheters Market Share, By Region (%), 2018 - 2026
Source: Coherent Market Insights Analysis (2017)
Company strategies such as acquiring funding for research and product launches, are expected to have a positive impact on global programmable infusion pumps and catheters market growth.
Key players are involved in research and development of new products, which is expected to aid in growth of the market. For instance, in March 2017, Ivenix, Inc., a medical technology company involved in development of next generation infusion systems, raised US$ 50 million. Funds were raised via equity financing led by new undisclosed investors and by participation of existing investors, WuXi Healthcare Ventures and F-Prime Capital Partners, which will be used for pursuing the FDA clearance and commercial launch of products.
Novel programmable infusion pumps have been granted approval by regulatory agencies such as the U.S. Food and Drug Administration (FDA), European Commission (EC), Therapeutic Goods Administration (TGA), and others. For instance, in August 2018, Baxter International Inc. received CE approval for its Evo IQ Infusion System, a programmable volumetric infusion pump, and marketing approval from the Therapeutic Goods Administration (TGA) in Australia. The Evo IQ Infusion System consists of a software for dose error reduction and an advanced drug library to promote patient safety. Such product launches are expected to boost the global programmable infusion pumps and catheters market growth during the forecast period.
Figure No.2: Global Programmable Infusion Pumps and Catheters Market Size (US$ Mn) Analysis and Forecast and Y-o-Y Growth (%)
However, high costs of programmable infusion pumps and catheters is a major concern (in regions with underdeveloped reimbursement facilities) in the healthcare system, and is expected to restrain the global programmable infusion pumps and catheters market growth over the forecast period.
Furthermore, efficient technicians are needed for monitoring of infusion parameters available in the programmable device. These factors are expected to restrain the global programmable infusion pumps and catheters market growth over the forecast period.
Some of the major players operating in the global programmable infusion pumps and catheters market include, ICU Medical, Inc., Smiths Group plc., Baxter International Inc., Fresenius Se & Co. KGaA, Johnson & Johnson, Medtronic plc., Becton, Dickinson and Company, Terumo Corporation, B. Braun Melsungen AG, and Moog Inc.