Infusion Pumps Market
Infusion pumps can be either in drops (20 ml generally) or in large volume (volumetric pumps). Use of infusion pumps requires trained personnel as pump failure may have adverse health effects on patients. Some of the types of infusion pumps include, syringe pumps, ambulatory pumps, volumetric pumps, implantable pumps, and insulin pumps
The global infusion pumps market was accounted for US$ 3,517.0 Mn in terms of value by the end of 2019.
Increasing prevalence of chronic diseases is expected to boost growth of the global infusion pumps market over the forecast period. For instance, according to the World Health Organization, 2018, 1 in every 5 men and 1 in every 6 women worldwide develop cancer during their lifetime and 1 in 8 men and 1 in 11 women die from the disease.
Expanding regional presence is expected to offer lucrative growth opportunities for market players. For instance, in December 2018, Fresenius Medical Care expanded its presence in China through acquisition of 70% share of Guangzhou KangNiDaiSi Medical Investment Co., Ltd.
However, infusion pumps are prone to user errors, which is expected to hinder growth of the global infusion pumps market. For instance, ECRI Institute, an independent nonprofit organization authority on the medical practices and products, ranked medication errors related to infusion pumps as a top technology hazard for 2019.
Key Takeaways:
The Volumetric pumps segment in the global infusion pumps market was valued at US$ 747.0 Mn in 2018 and is expected to reach US$ 1,242.0 Mn by 2027 at a CAGR of 6.1% during the forecast period. The growth of the segment is attributed to increasing patient population and increasing acquisition from major players in newer geography to expand their market presence.
The analgesia segment held dominant position in the global infusion pumps market in 2018, accounting for 24.3% share in terms of value, followed by gastroenterology and hematology, respectively. Increasing patient population and new product approvals is anticipated to drive the growth of the segment during the forecast period
Among product type, the ambulatory pumps segment and insulin pumps segment are expected to witness significant growth, owing to increasing prevalence of chronic diseases. However, implantable pumps segment is expected to witness decline, owing to increasing FDA recalls.
Market Trends
Key players in the market are focused on gaining contracts to enhance their market share. For instance, in September 2019, Shift Labs, Inc., a manufacturer of infusion technologies, received a Phase II Small Business Innovation Research (SBIR) contract from the U.S. Air Force (USAF) through the AFWERX innovation program.
Key players in the market are also focused on advancements in infusion pump technology. For instance, in March 2019, Intelligraphics Inc. announced IGX MED, a Wireless Advanced Roaming device driver suite for medical systems including infusion pumps, heart and hypertension monitoring.
Regulations
The U.S. FDA has put forward stringent clearance process that has led to longer mark-to-market timings and several product recall and rejections.
Global Infusion Pumps Market: Competitive Landscape
Major players operating in the global infusion pumps market include, B. Braun Melsungen AG, CareFusion Corporation, Fresenius Kabi AG, Terumo Corporation, Medtronic Plc., Baxter International Inc., Smiths Medical, MOOG Inc., Johnson & Johnson Private Ltd., and Hospira, Inc.
Key Developments
In November 2018, Citus Health, a digital health solutions provider launched Citus Video Chat — a new video chat solution that can be used for post-acute care, including home infusion and specialty pharmacy.
In March 2018, Connexall, an alarm management and event notification provider, and ICU Medical, developer of innovative medical devices used in infusion therapy, integrated ICU Medical MedNet to the Connexall alarm management and event notification platform, which allowed hospitals to transmit and selectively filter the secondary alarms from several of ICU Med’s infusion pumps.
Segmentation
“*” marked represents similar segmentation in other categories in the respective section.
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