Infusion Pumps Market Segmentation, Opportunities, Trends & Future Scope to 2024
An Infusion Pump delivers medications and nutrients to patients who cannot take the same orally. These devices find wide application in hospitals to administer drugs in a controlled rate as programmed by the healthcare professional. These pumps offer various advantages over manual administration of medications or any other fluids such as automated delivery of fluids in smaller volumes at preset intervals. High-risk medications for cancer, anesthesia, and diabetes (insulin), among others can thus be safely delivered using infusion pumps. A variety of infusion pumps are available in the market including ambulatory pumps, volumetric pumps, syringe pumps, enteral pumps, insulin pumps, and implantable pumps.
“The Global Infusion Pumps Market was valued at US$ 2,985.5 million in 2015 and is expected to witness a moderate CAGR of 6.0% during the forecast period (2016 – 2024).”
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Infusion pumps have revolutionized the administration of intravenous medications with potentially game changing programming features such as intermittent and preprogramming, bolus dosing, and standby mode. According to a featured article by Wolters Kluwer Health, Inc., in 2007, around 90% of hospitalized patients in the U.S. received IV medications, most being delivered by an infusion pump. This trend argues favorably for growth of the infusion pumps market in the foreseeable future. In spite of being a precise fluid and medication transferring devices still, 35%-60% of the 700,000 adverse drug events (ADEs) annually reported in the U.S. are related to delivery through infusion pumps, which can further cause morbidity and mortality.
This has necessitated extensive focus by players in the global infusion pumps market on R&D to reduce error rates associated with infusion pumps and introduce further advancements in existing products. For instance, according to Qual Saf Health Care’s research paper, in 2009, there were recommendations to use smart infusion devices to overcome the errors in infusion and favor the growth of the global infusion pumps market. Manufacturers have developed devices that have dose error reduction systems (DERS) with dosing limits and clinical advisories under hospital-defined drug libraries. Smart pumps are now being designed with safety software that are drug-specific.
The ‘Infusion Pumps Market Research Report 2014-2024’ is an efficient and detailed study on the present situation by focusing on the global market. Study report offers key statistical information on the market situation of the manufacturers and is a beneficial source of advice and guidance for companies and persons involved in the industry. At the start, the study report offers a basic outlook of the industry containing its introduction, applications, and manufacturing technology. Also, the report scrutinizes the international key market players in-depth.
One of the latest trends gaining significant traction in the market is the increase in R&D activities and the launch of novel Infusion Pumps by the market vendors. Due to the highly competitive nature of the market and the presence of various players, companies are increasingly focusing on advanced technologies to manufacture innovative Infusion Pumps.
The Global Infusion Pumps market is highly fragmented and diversified due to the presence of many international and regional players in the market. The growth of players also depends on market conditions, and industry development. Access to capital and advances in product innovations are major barriers for the entry of new players. As a result, vendors must expand geographically and revive domestic demand to achieve sustained growth over time.
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Accurate engineering of infusion pumps is very essential to avoid over- or under-infusion of medications. To ensure safe usage of these devices, the U.S. FDA issued a three step program in 2010:
- Increasing awareness among the users
- Proactively facilitating improvements in infusion pump devices
- Publishing guidelines for the industry
In January 2017, the regulatory body issued a statement addressing caution in MRI scan of patients with implantable infusion pumps. It stated that only infusion pumps labeled as MR-conditional should be scanned safely under specific conditions mentioned by the manufacturer of infusion pump. Ambulatory infusion pumps offer the user a convenience to administer medications while on the move. Companies are constantly focusing on improving the infusion pump technology to improve fluid delivery. For instance, Baxter is developing a new technology for infusion pumps, which is expected to replace its Colleague infusion pump. The infusion pump market is attracting investments by non-existing market players. ICU Medical, Inc. acquired Hospira’s infusion pumps business from Pfizer, Inc. in February 2017 for US$ 900 million.
This study report analyzes this market on the basis of its market segments, major geographies, and current market trends. This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
Reasons to Buy this Report:
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a six-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
- It provides distinctive graphics and exemplified SWOT analysis of major market segments
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