Infusion Pumps Market to Grow at 5.4% CAGR by 2030
FMI’s recent report on infusion pumps projects the market to surge at a CAGR of 5.4% from 2020-2030. Growth is attributed to increasing diabetic population across prominent regions. As per World Health Organization’s projections, there were 422 million diabetic people as of 2014, with a 5% increase in premature mortality.
Consequently, there has also been an increase in associated co-morbidities such as strokes, heart attacks, kidney failure and visual impairment. As a result, infusion pump usage has upticked in order to provide the appropriate medication and nutritional input.
To facilitate efficient drug delivery, manufacturers have incorporated various technological advancements in recent years. Additionally, the advent of wearable and smart infusion pumps is further fueling the market’s revenue prospects.
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Global Infusion Pumps Market- Key Takeaways
- Rising prevalence of cancer to push forward oncology-grade infusion pumps usage in the coming years
- Ambulatory pumps are poised to hold major sway in the wake of swift drug and nutrient delivery
- Europe to pivot global infusion pumps market growth, capturing over 1/3rd of the revenue pie
- Global infusion pumps market is likely to surpass US$ 6 Bn by 2030-end
- Favorable business reimbursement policies are expected to bolster infusion pumps demand in coming years
COVID-19 Impact Analysis
The COVID-19 pandemic is anticipated to have a moderate impact on the global infusion pumps market. In the initial months of the pandemic’s onset, a slump in the demand-supply equation was observed. This was in response to the imposition of lockdowns and social distancing protocols. Eventually, a resurgence was recorded.
In recent months, regulatory authorities such as the U.S Food and Drug Administration (FDA) issued emergency use authorization to increase the availability of infusion pumps and related accessories. Infusion pumps have been pivotal in administering vital medicines and parenteral nutrition to patients admitted for chronic ailments.
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As hospitals reach a saturation point, governments are providing flexibility to infusion pump manufacturers to address supply shortages by permitting them to resume operations. This is slated to sustain the infusion pumps market demand in the short-term forecast.
“Manufacturers are concentrating on embedding smart data assimilation software within their product designs to facilitate seamless and error-free infusion procedures across healthcare settings,” infers the FMI analyst.
Global Infusion Pumps Market- Competitive Intelligence
Prominent players in the infusion pumps landscape include Fresenius Kabi AG, Terumo Corporation, Medtronic Plc, Baxter International Plc., Smith Medical, MOOG Inc., Johnson & Johnson Services Inc., ICU Medical Inc. and Becton Dickinson & Company among others.
Product launches, expansions, collaborations and other inorganic strategies are being pursued by the aforementioned players. In 2019, Terumo Corporation announced the launch of its TERUFUSION Infusion Pump Type LM Series which utilize smart cutting-edge IT solutions to deliver optimal management and prevents inadvertent excess infusion of drugs into the patient.
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In 2010, Hospira Inc. partnered with Smith Medical to market and promote various infusion pumps. The companies collaborated in order to co-promote Hospira’s Symbiq and Plum A+ general infusion pumps along with its Hospira MedNet safety software. The venture also promoted Smith Medical’s Medfusion syringe pumps with the PharmGuard Medication Safety Software.
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