As per the reports by MRFR, the global infusion pumps market is likely to attain a size of over USD 18.30 Billion by 2026. The market is anticipated to project a healthy CAGR of over 8.2% during the review timeframe.
Intravenous infusion pumps are exploited to direct hormones, nutritional fluids, and medications into the circulatory system through the veins in precise amounts. Infusion pumps are installed in clinical settings such as homes, hospitals, and nursing homes. Their use in dispensing critical fluids, which consist of high-risk medications, is projected to boost the market over the future years.
The global infusion pumps market has been witnessing massive growth over recent years. The market's growth is primarily being driven by the growing use of infusion pumps for drug delivery. Furthermore, factors such as the growing occurrence of chronic diseases and rising demand for infusion systems from the military medical units are also likely to impact market growth. Additionally, the rise in technological advancements in the field is expected to provide market players with lucrative opportunities. However, the growing concerns regarding patient safety and lack of proper medical infrastructure in developing economies will likely hamper market performance.
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Segment Analysis
The global infusion pumps market is divided into numerous segments based on type, application, end-users, and region.
Based on type, the global market for infusion pumps is divided into syringe pumps and volumetric pumps. The infusion pumps market is bifurcated into pediatric, gastrointestinal diseases, diabetes, and chemotherapy by application. The global market for infusion pumps is split into homecare, ambulatory surgical centers, and hospitals based on end-user.
Regional Analysis
The global market for infusion pumps is studied across five major regions: North America, South America, Europe, Asia-Pacific, and the Middle East & Africa.
The North American regional market for infusion pumps is anticipated to lead the global market over the forecasted timeframe. The region is recognized as being a major base for the leading players in infusion pumps manufacturing. Advanced technologies are driving the growth of the regional market. The regional market is projected to attain a size of USD 3.49 billion by the end of 2023.
The infusion pumps market for the European region is expected to contribute a substantial share of approximately USD 3.11 billion in earnings by the end of the review timeframe. The regional market's growth is being propelled by the growth in disposable income per person, refining economies, and expansions in the healthcare sector.
The Asia-Pacific infusion pumps market is anticipated to exhibit the highest rate of growth over the assessment timeframe. The speedy development of the regional market is being driven by the presence of openings for continuously growing economies in the region.
Competitive Analysis
The global market for infusion pumps has an intensely competitive landscape. The players in the market are adopting numerous strengthening strategies for growing their footprint in the market globally. The list of prominent leaders in the global infusion pumps market includes Terumo Medical Corporation, ICU Medical, Inc, Becton, Dickinson and Company, BRAUN MELSUNGEN AG, Smiths Medical, Fresenius Kabi AG, Baxter, 3M, and several others.
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Recent Developments
October 2021- Ivenix, a medical technology innovator, has announced a collaboration with Eastman to incorporate Eastman Tritan™ MXF copolyester into its groundbreaking Ivenix Infusion System. The latest system is comprised of a portfolio of administration sets, a large-volume infusion pump, and a suite of IV management tools and analytics to inform care and advance clinical and operational efficiency. Ivenix chose Tritan MXF for the pump exterior, given its outstanding durability and chemical resistance in the face of the aggressive disinfection protocols required to prevent the spread of healthcare-associated infections (HAIs).
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