Infusion Pumps Market Poised to Achieve Significant Growth by 2024

Infusion Pumps Market Poised to Achieve Significant Growth by 2024

Worldwide Market Reports added Latest Research Report titled “Infusion Pumps Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis” to its Large Report database.

The Global Infusion Pumps Market was valued at US$ 2,985.5 million in 2015 and is projected to expand at a CAGR of 6.0% during the forecast period (2016-2024), as highlighted in a new report published by Coherent Market Insights. Increasing number of applications of infusion pumps in the healthcare sector is projected to support growth of the infusion pumps market over the forecast period.

Infusion pump delivers controlled amount of fluid and medications into the bloodstream over a period of time. The drug infusion system includes two components, namely open loop and closed loop. According to a study by Healthcare Human Factors University Health Network, in 2009, around 13% of the hospitals in Ontario used smart pumps and around 6% were in the process of implementing the techniques. Thus, adoption rate of smart large volumetric infusion pumps in Ontario has been low. Infusion pumps have contributed to improvements in patient care at affordable costs.

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Apart from its wide application in hospitals and for clinical use, the systems are also used in the form of portable device to provide the drug or fluid on the move. Furthermore, the major application that has revolutionized the use of infusion pumps involves diabetes where it works as an insulin pump to provide with the controlled and preset amount of insulin in the patient’s body. According to the fact sheet by W.H.O, number of diabetic patients witness a steep increase from 108 million in 1980 to 422 million in 2014. This in turn is expected to favor the market growth for infusion pumps over the forecast period.

The development of combination in medical device technology and advanced drugs are the precursor for adoption of control infusion therapies, which have increased the use of infusion pumps globally. Currently, there are various clinical applications of infusion pumps that involves life-sustaining along with life-saving treatments under other clinical segments such as anesthesia, intensive care, and oncology. Infusion pumps are used in various settings such as wards, home care environment and hospitals for pain management and other drug related treatments. Furthermore, rapid development of the healthcare infrastructure in emerging economies and upgrade of the same in developed regions creates a highly conducive environment for growth of the infusion pumps market in the near future.

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Major players in the global infusion pumps market are laying emphasis on product development, upgrading existing devices, and geographical expansions through various strategic mergers and acquisitions. For instance, in 2015, InfuSystem Holdings, Inc. -an infusion pumps provider and related healthcare services in the U.S. and Canada -acquired Ciscura Holding Company, Inc. – a provider of ambulatory infusion pumps and healthcare services to medical facilities. Also, in 2016, ICU Medical Inc. – a developer and manufacturer of medical devices specific in the areas of vascular therapy, oncology and critical care applications – acquired Hospira Infusion Systems business from Pfizer Inc. for a total value of US$1 billion in cash and stock.

Key takeaways of the market:

• The global infusion pumps market is expected to expand at a CAGR of 6.0% during the forecast period (2016-2024). Rising prevalence of diabetes across the globe is expected to favor the infusion pumps market growth over the forecast period.

• The analgesia application segment in the global infusion pumps market was estimated to be the largest in 2015 and is expected to retain its dominance in the market throughout the forecast period in terms of value. Increasing prevalence for chronic pain globally is expected to favor the growth for infusion pumps market in the near future. According to British journal of anesthesia, in 2013, around 20% of the European population was suffering from chronic pain.

• In terms of product type, the insulin product type segment is expected to expand at a significant CAGR of 6.9% during the forecast period, owing to rise in population suffering from diabetes globally

• The global infusion pumps market is characterized by strategic research and development and advancements in the technology of various medical devices including the continuous glucose monitoring device and infusion pumps.

• Some of the major players in the global infusion pumps market include Medtronic Plc., ICU Medical Inc., Johnson & Johnson Private Ltd., Braun Melsungen AG., Smiths Medical, CareFusion Corporation, Baxter International Inc., Fresenius Kabi AG, MOOG Inc., Terumo Corporation, Nipro Corporation and Codman & Shurtleff, Inc., Infusystem.

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