Global Infusion Pumps Market Expansion to be Persistent During 2024


Posted July 29, 2019 by ravikiran12

An infusion pump delivers medications and nutrients to patients who cannot take the same orally.

 
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).

Market Dynamics

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. 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.

Detailed Segmentation:

Global Infusion Pumps Market, By Device Type:

Ambulatory

Volumetric Pumps

Syringe Pumps

Enteral

Insulin

Implantable

Patient Controlled Analgesia Pumps

Pump Accessories

Global Infusion Pumps Market, By Application:

Chemo Therapy/Oncology

Pediatrics/Neonatology

Analgesia

Gastroenterology

Hematology

Diabetes

Global Infusion Pumps Market, By Channel Type:

Single Channel

Multi-Channel

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.

Key companies covered as a part of this study include ICU Medical, Inc. Smiths Group plc, Baxter International Inc., Fresenius Se & Co. KGaA, Johnson & Johnson, Medtronic PLC, Becton, Dickinson and Company, Moog, Inc., Terumo Corporation, and B. Braun Melsungen AG.

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Application-specific products an emerging strategy adopted by infusion pumps market players

Well managed and schematic approach towards integration of major players followed by various acquisitions in infusion pumps market is expected to fuel the product advancement and product introduction in the infusion pumps market. According to CareFusion Corporation, in 2013, around 61% of most costly and serious medication errors were related to intravenous infusions in the U.S., which was the major concern of the hospitals to make the system error free and effortless. To address the same, CareFusion Corporation introduced a new system named Alaris System, having Guardrails Suite MX software and combines a single point-of-care unit. This is expected to minimize the infusion errors in the future. As statistics suggest, there were significant number of mergers and acquisition that have added to the development and advancement of new infusion pumps products. For instance:

In 2015, Becton Dickinson acquired CareFusion Corporation – a provider of large volume infusion pump – this acquisition is expected to favor the growth in product portfolio of Becton Dickinson & Company

In 2015, Medtronic – a medical device company with extensive product line – acquired Covidien – a health care products company and global manufacturer of medical devices. This is expected to favor the company’s expansion in terms of geography

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Last Updated July 29, 2019