Published Date : 25 May 2023
The global infusion pump market size was evaluated at USD 13 billion in 2022 and is expected to rise to USD 24.6 billion by 2030, growing at a strong CAGR of 8.3 percent during the forecast period from 2022 To 2030.
Medications, hormones, and nutritious fluids are administered into the circulatory system through veins in controlled volumes using intravenous infusion pumps. In clinical settings including hospitals, nursing homes, and homes, these pumps are widely used. Using built-in software, the skilled operator controls the pump by setting the rate and duration of fluid supply. Nutrients, hormones, antibiotics, chemotherapeutic medications, and painkillers can all be given by intravenous infusion pumps. Due to the rising demand from the healthcare industry, the worldwide infusion pump market has experienced rapid growth. The market is anticipated to be driven by the rising prevalence of chronic diseases like cancer, diabetes, and gastroenterological problems worldwide. Furthermore, it is projected that the defense industry will have a high demand for infusion systems.
Medications, hormones, and nutritious fluids are given to the circulatory system through veins using intravenous infusion pumps in precise dosages. These pumps are widely used in medical facilities like hospitals, nursing homes, and private residences. By setting the rate and duration of fluid supply using the built-in software, the pump is controlled by a skilled operator. Antibiotics, hormones, chemotherapeutic medications, and painkillers can all be administered using intravenous infusion pumps. Due to the rising demand from the healthcare industry, there has been a significant expansion in the worldwide infusion pump market. The global increase in chronic diseases such as cancer, diabetes, and gastroenterological problems is anticipated to fuel the market. Also predicted is the enormous demand for infusion systems in the defense industry.
The North American, European, Asian Pacific and Rest of the World regions make up the global infusion pump market. Due to the significant adoption rate of infusion pumps for the treatment of chronic diseases, the rising elderly population, and the existence of well-established healthcare sectors in the region, North America is one of the regions driving the market growth the most. Additionally, it is anticipated that the availability of money in the European region from public and commercial agencies will support biotechnology R&D efforts, which in turn will support market expansion.
Infusion Pump Market Report Scope:
|Market Revenue in 2023||USD 14.08 Billion|
|Projected Forecast Revenue in 2030||USD 24.6 Billion|
|Growth Rate from 2022 to 2030||CAGR of 8.3%|
|Largest Market||North America|
|Forecast Period||2022 to 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
The infusion pump with the highest capacity is prioritized, followed by the disposable ambulatory infusion pump. To assist a patient in a critical state, they are often utilized in nursing homes and hospitals. Additionally, market development is predicted to be fueled by the enormous need for infusion systems in the defense sector. The growing elderly population is also projected to fuel the expansion of the global infusion pump market. For the administration of medication, hormones, nutrients, and other substances to those over the age of 65, infusion pumps may be required. The rapid growth of the elderly population, the rise in the frequency of chronic diseases, the rising demand for ambulatory infusion pumps, and the rising number of surgical procedures are the main drivers propelling the market's expansion.
However, the business is being constrained by the increasing commodity status of infusion pumps, a lack of wireless connectivity in hospitals, and related safety concerns. Additionally, the growing use of reconditioned and rental infusion pumps is suppressing the market for new pumps and reducing industry development overall. Since infusion pumps can provide fluids in extremely small amounts and at precisely programmed rates or automatic intervals, they are being used extensively in healthcare systems. Infusion pumps have a number of advantages over the hand administration of medicinal fluids. Product recalls and infusion pump concerns including software bugs and poor user interfaces, however, are significant market growth inhibitors.
The market share for volumetric infusion pumps was 16.8% in 2021. Due to their ability to deliver fluids continuously in very precise amounts at rates ranging from very slow to very fast, these pumps accounted for a significant portion of the market. The intravenous infusion pump market is divided based on product into implantable infusion pumps, ambulatory infusion pumps, patient-controlled analgesia infusion pumps, insulin infusion pumps, syringe infusion pumps, and volumetric infusion pumps.
Due to the growing prevalence of diabetes around the world, the diabetes application category will occupy a significant market share. Utilization examples include diabetes, oncology, suffering across the board, and other market segments. The market for infusion pumps was dominated by diabetes in 2020. The section is anticipated to increase at the conjectured time period's fastest compound annual growth rate.
The oncology division is anticipated to advance due to the rising prevalence of various disorders and the rising quantity of new item deliveries in this area. Additionally, this pump can be used in a variety of sectors such as gastrointestinal, hematology, pediatrics, sedation, blood bonding, and others.
End User Insights:
The market is divided into Hospitals, Home Care Settings, Ambulatory Care Settings, and Academic & Research Institutes based on End-User. For the forecast period, the segment for hospitals is predicted to have the highest CAGR. The strong financial capacity of hospitals to purchase expensive infusion devices, the sizeable patient population that receives care at hospitals, and the accessibility of qualified personnel to operate infusion pumps are all factors in the segment's growth.
The BeneFusion n Series, another age imbuement framework, has been introduced by Mindray. It provides deep insights into patient security, interoperability, and information sharing across the board, as well as functional simplicity, all of which contribute to the foundation of new standards in combination therapy.
In February 2021, the plastics-intensifying company Teknor Apex Co. introduced fresh, incredibly weather-resistant combinations for the outer layers of dark-hued wood plastic composite (WPC) decking. WPC decking is becoming increasingly popular as an alternative to conventionally treated wood since it is made using a combination of wood flour and polyolefin polymers. By providing a common appearance, requiring less maintenance, and having a longer lifespan than wood, the novel combinations may significantly outperform WPC.
AZEk, a manufacturer of composite boards, announced in March 2021 the construction of a new plant in Boise, Idaho, to expand its production of composite wood using recycled PE. According to the Chicago-based manufacturer, renovation and construction of the office will begin before the end of the current year, and the facility is anticipated to be operational by 2022. AZEK intends to manufacture its TimberTech image blunder, which is required for a US$180 million limit development program and is made using recycled PE and wood, at the Boise production line.
Major Key Players:
By End User
Buy this Research Report@ https://www.precedenceresearch.com/checkout/1921
You can place an order or ask any questions, please feel free to contact at email@example.com | +1 9197 992 333