Fairfield Market Research
Infusion Pump Market

Infusion Pump Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Medical Devices | Author Name: Amol

Infusion Pump Sales Build up Faster as Home-based Healthcare Gains Prominence

Infusion pump sales remain buoyant with the mounting chronic disease prevalence, rapidly expanding population of elderly patients, and increasing hospitalisation instances. An increasing number of diabetic patients, and those suffering from gastrointestinal disorders also continue to account for measurable demand for infusion pumps worldwide. Over the recent past, the rise of home care settings into the mainstream of healthcare industry is being looked at as one of the strongest factors driving infusion pump sales. With the rising public knowledge, awareness, and inclination towards portable infusion pumps, the global infusion pump market has been witnessing briskly soaring adoption specifically for home healthcare settings. While this allows to considerably curtail hospitalisation costs, the preference will most likely continue to grow in the foreseeable future. Accessories and consumables are likely to register the maximum rate of adoption over the period of forecast.

An increasing need for long-term healthcare at hospitals, infusion clinics, home care settings, and ambulatory surgical centres is expected to account for sustained growth of the infusion pump market over the forecast period. The rate at which the number of long-term care facilities has been rising is further receiving an impetus from the increasing frequency of pandemic situations worldwide. Governments, and healthcare authorities of developed nations have been encouraging home-based care since years, and the developing nations now follow the suit. The current COVID-19 pandemic has further highlighted the growing significance of home care along with the mainstream healthcare facilities. The global infusion pump market is projected to benefit from the overall establishment of home-based care settings in the world of healthcare, and medicine.

Rising Global Burden of Cancers, and Diabetes Ensure Promising Sales Growth of Infusion Pumps

Compared to that recorded in 2020, the GLOBOCAN 2020 has estimated a whopping 47% rise in the global cancer burden in 2040. Cancers will remain the leading mortality cause, and a sizeable number of cancer patients would continue to require palliative care at home. While most cancer patients undergo chemotherapy at a certain point during their treatment, infusion pumps will continue to see promising demand growth in this segment. There has been growing availability of technologically advanced ambulatory infusion pumps, especially targeting oncology applications. On the other side, the International Diabetes Federation suggests that diabetes was the reason behind more than 4 million deaths worldwide, in 2019. The rate of prevalence continues to soar so much so that one out of 5 people aged 65 years or above is diabetic. More than 300 million are living with an increased risk of developing type 2 diabetes. The number of non-adult patients with type 1 diabetes is also strikingly high, i.e., over 1 million. Insulin infusion pumps are particularly expected to experience solid demand in type 1 diabetes management.

Repeated Product Recalls Compel Infusion Pump Market to Set Back for a While

Despite healthy growth prospects estimated for the forecast period, a few challenges stand strong facing the manufacturers, and other market participants, creating impediments to the long-term growth of market. The Institute of Medicine (US) indicates that nearly 1.5 million patients annually experience some medication error(s) that cost around US$ 8,750 per potential adverse drug event (PADE). Frequent product recalls have thus been the most serious roadblock to rapid growth of the infusion pump market. Infusion pumps in fact have registered the highest rate of product recall among all medical devices. The US Food and Drug Administration (FDA) had reportedly registered around 56,000 adverse events between 2005 and 2009 due to faulty device designs, and user-registered issues. While more than 85 infusion pump devices from multiple manufacturers were recalled during this period, more than 20 companies in the business faced the serious heat of similar device recalls during 2003 – 2013. A humongous number of fallacious devices had to be replaced in the market with their updated models. The sales were heavily affected, considering the usage, efficacy, and safety concerns around these devices.

The issues can be anything from malfunction, software error, inaccurate fluid delivery, under/over dosage, interruption in infusions, device leakage, and smoking/burning device component(s), to power failure. Any error however can result in seriously interrupted, or delayed infusions that ultimately may lead to severe injuries, and even death in the worst case. Following multiple complaints of injuries, and a suspected death, FDA had designated the wide-ranging Alaris infusion pump and vital signs monitor by Becton, Dickinson and Co. (BD) as Class 1 recall in March, 2021. After July, 2020, and February, 2021, this is the third latest Class 1 recall for BD's Alaris infusion pumps. However, Alaris pump has been under the recall radar. During June, 2008 to March, 2020, nearly 22 recall records point to this device, of which 10 were Class 1 - meaning seriously dangerous. Such product recalls will continue to hold a major impact on the market growth.

Although the sophistication of medical industry is accelerating, issues like poor wireless connectivity, and lack of interoperability among infusion devices, and hospital information systems still remain as major impediments in the route to complete reliance on smart infusion devices at healthcare facilities. Erred medication is also a significant challenge to widespread adoption of infusion pumps. Moreover, the market for rental, and refurbished devices has been expanding in response to the demands of small healthcare facilities, and hospitals with lesser budget. This also will remain a threat to new sales in the infusion pump market.

Opportunities Abound in Asia Pacific; Infusion Pump Sales Remain Significant in North America

North America, and Asia Pacific will remain the key regional markets for infusion pump manufacturing companies. While North America led the pack in 2020, the trend will continue through the forecast period as the region has been an early adopter of speciality infusion pumps for usage during chronic disease treatments. Strong presence of key manufacturers, and state-of-the-art hospitals, especially in the US, further uphold the region’s dominance in the global market for infusion pumps. Europe will also be a key market for infusion pump companies.

On the other side, Asia Pacific has been developing a highly lucrative market on account of the alarming rates of cancers, diabetes, gastrointestinal conditions, and infectious disease prevalence across the region. Considering the improving healthcare expenditure, accelerating healthcare infrastructural developments, and the low-cost manufacturing benefit, Asia Pacific is expected to encourage global brands to leverage its massive opportunistic potential.

Key Market Players – Infusion Pump Landscape

Some of the key companies partaking in the global infusion pump market competition include Baxter International Inc., Fresenius SE & Co., B. Braun Melsungen AG, Becton, Dickinson and Company, Smiths Medical, ICU Medical, Inc., Johnson & Johnson, CME Medical UK Limited, Avanos Medical, Inc., Medtronic PLC, Moog, Inc., Roche Diagnostics, Terumo Corporation, Nipro Corporation, Teleflex, Inc., Insulet Corporation, Shenzhen MedRena Biotech Co., Ltd., and Zyno Medical LLC.

Key Elements Included In The Study: Global Infusion Pump Market

  • Infusion Pump Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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