Infusion Pump Market is expected to reach USD 209.8 Million by 2034, growing at a 7.2% CAGR | Future Market Insights, Inc.

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Aug 01, 2024, 05:54 ET

Key Infusion Pump Market Trends and Highlights

A surge in chronic diseases and an aging population are significant drivers of the infusion pumps market. These pumps are crucial in delivering precise and continuous medication, making them indispensable in managing chronic conditions.
With the increasing volume of surgical procedures performed worldwide, infusion pumps have become essential for controlled drug administration during surgeries. Their accuracy and safety features contribute to their market growth.
Rapid technological advancements in healthcare have led to increased health awareness, thus driving the adoption of infusion pumps. The development of technologically advanced pumps in various sizes and shapes continues to fuel market expansion.
The adoption of specialty infusion systems is rising. These systems cater to specific medical needs and offer customized solutions. The trend provides high-growth opportunities for market players.

NEWARK, Del., Aug. 1, 2024 /PRNewswire/ -- The Infusion Pump Market is expected to be valued at USD 104.7 million in 2024. The market is projected to progress at a CAGR of 7.2% from 2024 to 2034. By 2034, the market value is forecasted to hit USD 209.8 million. Surging Demand for Infusion Pumps is Attributed to their Ability to Cater to a Diverse Range of Medical Needs with Utmost Precision and Efficiency.

The aging population is expected to drive the demand for infusion pumps over the forecast period. As people age, they are more likely to require medical treatment, which can include the use of infusion pumps. In addition, the elderly population is more likely to suffer from chronic diseases, further driving the demand for these devices.

Advancements in technology are fueling the growth in the infusion pump market. Manufacturers are developing pumps that are more accurate, easier to use, and more reliable than ever before. Innovations such as smart pumps are making infusion pumps more accessible to healthcare providers and patients alike, further driving the demand for these devices.

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However, there are also some challenges that could impact the growth of the market. One of the key challenges is the high cost of these devices. Infusion pumps can be expensive, and this can limit their adoption in certain markets. In addition, there have been concerns about the safety of these devices, with reports of adverse events such as medication errors and device malfunctions.

Despite these challenges, the infusion pump market is expected to continue to grow in the coming years. With an aging population and increasing incidence of chronic diseases, the demand for these devices is likely to remain strong. Manufacturers will need to continue to invest in research and development to improve the safety and reliability of their products, while also working to bring down costs to make these devices more accessible to patients and healthcare providers.

Infusion Pump Market Restraining Factors

The infusion pump market faces challenges due to many product recalls, primarily related to design deficiencies. Issues such as alarm errors, software problems, and human factor errors have contributed to these recalls. Manufacturers are compelled to replace faulty devices, impacting the sustainability of the market.
A shortage of skilled professionals and standardized usage guidelines hinders the growth of the market. Insufficient training and adherence to guidelines can lead to errors in pump operation, increasing the risk of emergencies, which subsequently hampers market development.

"The market for infusion pumps is highly competitive, with several major players operating in the space. These manufacturers are investing heavily in research and development to improve their products, and are also expanding their distribution networks to reach new customers," says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).

Key Takeaways from the Infusion Pump Market

The infusion pump market is estimated to register a CAGR of 7.2% and reach a valuation of USD 209.8 million by 2034.
The small-volume infusion pumps are anticipated to dominate the global market, accounting for a 45.32% market share in 2024.
Stationary pumps account for a 65.96% market share, dominating the market by modality.

Diabetes, a Leading Application Driving the Infusion Pump Market

Diabetes is emerging as a dominant force, projected to hold a substantial share of 25% in 2023. The prominence indicates the crucial role infusion pumps play in managing diabetes and highlights the significance of this market segment in addressing the needs of a growing patient population.

The infusion pump market is witnessing notable advancements in diabetes care. Manufacturers are continuously innovating to create user-friendly and technologically advanced infusion systems that address the specific needs of diabetes patients.

The innovations include the integration of detailed drug libraries into pumps, multi-directional interoperability, and robust measures to ensure the safety of patient and device data, which align with the broader trend of electronic health record management.

Competitive Landscape from the Infusion Pump Market

The infusion pump market is highly competitive with a diverse range of players, including major healthcare companies, medical device manufacturers, and start-ups. To meet the growing demand for infusion pumps across the healthcare sector, companies are continuously innovating and introducing new products. Furthermore, smaller players and start-ups are committed to developing more affordable and user-friendly infusion pumps, which may potentially disrupt the market during the forecast period.

Recent Developments in the Infusion Pump Market

In 2023, Terumo Corporation revealed its plans to build a new manufacturing plant for its medical care solutions division. The facility will be located at the Kofu Factory premises situated in Yamanashi, Japan.
In 2023, Virginia Oncology Associates (VOA) procured the Ivenix Infusion System to deliver medications to its patients. This purchase was made under an agreement signed with Fresenius Kabi.
In 2023, Terumo Blood and Cell Technologies collaborated with BioCentriq to showcase how automated cell and gene therapy platforms from Terumo can expedite the development of CAR-T cells.

Key Market Players

Terumo Corporation
Medtronic Plc
Smiths Medical
MOOG Inc.
B. Braun Melsungen AG
Fresenius Kabi AG
Terumo Corporation
CareFusion Corporation
ICU Medical, Inc.
Baxter International Inc.

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Infusion Pump Market Segmentation

By Product Type:

Syringe Pumps
Small Volume Pump
Ambulatory Pumps
Volumetric Pumps
Peristaltic
Cassette/Piston
Implantable Pumps
Insulin Pumps
Enteral Pumps
PCA Pumps
Pump Accessories

By Modality:

Stationary Pumps
Infusion Pumps

By Application:

Chemotherapy/Oncology
Pediatrics/Neonatology
Analgesia
Gastroenterology
Hematology
Diabetes

By End User:

Hospitals
Ambulatory Surgical Centers
Home Care
Clinics
Others

By Region:

North America
Latin America
East Asia
South Asia
Europe
Oceania
MEA

Author by

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

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