CHICAGO, Dec. 20, 2023 /PRNewswire/ -- Infusion Pump Market in terms of revenue was estimated to be worth $17.1 billion in 2023 and is poised to reach $26.2 billion by 2029, growing at a CAGR of 7.3% from 2023 to 2029 according to a new report by MarketsandMarkets. The growing number of surgeries performed, and rising prevalence of chronic diseases are some factors that provide key opportunities for key players in the market. However, product recalls by some major players, and stringent regulations on manufacture of infusion pumps are expected to challenge/restrain the growth of the market.
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Infusion Pump Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $17.1 billion |
Estimated Value by 2029 | $26.2 billion |
Growth Rate | Poised to grow at a CAGR of 7.3% |
Market Size Available for | 2021 - 2029 |
Forecast Period | 2023 - 2029 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Application, Product, Setting, and Region |
Geographies Covered | Europe (Germany, the UK, France, Italy, Spain, and RoE), North America (US & Canada), LATAM (Brazil, Mexico, and RoLATAM), APAC (Japan, China, Australia, Southeast Asia, India, and the RoAPAC), and MEA |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | High growth opportunities in emerging markets |
Key Market Drivers | Rising demand for ambulatory infusion pumps in home care settings |
"High adoption of volumetric infusion pumps and accessories to drive the growth of this segment"
In 2022, the market for dedicated accessories and consumables accounted for the largest share and was also the faster growing segment of the infusion pump accessories and consumables market. This segment is mainly driven by the requirement of compatible administration sets designed for a particular type of infusion pump by the manufacturer to ensure optimum results of dedicated accessories.
Out of the dedicated accessories and consumables market in 2022, the volumetric infusion pump accessories and consumables segment accounted for the largest share. High adoption of volumetric infusion pumps and related accessories in hospitals for the purpose of delivering large volumes of medications and nutrients to patients is pushing the market forward.
"Asia Pacific likely to emerge as the fastest-growing infusion pump market, globally"
The infusion pump market is segmented into five major regions, namely, Europe, North America, Latin America, the Middle East and Africa, and Asia Pacific (APAC). Asia Pacific attributes to the highest growth rate amongst the other regions during the forecast period. The rapid infrastructure growth, increase in disposable incomes, and increase incidences of chronic diseases are factors which are likely to support the growth of infusion pump market in the region. The emerging Asian countries, such as China, and India, offer significant growth opportunities for market players.
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Infusion Pump Market Dynamics:
Drivers:
- Rising demand for ambulatory infusion pumps in home care settings
Restraints:
- Product recalls
Opportunities:
- High growth opportunities in emerging markets
Challenge:
- Increasing incidence of medication errors and lack of wireless connectivity in most hospitals
Key Market Players of Infusion Pump Industry:
The key players in the infusion pump market Becton, Dickinson and Company (US), Baxter International, Inc. (US), and B. Braun Melsungen AG (Germany). These companies adopted strategies such as product launches, collaborations, partnerships, and acquisitions to strengthen their presence in the market.
Breakdown of supply-side primary interviews:
- By Company Type: Tier 1: 21%, Tier 2: 35%, and Tier 3: 44%
- By Designation: C-level: 24%, D-level: 30%, and Others: 46%
- By Region: North America: 40%, Europe: 31%, APAC: 32%, Latin America: 5%, and the Middle East & Africa: 2%
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Recent Developments:
- In August 2023, ICU Medical, Inc. (US) received FDA clearance for its Plum Duo infusion pump, which will make it available for customers in the US in early 2024.
- In April 2023, Fresenius Kabi (Germany) announced that its Ivenix Infusion System has received an Innovative Technology contract from Vizient, Inc. (US), which sets terms for hospitals to evaluate and purchase the Ivenix Infusion System.
- In August 2022, Becton Dickinson and Company (US)'s Novum IQ Syringe Infusion Pump received FDA approval.
- In March 2022, Freseniu kabi (Germany) received US FDA approval for the wireless Agilia Connect Infusion System, which includes the Agilia Volumetric Pump and the Agilia Syringe Pump with Vigilant Software Suite-Vigilant Master Med technology.
- In January 2022, ICU Medical, inc. (US) acquired Smiths Medical, inc. (US) to increase its share in the infusion pump market by adding syringe and ambulatory pumps to its portfolio.
Infusion Pump Market - Key Benefits of Buying the Report:
The report can help established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one, or a combination of the below-mentioned five strategies.
This report provides insights into the following pointers:
- Market Driver: The growth of the market attributes to increase of prevalence of chronic diseases and grietric population globally and increasing number of surgical procedures, especially in developed countries.
- Market Penetration: Comprehensive information on the product portfolios of the top players in the infusion pump market. The report analyzes the market based on the setting, region, product and application.
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and product launches in the infusion pump market.
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for infusion pump across regions.
- Market Diversification: Exhaustive information about products, untapped regions, recent developments, and investments in the infusion pump market.
- Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of the leading players in the infusion pump market.
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