Global Smart Pumps Market - 2024-2031

Overview

The global smart pumps market reached US$ 9.4 billion in 2023 and is expected to reach US$ 16.7 billion by 2031, growing at a CAGR of 7.5% during the forecast period 2024-2031.

Smart pumps are technologically advanced medical devices designed to accurately and safely deliver fluids, medications or nutrients to patients through intravenous (IV), enteral or other delivery routes. These pumps integrate intelligent software, sensors and connectivity features to enhance precision, reduce errors and optimize patient care. Smart pumps in healthcare represent a significant advancement in medical technology, enabling precise, safe and efficient delivery of critical therapies, with applications ranging from critical care units to home healthcare environments.

The smart pump market in healthcare is expanding rapidly. This growth is fueled by increased demand for patient safety features like dose error reduction software and smart integration capabilities. For instance, according to the National Institute of Health, 89.5% of hospitals in the United States used smart pump technology according to a survey developed by the American Society of Health-System Pharmacists (ASHP). The utilization of smart pump technology varied by hospital bed size with full implementation in hospitals with 600 beds and more.

Additionally, according to the study conducted by the National Institute of Health, using smart pump records, over 370,000 infusion starts for continuously infused medications used in neonates and infants hospitalized in a level IV NICU were evaluated. Smart pumps prevented 160 attempts to exceed the hard maximum limit for doses that were as high as 7-29 times the maximum dose and resulted in the reprogramming or cancellation of 2093 infusions after soft maximum alerts.

Market Dynamics: Drivers & Restraints

Rising demand for home healthcare

Rising demand for home healthcare is significantly driving the growth of the smart pumps market and is expected to drive the market over the forecast period by increasing the need for reliable, accurate and remotely manageable medical devices that can be used outside of hospital settings. As the global population ages, there is a higher prevalence of chronic conditions such as diabetes, heart disease and kidney failure. These conditions often require long-term treatments such as insulin delivery, parenteral nutrition and pain management through infusion pumps. Smart pumps, with their ability to provide accurate dosing and real-time monitoring, are ideal for home use.

According to the World Health Organization, about 830 million people worldwide have diabetes, the majority living in low-and middle-income countries. The number of people living with diabetes rose from 200 million in 1990 to 830 million in 2022. In 2021, diabetes and kidney disease due to diabetes caused over 2 million deaths. In addition, around 11% of cardiovascular deaths were caused by high blood glucose. This rising diabetes may increase the demand for insulin pumps, thus, there is an increasing demand for smart pumps to use at home.

For instance, according to the National Institute of Health, over 22 months, insulin pump use rates increased from 45 to 58%, a significant improvement. Use of diabetes technology, including insulin pumps, has been associated with improved glycemic control, particularly in youths with type 1 diabetes. This further increases the demand for smart pumps which helps to manage insulin levels at home.

The trend toward patient-centric care and hospital-at-home programs is fueling the adoption of smart pumps. Healthcare providers are increasingly allowing patients to manage their treatments at home, reducing hospital visits and costs. For instance, patients receiving chemotherapy, home parenteral nutrition or continuous insulin therapy can use smart pumps to safely administer their treatments while being monitored remotely by healthcare professionals.

For instance, almost $103 billion was spent on home health care in the United States and that number will reach nearly $173 billion by 2026, according to an analysis from the Centers for Medicare & Medicaid Services (CMS) Office of the Actuary. This growth is driven by the push for outpatient care, increasing healthcare costs and improvements in home-based medical devices.

Operational and user challenges

Operational and user challenges are expected to hamper the growth of the smart pumps market. Despite their advanced features and significant benefits, these challenges hinder widespread adoption, particularly in complex healthcare environments like hospitals, clinics, and home settings. Smart pumps come with sophisticated features like dose error reduction software, remote monitoring and integration with hospital systems. These features require a higher level of technical knowledge to operate effectively. For instance, pumps designed for drug delivery, such as those for chemotherapy or insulin, may have intricate settings that can overwhelm healthcare professionals without adequate training.

Additionally, in hospitals, some medical staff report a steep learning curve when it comes to handling smart pumps, especially when switching from traditional pumps. This increases the likelihood of human errors during the initial transition period, which can discourage facilities from fully adopting smart pump technologies.

In some instances, hospitals have faced integration challenges with their smart infusion pumps and medication administration systems. The lack of standardized protocols across devices and systems means that connecting these devices with existing infrastructure can be time-consuming and costly. For instance, according to the University Health System (UHS), smart pumps can run $1,200 to $1,300. One setup typically falls within a cost range of $3,000 to $4,000, including the software license cost. Of the 7,000 IV pumps in inventory, UHS had about 1,800 to 2,400 smart pumps.

Segment Analysis

The global smart pumps market is segmented based on product type, connectivity, application, end-user and region.

Product Type:

The infusion smart pumps segment is expected to dominate the smart pumps market share

The infusion smart pumps segment is expected to dominate the global smart pumps market. Infusion pumps are used extensively across various healthcare settings, including hospitals, clinics and home care environments. These devices are essential for drug delivery, parenteral nutrition, chemotherapy and insulin therapy, among other treatments.

Infusion smart pumps incorporate advanced dose error reduction systems, wireless connectivity, dose safety software and real-time monitoring, which enhances their safety and efficiency. These innovations help reduce medication errors, a significant concern in healthcare.

For instance, in April 2024, Baxter International Inc. cleared the U.S. Food and Drug Administration (FDA) 510(k) clearance of its Novum IQ large volume infusion pump (LVP) with Dose IQ Safety Software. Adding LVP modality to the Novum IQ Infusion Platform, which includes Baxter's syringe infusion pump (SYR) with Dose IQ Safety Software, powered by the IQ Enterprise Connectivity Suite, enables clinicians to utilize a single, integrated system across a variety of patient care settings.

As more patients prefer managing their treatments at home, the need for portable infusion pumps has increased. Smart pumps allow for remote monitoring and data sharing, which are crucial for home healthcare settings, especially for chronic patients requiring ongoing infusion therapy.

Geographical Analysis

North America is expected to hold a significant position in the smart pumps market share

North America is expected to hold the largest market share in the global smart pumps market. North America, especially the United States is home to leading manufacturers of smart pumps, including Medtronic, Baxter International and other emerging players, which are continuously innovating to develop advanced, user-friendly smart pumps. These innovations, such as wireless connectivity, real-time monitoring and cloud-based data analytics, make these devices highly desirable in the healthcare industry.

For instance, in June 2023, B. Braun Medical Inc. launched its next generation of infusion management software, DoseTrac Enterprise Infusion Management Software. With this new software, organizations receive a mix of real-time views and retrospective reporting features to better understand their infusion pump fleet and associated data. The DoseTrac Enterprise Software platform can also connect up to 40,000 pumps at an unlimited number of facilities with just one application.

North America has a high prevalence of chronic diseases like diabetes, heart disease and cancer, which require continuous medication administration via infusion pumps. This has fueled the demand for smart pumps, especially for insulin infusion pumps and chemotherapy drug delivery systems. For instance, according to the American Diabetes Association, 38.4 million Americans, or 11.6% of the population, have diabetes, many of whom rely on infusion pumps for insulin delivery. The growing patient population is a significant driver for the smart infusion pump market.

Asia-Pacific is growing at the fastest pace in the smart pumps market

The Asia-Pacific region is experiencing the fastest growth in the smart pumps market. There has been a rapid increase in the adoption of smart healthcare devices in the Asia Pacific region. This is partly driven by the growing need for remote monitoring, dose error reduction and patient safety in hospitals and home care settings. Major market players in this region especially China, India and Japan focusing on smart infusion pumps with integrated technologies that allow for wireless communication, real-time data sharing and remote patient monitoring are seeing a surge in demand.

For instance, in February 2023 Mindray launched its BeneFusion i Series and u Series infusion systems featuring high precision, adaptive customization and extraordinary simplicity for guaranteed levels of medication safety in a variety of clinical settings. The new generation of smart pumps, for their advanced features to reduce medication errors, streamline workflow and improve cost-effectiveness, has seen greater potential in endoscopic, obstetrics, oncology, emergency departments and more.

Competitive Landscape

The major global players in the smart pumps market include B. Braun Medical Inc., Medtronic plc, Fresenius Kabi USA, LLC, Terumo Corporation, Becton, Dickinson and Company, ICU Medical, Inc., Baxter International Inc., Insulet Corporation, BPL Medical Technologies, SINO MDT and among others.

Why Purchase the Report?

• Pipeline & Innovations: Reviews ongoing clinical trials, product pipelines, and forecasts upcoming advancements in medical devices and pharmaceuticals.
• Product Performance & Market Positioning: Analyzes product performance, market positioning, and growth potential to optimize strategies.
• Real-World Evidence: Integrates patient feedback and data into product development for improved outcomes.
• Physician Preferences & Health System Impact: Examines healthcare provider behaviors and the impact of health system mergers on adoption strategies.
• Market Updates & Industry Changes: Covers recent regulatory changes, new policies, and emerging technologies.
• Competitive Strategies: Analyzes competitor strategies, market share, and emerging players.
• Pricing & Market Access: Reviews pricing models, reimbursement trends, and market access strategies.
• Market Entry & Expansion: Identifies optimal strategies for entering new markets and partnerships.
• Regional Growth & Investment: Highlights high-growth regions and investment opportunities.
• Supply Chain Optimization: Assesses supply chain risks and distribution strategies for efficient product delivery.
• Sustainability & Regulatory Impact: Focuses on eco-friendly practices and evolving regulations in healthcare.
• Post-market Surveillance: Uses post-market data to enhance product safety and access.
• Pharmacoeconomics & Value-Based Pricing: Analyzes the shift to value-based pricing and data-driven decision-making in R&D.

The global smart pumps market report delivers a detailed analysis with 70 key tables, more than 65 visually impactful figures, and 179 pages of expert insights, providing a complete view of the market landscape.

Target Audience 2023

• Manufacturers: Pharmaceutical, Medical Device, Biotech Companies, Contract Manufacturers, Distributors, Hospitals.
• Regulatory & Policy: Compliance Officers, Government, Health Economists, Market Access Specialists.
• Technology & Innovation: AI/Robotics Providers, R&D Professionals, Clinical Trial Managers, Pharmacovigilance Experts.
• Investors: Healthcare Investors, Venture Fund Investors, Pharma Marketing & Sales.
• Consulting & Advisory: Healthcare Consultants, Industry Associations, Analysts.
• Supply Chain: Distribution and Supply Chain Managers.
• Consumers & Advocacy: Patients, Advocacy Groups, Insurance Companies.
• Academic & Research: Academic Institutions.