PUBLISHER: Grand View Research | PRODUCT CODE: 1224595
PUBLISHER: Grand View Research | PRODUCT CODE: 1224595
The global intravenous infusion pump market size is expected to reach USD 9.9 billion by 2030 and is expected to expand at 8.3% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The introduction and development of specialty and smart pumps are responsible for the crucial growth of the infusion pump industry. Smart infusion pumps are considered an advancement that will give a boost to the market as it embeds error-reduction software and customized drug libraries. According to a study conducted by Mindray Medical company in 2018, infusion pumps are the most conventional hospital rental equipment.
The rise in diseases like cardiovascular and cancer continues to drive the demand for intravenous infusion pump devices. Intravenous infusion pumps ensure regulated, controlled, and error-free delivery of medications and nutrients. Such processes are essential while treating patients via chemotherapy or radiation therapy. These are very complex processes and require a very precise dosage of medication. The amalgamation of factors like shift in technology, automation, and standardized dosing for intravenous pump devices are anticipated to make therapy more convenient and user-friendly for patients.
The intravenous infusion pumps industry witnessed growth in demand in 2020 due to the COVID-19 pandemic. This was because infusion pumps are the most common medical devices used in health emergencies. As the pandemic burdened healthcare facilities due to increased use, the demand for medical devices like infusion pumps witnessed a major surge. In May 2020, the FDA also issued an umbrella authorization for the emergency use of infusion pumps and infusion pump accessories. This increased use by healthcare providers catered to the increased demand for infusion pumps.