PUBLISHER: The Business Research Company | PRODUCT CODE: 1387919
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387919
“Intravenous Infusion Pumps Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on intravenous infusion pumps market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for intravenous infusion pumps? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The intravenous infusion pumps market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
In the realm of medical devices, intravenous infusion pumps are vital tools designed for the precise administration of medications into patients' bodies.
The intravenous infusion pumps market, as discussed in this report, is categorized into several product segments, including volumetric, syringe, enteral, ambulatory, IV disposables, and others. The syringe type is characterized by a reciprocating mechanism for drug delivery and is driven by a plunger. The market is further divided based on application, encompassing chemotherapy, diabetes treatment, gastroenterology, analgesia and pain management, pediatrics and neonatology care, haematology, and other medical uses. Additionally, the market is segmented by end-users, such as hospitals, ambulatory surgical centers, cancer treatment centers, specialty clinics, and other healthcare facilities.
The intravenous infusion pumps market research report is one of a series of new reports from The Business Research Company that provides intravenous infusion pumps market statistics, including intravenous infusion pumps industry global market size, regional shares, competitors with an intravenous infusion pumps market share, detailed intravenous infusion pumps market segments, market trends and opportunities, and any further data you may need to thrive in the intravenous infusion pumps industry. This intravenous infusion pumps market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The intravenous infusion pumps market size has grown strongly in recent years. It will grow from $5.71 billion in 2023 to $6.15 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth experienced during the historical period can be attributed to several key factors, including advancements in medical technology, the aging population, the expansion of home healthcare services, the growth of hospitals and healthcare facilities, and the implementation of regulatory standards.
The intravenous infusion pumps market size is expected to see strong growth in the next few years. It will grow to $8.51 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The projected growth in the forecast period can be ascribed to various factors, including the escalating burden of chronic diseases, continuous technological innovation, the expansion of home infusion services, and the adoption of telehealth and remote monitoring. Notable trends that are expected to shape this period include the emergence of smart infusion pumps, the integration of wireless and remote monitoring capabilities, the proliferation of home infusion therapy, the advancement of precision medicine, and the customization of infusion therapies to suit individual patient needs.
The surge in individuals living with chronic pain, cancer, and diabetes plays a pivotal role in driving the demand for intravenous infusion pumps. These pumps are extensively utilized in delivering pharmaceutical drugs during the treatment of such diseases. The escalating prevalence of chronic illnesses worldwide is primarily due to an aging population and changes in societal behavior, leading to a gradual increase in these long-term, widespread, and costly medical issues. Intravenous infusion pumps play a crucial role in administering regulated doses of nutrients or drugs, including chemotherapy medications, pain relievers, antibiotics, insulin, and other hormones. According to the Australian Bureau of Statistics' March 2022 report, nearly half of the population (46.6% or 11.6 million) suffered from at least one chronic illness. Thus, the increasing prevalence of chronic diseases is anticipated to bolster the growth of the intravenous infusion pumps market.
The mounting prevalence of bleeding disorders is poised to propel the growth of the intravenous infusion pump market in the forthcoming years. Bleeding disorders encompass a range of medical conditions that impede the body's ability to form blood clots effectively. These disorders can result in excessive and prolonged bleeding following injuries or surgeries, with spontaneous and challenging-to-control hemorrhages. Intravenous infusion pumps are an integral therapeutic aid for managing bleeding disorders. These pumps facilitate the precise and controlled delivery of medications, ensuring patients receive accurate dosages at the appropriate times. According to the National Blood Authority's June 2021 data, the Australian Bleeding Disorders Registry recorded 7,040 active patients with bleeding disorders, with hereditary hemophilia A (HMA) affecting approximately 36% of individuals, followed by hereditary von Willebrand disease (VWD). Hence, the increasing prevalence of bleeding disorders is propelling the growth of the intravenous infusion pump market.
A significant challenge inhibiting the growth of the intravenous infusion pumps market is the substantial cost associated with these devices. When intravenous infusion pumps in hospitals and pharmacies are networked, the cost of medication therapies is projected to double, as these pumps are pre-programmed with limits to prevent intoxication or overdoses. For instance, the syringe pump cost ranges between $2,380 to $5,982, with additional pump-hardware support contracts varying from $150 to $250 per pump. Therefore, the considerable expense linked with intravenous infusion pumps, elevating the overall cost of drug therapies, is expected to impede the market growth for these devices.
The rapid progression in technology stands as a significant trend in the intravenous infusion pumps market, gaining considerable traction. These technological advancements in infusion pumps have revolutionized medical care in hospitals, permitting patients to receive fluid injections either on an outpatient basis or in a home setting, thus enabling them to continue their daily routines. Smart intravenous infusion pumps, a result of technological innovation, play a pivotal role in averting medication errors and reducing harm to patients. Leading companies making substantial investments in smart intravenous pumps include Fresenius Kabi, Q-Core Medical, Becton Dickinson, Micrel Medical Devices, and Baxter International. For example, vTitan, a healthcare company based in Chennai, introduced the latest generation of Syringe Infusion Pumps, specifically designed for critical care in hospitals and home settings, ensuring the reliable and safe infusion of drugs.
Prominent entities within the intravenous infusion pump market are concentrating on the development of innovative products such as the Novum IQ syringe infusion pump (SYR) to cater to the evolving needs of their customer base. A syringe infusion pump, also known as a syringe driver, is a motorized apparatus that accurately controls the flow of fluid from a syringe by mechanically moving the plunger in and out. Unlike intravenous bags, this type of infusion pump administers medications and fluids in vivo for diagnoses, therapies, or other patient care. Baxter International Inc., a US-based healthcare company, announced the FDA 510(k) approval for its Novum IQ syringe infusion pump (SYR) in August 2022. This pump is equipped with Baxter's Dose IQ Safety Software, an individualized drug library, and dosage error reduction solution, facilitating access to updated medication library files, integration of titration avoidance technology for additional safety measures, enhancing the efficiency and accessibility of information technology infrastructure, and ensuring scalability for future medical systems and technology.
In a strategic move in March 2022, Fresenius Kabi, a Germany-based pharmaceuticals company, acquired Ivenix for $240 million in upfront payments and milestone payments. This acquisition signifies an effort to bolster the company's offerings and cater to the evolving needs of their customers. Ivenix, a US-based manufacturer of infusion pumps, is anticipated to strengthen Fresenius Kabi's position in the market by enhancing its product line and services.
Major companies operating in the intravenous infusion pumps market include B. Braun Melsungen AG, Baxter International Inc., Medtronic plc, Fresenius Kabi AG, Smiths Medical Inc., Becton Dickinson and Company (BD), Terumo Corporation, F. Hoffmann-La Roche Ltd., ICU Medical Inc., IRadimed Corporation, Mindray Medical International Limited, Zyno Medical LLC, Tandem Diabetes Care Inc., Johnson & Johnson, Micrel Medical Devices SA, Boston Scientific Corporation, Pfizer Inc., Q-Core Medical Ltd., Moog Inc., Roche Diagnostics International AG, Nipro Corporation, Animas Corporation, Ypsomed Holding AG, Valeritas Inc., ZOLL Medical Corporation, Codan Medical A/S, Halyard Health Inc., InfuSystem Holdings Inc., Hospira Infusion Systems, CareFusion Corporation
North America was the largest region in the intravenous infusion pumps market in 2023. Western Europe was the second-largest region in the intravenous infusion pumps market. The regions covered in the intravenous infusion pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the intravenous infusion pumps market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
The intravenous infusion pumps market consists of sales of volumetric infusion pumps, syringe infusion pumps, and patient controlled analgesia infusion pumps. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.