Dublin, Dec. 22, 2021 (GLOBE NEWSWIRE) -- The "Global Intravenous Infusion Pumps Market By Type, By Application, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Intravenous Infusion Pump Market size is expected to reach $8.2 billion by 2027, rising at a market growth of 8.5% CAGR during the forecast period.
An intravenous infusion pump refers to a medical device, which is utilized to inject medications and nutrients into a patient's body. These pumps are generally seen in a medical setup because they are majorly utilized in giving medications in pre-determined dosages to any patient. The growing geriatric population and the rising cases of chronic diseases across the globe are among the major driving factors of the intravenous infusion pump.
Additionally, the high adoption of portable infusion pumps to decrease the expenses of the hospital is also anticipated to support the growth of the market. Though, patient safety risks & medication errors regarding infusion pumps are estimated to hamper the market growth. There are many companies that are increasingly investing in the advancement of infusion pump technology, which is expected to open new growth opportunities for the intravenous infusion pumps market.
The increasing prevalence of patients with cancer, chronic pain, and diabetes is one of the major factors fueling the demand for intravenous infusion pumps. It is because these pumps are generally utilized to give pharmaceutical drugs during the treatment of such diseases. There is an increasing prevalence of chronic illnesses and disorders across the globe due to the increase in the aging population and shift in social behavior, which can result in the gradual rise of these widespread and costly long-term medical conditions.
Additionally, infusion pumps are utilized to give measured doses of nutrients or drugs into a patient's body, like pain relievers, chemotherapy medicines, insulin, antibiotics, or other hormones. According to the WHO, the prevalence of chronic diseases is estimated to rise by 57% by 2020. Thus, the growing prevalence of chronic diseases is anticipated to fuel the growth of the intravenous infusion pumps market.
COVID-19 Impact Analysis
The world has witnessed a lot of problems and disruptions due to the global covid-19 pandemic. Various restrictions like lockdown, travel ban, a temporary ban on manufacturing units, ban on public gathering, social distance, ban on import and export and many more have adversely impacted different sectors of the business. However, the healthcare sector has witnessed a surge in demand for various devices for providing better medical treatment to patients.
The global COVID-19 pandemic has resulted in the growing demand for intravenous infusion pumps and other related systems because most of the hospitalized patients, particularly those in ICUs, are given medications through intravenous infusion pumps owing to their capability to provide accurate doses automatically at fixed times. In cases, where patients require acute care, these intravenous infusion pumps help in providing a variety of medications like vasopressors, antithrombotic, opioids, insulin, neuromuscular blocking agents, anesthetic agents, and antiarrhythmic agents, some of them are needed for COVID-19 patients.
Market Growth Factors:
Growing prevalence of chronic diseases
With the growing urbanization and modernization, people have inculcated various changes in their food habits and living standards. The inclusion of various toxic food habits and lifestyles has resulted in the prevalence of several diseases. One of the key factors fueling the growth of the Intravenous infusion pumps market is the rising prevalence of various chronic diseases.
Increasing demand for ambulatory infusion pumps in-home care setup
Infusion pumps like implantable pumps, ambulatory chemotherapy pumps, and insulin pumps are very helpful in the treatment of various diseases like cancer and diabetes in the home care setup. Ambulatory infusion pumps are very handy or wearable. These infusion pumps help in delivering fluids like medicines, nutrients, and antibiotics in a patient's body accurately in a controlled surrounding.
Market Restraining Factor:
Increasing cases of a product recall
Infusion pumps are utilized to deliver various crucial fluids like high-risk medications and nutrients into a patient's body. Any kind of error in operating these systems can result in very serious harm to patients and can even result in the death of the patient. As per the Institute of Medicine (US), almost 1.5 million patients per year witness medication errors that cost USD 8,750 per Potential Adverse Drug Event (PADE). The recall rate of infusion pumps is the highest among all the medical devices.
Type Outlook
Based on Type, the market is segmented into Volumetric Infusion Pumps, Syringe Infusion Pumps and Patient Controlled Analgesia Infusion Pumps. The Volumetric Infusion Pumps market dominated the Global Intravenous Infusion Pump Market by Type in 2020. The emerging countries are witnessing improvements in socio-economic conditions, which is expected to boost the demand & growth of the volumetric infusion pump segment. The Syringe Infusion Pumps market is expected to witness a CAGR of 8.4% during (2021 - 2027).
Application Outlook
Based on Application, the market is segmented into Oncology, Parenteral Nutrition, Analgesia/Pain Management and Others. Based on the application, the oncology segment emerged as the leading segment of the market in 2020. The trend is likely to unfold even during the forecasting period. This is due to the increasing prevalence of cancer, as these pumps are broadly utilized to administer drugs in the treatment of these diseases.
End User Outlook
Based on End User, the market is segmented into Hospitals & Clinics, Home Healthcare and Others. Based on the end-user, the hospitals & clinics segment garnered the maximum revenue share of the market in 2020 and is expected to maintain a similar kind of position during the forecast period. Factors such as the high availability of smart and ultra-modern intravenous infusion pumps in hospitals, the rapid rate of chronic diseases, and increasing healthcare spending are responsible for the growth of this segment.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific region is projected to showcase the highest growth rate during the forecast period. It is due to the rising burden of chronic diseases like cancer and diabetes, the high number of surgical procedures carried out, the growing adoption of advanced medical devices, and the regional presence of key global players. All these aspects are anticipated to open new growth prospects for the regional intravenous infusion pumps market during the forecast period.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Johnson & Johnson, B. Braun Melsungen AG, Medtronic PLC, F. Hoffmann-La Roche Ltd., Becton, Dickinson and Company, Baxter International, Inc., Terumo Corporation, Smiths Group PLC, Boston Scientific Corporation, and Micrel Medical Devices SA.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Global Intravenous Infusion Pump Market by Type
3.1 Global Volumetric Infusion Pumps Market by Region
3.2 Global Syringe Infusion Pumps Market by Region
3.3 Global Patient Controlled Analgesia Infusion Pumps Market by Region
Chapter 4. Global Intravenous Infusion Pump Market by Application
4.1 Global Oncology Market by Region
4.2 Global Parenteral Nutrition Market by Region
4.3 Global Analgesia/Pain Management Market by Region
4.4 Global Other Application Market by Region
Chapter 5. Global Intravenous Infusion Pump Market by End User
5.1 Global Hospitals & Clinics Market by Region
5.2 Global Home Healthcare Market by Region
5.3 Global Others Market by Region
Chapter 6. Global Intravenous Infusion Pump Market by Region
Chapter 7. Company Profiles
7.1 Johnson & Johnson
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Segmental &Regional Analysis
7.1.4 Research & Development Expenses
7.2 B. Braun Melsungen AG
7.2.1 Company Overview
7.2.2 Financial Analysis
7.2.3 Segmental and Regional Analysis
7.2.4 Research & Development Expenses
7.2.5 Recent Strategies and Developments:
7.2.5.1 Partnerships, Collaborations, and Agreements:
7.3 Medtronic PLC
7.3.1 Company overview
7.3.2 Financial Analysis
7.3.3 Segmental and Regional Analysis
7.3.4 Research & Development Expenses
7.4 F. Hoffmann-La Roche Ltd.
7.4.1 Company Overview
7.4.2 Financial Analysis
7.4.3 Segmental and Regional Analysis
7.4.4 Research & Development Expense
7.5 Becton, Dickinson and Company
7.5.1 Company Overview
7.5.2 Financial Analysis
7.5.3 Segmental and Regional Analysis
7.5.4 Research & Development Expense
7.6 Baxter International, Inc.
7.6.1 Company Overview
7.6.2 Financial Analysis
7.6.3 Regional Analysis
7.6.4 Research & Development Expense
7.6.5 Recent Strategies and Developments:
7.6.5.1 Partnerships, Collaborations, and Agreements:
7.6.5.2 Acquisitions and Mergers:
7.7 Terumo Corporation
7.7.1 Company Overview
7.7.2 Financial Analysis
7.7.3 Segmental Analysis
7.8 Smiths Group PLC
7.8.1 Company Overview
7.8.2 Financial Analysis
7.8.3 Segmental and Regional Analysis
7.8.4 Research & Development Expenses
7.8.5 Recent Strategies and Developments:
7.8.5.1 Partnerships, Collaborations, and Agreements:
7.9 Boston Scientific Corporation
7.9.1 Company Overview
7.9.2 Financial Analysis
7.9.3 Segmental and Regional Analysis
7.9.4 Research & Development Expense
7.10. Micrel Medical Devices SA
7.10.1 Company Overview
7.10.2 Recent Strategies and Developments:
7.10.2.1 Partnerships, Collaborations, and Agreements:
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