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Infusion Pump Market by Product (Devices [Volumetric, Insulin, Enteral, Ambulatory, PCA], Accessories, Smart Infusion System), Application (Hormones, Antibiotics, Chemotherapy drugs), End User (Hospital, Home Health Care, ACS) - Global Forecast to 2024
Infusion pumps have contributed to improvements in patient care, allowing greater levels of control, accuracy and precision in drug delivery. Today, they are used in both life-sustaining as well as life-saving treatments within clinical areas like anesthesia, intensive care, and oncology. The pumps are also used at wards, within the home care environment, and at hospice (palliative care) for fluid therapy, pain relief, and other drug treatments which is driving their adoption.
Rising demand for ambulatory infusion pumps, increasing incidence of chronic diseases along with the rapid growth in the geriatric population, growing volume of surgical procedures, and rising demand for infusion pumps for home healthcare are the driving factors for the growth of infusion pump market. Growing adoption of specialty infusion systems and increasing demand in the emerging markets provides significant opportunities for the infusion pump vendors.
Key players are likely to focus on a very lucrative home healthcare segment in the forecast period. For instance, according to Centers for Medicare & Medicaid Services, U.S. health care spending grew 3.9 percent in 2017, reaching $3.5 trillion or $10,739 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 17.9 percent. Meanwhile, lower-middle-income countries, which spent $267 per capita in 2014, are expected to increase spending by $577, and low-income countries, which spent $120 in 2014 are expected to increase spending by $75 in 2040.
One of the major trends in this market is the growing demand for wireless infusion pumps. This enables the pump to wirelessly communicate with a variety of information systems and medical devices. The ability of an infusion pump device to interact with the EMR helps to automate work flow, reduce costs, save time, and reduce duplication errors.
On the basis of product, the accessories/consumables segment accounted for the largest share of the infusion pumps market in 2017. Recurrent use and repeat purchase of accessories/consumables for infusion therapy supports the high share of this segment.
Based on end users, hospitals segment dominated the market in 2017. The large share is attributed to the high purchasing power of hospitals for high-priced infusion devices, large patient pool, and the availability of trained professionals to operate infusion pumps. Home health care was identified as the fastest growing segment in global infusion pump market. Home health care are expected to grow at a highest CAGR during the forecast period.
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The report includes extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 3 years (2015-2019). For instance, in April 2017, Becton, Dickinson and Company completed the acquisition of Israeli-based Caesarea Medical Electronics (CME), a global infusion pump systems manufacturer. The acquisition of CME helped expand BD’s infusion pump portfolio to include ambulatory, home, and specialty acute care infusion pumps.
The major players operating in global infusion pump market are Becton, Dickinson and Company (BD), B. Braun Melsungen, Baxter International, Fresenius Kabi, ICU Medical, Medtronic, Moog Inc., Smiths Medical (A Division of Smiths Group PLC), Terumo Corporation, Roche Diagnostics (A Division of F. Hoffmann-LA Roche Ltd.), and Halyard Health.
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