Infusion pumps and accessories global Market estimated to be worth $13,867.0 million by 2026
Infusion pumps are the therapeutic medical devices used extensively for the purpose of administering medication and nutrients to the patient’s using a catheter or small pumps by different modes of administrations like intravenous, subcutaneous, epidural, Intra-arterial, intrathecal, intra-ventricular and enteral. These pumps play a major role in interruption free medicine and nutrients administration in all clinical settings and are an essential tool in preoperative, critical, postoperative recovery and pain management care.
According to IQ4I estimation, the infusion pumps and accessories global market is expected to reach $13,867.0 million by 2026. Factors such as the increase in aging population & subsequent rise in incidence of chronic diseases, technological innovations offering wider scope of applications for infusion pumps and increase in use of infusion products in home care settings are the factors driving the market growth. The increasing trend for wireless infusion pumps, increased use of smart pumps and market expansion in emerging nations are expected to offer potential opportunities.
However, various factors such as patient safety risks and medication errors associated with infusion pumps, increasing number of infusion pump product recalls are limiting the growth of infusion pumps and accessories global market. The threats for the infusion pumps and accessories market include lack of cyber-security in wireless infusion pumps and stringent regulatory requirements for new products.
Use of smart pumps and disposable pumps in almost all the therapeutic areas and insulin pumps for diabetes insulin management is the trend of this market, where, smart pumps and wireless infusion pumps are used to avoid the wrong medication administration, dosage errors and are specially used for infusing very small dosage of medications. Customized infusion pumps and insulin patch pumps are some of the upcoming technologies in the field of infusion pumps.
The infusion pumps and accessories market is mainly segmented into products, applications, mode of administration, end-users and geography. Among products, Infusion pumps accounted for the largest revenue in 2019 and are projected to grow at a mid single digit CAGR from 2019 to 2026, owing to the huge demand for infusion pumps due to increasing chronic illness incidences in aging population, technological advancements, and increased usage of smart infusion pumps with dosage error reduction software (DERS). In application market, diabetes segment commanded the largest share and is expected to grow at a mid single digit CAGR from 2019 to 2026, due to rising incidence of diabetes in developed and emerging economies, increasing product launches, development of smart insulin pumps and CGM integrated systems. In Mode of administration market, subcutaneous segment commanded the largest share in 2019 and is expected to grow at a mid single digit CAGR from 2019 to 2026, increasing incidence of diabetes in all age group people decreased healthcare costs, improved therapy compliance, increasing trend of self-medication are the factors driving the market growth. In end-users, hospitals segment commanded the largest revenue in 2019 and home healthcare is projected to be the fastest growing segment with mid single digit CAGR from 2019 to 2026 due to ease of device usage, reduced chances of hospital acquired infection, lower readmission rate, efforts to reduce healthcare costs and improved patient compliance.
Increasing incidence of diabetes in younger group, who require continuous monitoring and insulin administration is emerging as one of the major opportunities for market players to invest more in R&D for designing innovative insulin pumps. For instance, In August 2019, Insulet Corporation launched Omnipod DISPLAY and Omnipod VIEW apps for new Omnipod DASH System. This application is now available to download from the iOS App Store. The Omnipod DISPLAY app allows for a convenient display of Personal Diabetes Manager (PDM) data on the user’s iOS smartphone including, Pod status, insulin therapy history, and alarms, as well as a “Find My PDM” feature. By end of 2019, Medtronic, PLC is planning to launch MiniMed 680G, an advanced hybrid closed loop system.
Based on geography, the infusion pumps and accessories market is divided into North America, Europe, Asia-Pacific and Rest of the world. The North American region commanded largest market revenue in 2019 and is expected grow at a mid single digit CAGR from 2019 to 2026. High investments in healthcare infrastructures and demand for quality services in this market are propelling the market growth. However, Asia-pacific region is expected to grow at mid single digit CAGR from 2019 to 2026 due to increasing healthcare awareness, improved economic growth and increasing healthcare funding by the governments.
The overall infusion pump market is consolidated with major companies commanding a combined share of xx% of the market. To maintain competitive edge these companies have adopted different strategies, for instance, by end of 2019, Medtronic is planning to launch MiniMed 680G advanced hybrid closed loop system. Similarly, Rusan pharmaceuticals introduced infusion pumps (APOSAN) for the treatment of motor fluctuations (ON-OFF) in patients with Parkinson’s Disease (PD) which is not sufficiently controlled by oral anti-Parkinson’s medication currently available. APOSAN will be available in the form of injections, pen and continuous infusion pumps. Likewise in July 2019, Ever Pharma launched CE mark approved D-mine micro-infusion pump in several European countries for Parkinson’s disease.
Among the Infusion pumps and accessories global market, Medtronic is recognized as the global market leader with a largest share of xx% in the overall market, and also considered to be leader in Insulin infusion pumps and Implantable infusion pump with a share of xx% & xx% respectively. Similarly, Baxter International Inc. is leading in volumetric and syringe infusion pump market with a share of xx% and xx% respectively. Smiths Group Commanded the major share of xx% in ambulatory infusion pumps market, Avanos Medical Inc. commanded the xx% share in disposable infusion pump and Cardinal Health commanded the largest share xx% in enteral infusion pumps market.
The increase in the number of clinical trials performed year-on-year is expected to drive the infusion pump market further and introduction of new devices, analysis by IQ4I research indicate that xx% clinical trials are in phase-3 stage, xx% clinical trials are in phase-2 and xx% clinical trials are in phase-1. The majority of clinical trials are focused on diabetes, pain, cancer, Parkinson’s diseases and respiratory depression, with PCA Pumps, Insulin pumps and ambulatory pumps. However, increasing number of product recalls year-on-year is negatively influencing the market, According to IQ4I analysis, product recalls by FDA from 2018 to 2019 include, xx% of class I, xx% of Class II and xx% of class III products.
The Technological advancements such as next generation barcode systems, infusion tele-therapy, mechatronic syringe pumps and availability of MRI compatible infusion pumps are positively influencing the infusion pump market. For instance, in 2017, Iradimed Corporation launched MRidium 3860+ MRI Compatible IV Infusion Pump System which the only FDA approved MRI compatible infusion pump available in the market. B.Braun is seeking FDA clearance for its SpaceStation MRI Trolley, currently it is available only in outside the U.S., which allows B. Braun IV infusion pumps to be used in the MRI environment.
Major players in infusion pumps and accessories market include B. Braun Melsungen AG (Germany), Baxter International Inc (U.S.), Becton Dickinson & Company (U.S.), Cardinal Health Inc. (U.S.), Fresenius SE & Co. (Germany), ICU Medical Inc. (U.S.), Insulet Corporation (U.S.), Medtronic PLC (Ireland), Nestle Group (Switzerland), Smiths Group PLC (U.K.), Tandem Diabetes Care Inc. (U.S.) and Terumo Corporation (Japan).