Growing Geriatric Population Susceptible to Chronic Pain Fuels Infusion Pumps Market Growth

The global infusion pumps market features a fairly consolidated vendor landscape. Key players are resorting to organic and inorganic growth strategies to boost their technical expertise and introduce novel products. Large players are engaging in mergers and acquisitions and partnerships to expand their product offerings and further boost their market share. For example, in March 2015, Becton, Dickinson and Company took over CareFusion Corporation – the US based medical device company. Prominent companies to name in the infusion pumps market are F. Hoffmann- La Roche Ltd., ICU MEDICAL INC., Medtronic plc, Baxter International Inc., B. Braun Melsungen AG, Tandem Diabetes Care Inc., Smiths Medical, Terumo Corporation, Becton, Dickinson and Company, and Fresenius SE and Co. KGaA.

The global infusion pumps market stood at USD 7036 million in 2017 vis-à-vis revenue. Expanding at a CAGR of 5.4 percent between 2018 and 2026, the market is anticipated to be exceed USD 10,000 million by 2026. By product, insulin segment is predicted to hold the leading share of the market. Rising incidence of diabetes and efficacy of insulin pumps for both type 1 and type 2 diabetes account for large market share of insulin segment. The implantable segment, on the other hand, is anticipated to display declined share between 2017 and 2026. Application-wise, diabetes management segment is projected to hold the dominant share of the market through 2026. In terms of geography, North America is a key market for infusion pumps due to high healthcare expenditure.

Primarily fuelling the infusion pumps market is rise in geriatric population prone to chronic pains and rising prevalence of diabetes globally. Developed regions such as North America and Europe account for substantial demand for infusion pumps due to high level of awareness regarding advanced drug delivery systems. Infusion pumps are medical devices that are used for uninterrupted administer of drugs and fluids such as plasma, dextrose solutions, and saline. Large volume infusions are required for hydration therapy and parenteral nutrition, while small volume infusions are required for neonatal infusions and potent drugs. Launch of technologically advanced products is also fuelling the infusion pumps market. For example, CCellnovo – UK based mobile medical device company is likely to launch wireless handheld infusion pumps by the end of 2018. The new device is said to control body-worn patches.

Furthermore, demand for low-cost infusion devices and favorable reimbursement scenario for infusion pumps in emerging economies are likely to favor the infusion pumps market. On the flip side, however, risk of failure is limiting the adoption of infusion pumps to administer fluids to patients. Software error messages, alarm failure, and battery failure are some common problems associated with infusion pumps. For example, Medfusion Syringe Pump 4000 series from Smith Medical was recalled in 2017 due to inability of accurate detection of diameter of syringe barrel. – Transparency Market Research