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Intravenous Infusion Pump Market size to exceed $9.5 Bn by 2032
- Published Date: April 14, 2023
Intravenous Infusion Pump Market size is expected to cross USD 9.5 billion by 2032, according to a new research report by Global Market Insights Inc.
The growing prevalence of chronic diseases will stimulate the sales of intelligent intravenous infusion pumps. In America, for example, cancer, heart conditions, and other non-communication diseases remain a major health burden. This high incidence of severe medical conditions will lead to an increased number of people undergoing surgeries. As a result, the need for intravenous medication infusion pumps will rise to prevent perioperative errors and manage post-operative pain. Likewise, the high awareness of minimally invasive surgical procedures will hasten product development over the forecast period.
Technical errors and frequent recalls of IV infusion pumps may act as restraining factors
Risk factors including drug library overrides may hinder intravenous infusion pump market expansion to some extent. A single IV medication dose requires multiple keystrokes and steps, adding up to the possibility of errors and product recalls. In March 2022, Baxter International Inc. recalled its products, such as SIGMA Spectrum Infusion Pumps with Master Drug Library, due to inadequate alarm management for repeated upstream occlusion events. The technical factors including software error and battery failure may further hamper the growth of intravenous fluids infusion pump developers.
Continuous insulin infusion pumps to gain ground due to high diabetes and obesity burden
The intravenous infusion pump market share from the insulin segment is poised to exhibit over 5.5% CAGR through 2032, driven by the increasing incidence of diabetes. Over the years, the obesity epidemic continues to rise, with younger adults being the most susceptible group in America. The COVID-19 pandemic has also resulted in higher weight increases among teens and kids. Since obesity is one of the key risk factors of diabetes, the requirement for IV infusion will surge across healthcare settings over the forthcoming years.
Browse key industry insights spread across 200 pages with 339 market data tables & 16 figures & charts from the report, “Intravenous Infusion Pump Market Size By Product (Volumetric, Syringe, Insulin, Patient-Controlled Analgesia Pump, Ambulatory), By Application (Oncology, Pediatrics/Neonatology, Analgesia/Pain Management, Diabetes, Gastroenterology) By End-use (Hospital & Clinics, Homecare, Ambulatory), Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2023-2032” in detail along with the table of contents:
Rise in chronic disease surgical procedures spur IV infusion pump adoption in hospitals & clinics
The hospital & clinics segment held over 47% share of the intravenous infusion pump industry in 2022. The mounting adoption of chemotherapy, parenteral nutrition, blood transfusions, and other treatments in these healthcare facilities was among the growth drivers. The report reveals that the volume of surgical procedures has also surged in hospital settings. These factors, alongside the rising prevalence of chronic diseases, will accelerate product installation in hospitals and clinics.
APAC to become a key destination for IV pump makers to address healthcare needs of geriatric people
Asia Pacific intravenous infusion pump market is set to be valued at over USD 2.5 billion by 2032, as a result of the increase in the geriatric population. Since older people are susceptible to diabetes, cancer, cardiovascular diseases, and other chronic health conditions, the rate of hospitalization will grow. Additionally, the introduction of funds to support healthcare infrastructure is expected to foster regional market dynamics over the estimated timeline.
Mergers & acquisitions to remain a major strategy for industry participants
Some of the key players profiled in the report include Micrel Medical Devices SA, Fresenius Kabi, Becton, Dickinson and Company, Baxter International Inc., F. Hoffmann-La Roche Ltd., Boston Scientific Corporation, Medtronic, IRadimed Corporation, and B. Braun Melsungen AG, among others