INFUSION PUMPS MARKET ANALYSIS

Market Challenges And Opportunities

Global Infusion Pump Market Restraints:

Safety issues and stringent regulations to hinder market growth

One of the key factors expected to hamper growth of the global infusion pump market is the safety issues and stringent rules and regulations. Infusion pumps pose risks to patient safety due to their complexity and multiple steps required in their administration. Studies have found that IV infusion is associated with around 56% of medication errors, 54% of all adverse drug events, and 61% of serious and life-threatening errors. Therefore, the quality of medical device and their approvals are governed by the regulatory authorities of respective countries; to protect the risks associated with the design, manufacture, and packaging of the device.

High cost of infusion pumps to hamper the market growth

Another factor which is hampering the growth of the global infusion pump market is the high cost of infusion pumps. For instance, infusion pumps are in widespread use in clinical settings such as hospitals, nursing homes, and in the home. However, cost of infusion pump is directly associated to the types, specification, and features of the infusion pump, and it also depends of the brand or a company. The cost of infusion pump in India is around INR. 20000 to INR. 1.5 lakh (the infusion pump price range includes all types of pump, such as syringe pump, feeding pump, and volumetric infusion pump, among others. This in turn is restraining the market growth.

Global Infusion Pump Market Drivers:

One of the key factors expected to augment the growth of the global infusion pump market during the forecast period is the growing burden of chronic disease, such as cancer and diabetes, around the globe. Infusion pump is a medical device that delivers fluids into a patient's body in controlled amounts. A pump replaces the need for multiple daily injections with a continuous insulin infusion, and helps improve blood sugar levels. According to the International Diabetes Federation (IDF), around 537 million adults (20 to 79 years) are living with diabetes, and the number of people living with diabetes is expected to reach 643 million by 2030 and 783 million by 2045.

Growing geriatric population to drive market growth

Another factor which is driving growth of the global infusion pump market is the growing geriatric (aging) population around the world. For instance, the geriatric population is more susceptible to chronic disease, and the high risk of chronic and long-term health conditions increases the demand for infusion pumps/therapies. According to the World Health Organization (WHO), 1 in 6 people in the world will be aged 60 years and more by 2030, and the world’s population of people aged 60 years and older will double (2.1 billion) by 2050. Thus, with the growing geriatric population, the demand for infusion pumps is also increasing rapidly.

Global Infusion Pump Market Opportunities:

Increase in demand for infusion pump across the globe is expected to provide significant growth opportunities for player in the global infusion pump market. For instance, infusion pumps are used to deliver nutrients or medications, in small or large amounts, such as insulin or other hormones, pain relievers, antibiotics, and chemotherapy drugs, among others. In November 2022, Medtronic plc announced the U.S. launch of Medtronic Extended infusion set, the first and only infusion set labelled for up to 7-day wear. An infusion set is tubing that delivers insulin from an insulin pump to the body and typically requires a set change every two to three days.

Technological advancements or increase in adoption of smart infusion pumps is expected to offer lucrative growth opportunities for players in the global infusion pump market. For instance, players in the market are focusing on developing and launching smart, technologically advanced infusion pumps in the market. In December 2022, Baxter received 510(k) clearance of its new Novum IQ syringe infusion pump. A pump can fully integrate with hospital electronic medical records (EMR) through Baxter’s IQ Enterprise Connectivity Suite. Novum IQ SYR offer enhanced safety features and is designed to help deliver optimum accuracy.