Intravenous Infusion Pump Market Expected to Reach $8.14 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, " Intravenous infusion pump market by Type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030," The global intravenous infusion pump market was valued at $4.15 billion in 2020, and is estimated to reach $8.14 billion by 2030, growing at a CAGR of 7.10% from 2021 to 2030.

Intravenous infusion pump is in extensive use in clinical settings such as hospitals, nursing homes, and in homes. These pumps are operated by trained operators by programming the rate and duration of fluid delivery by means of built-in software to deliver nutrients, hormones, antibiotics, chemotherapy drugs, and pain relievers.

Alarming increase in incidence of chronic diseases along with rapid surge in geriatric population, surge in demand for ambulatory infusion pumps, and increase in volume of surgical procedures performed across the globe act as the key driving forces of the global intravenous infusion pumps market. However, implementation of stringent regulations for new products, medication errors associated with infusion pumps (which have resulted in product recalls), and increase in adoption of refurbished & rental infusion pumps are expected to impede the growth of this market during the forecast period.

Moreover, upsurge in demand for these pumps from anesthesiologists, physicians, and nurse anesthetists has reduced the risk of intravenous medication errors. Furthermore, widespread adoption of smart pumps with high success rates and introduction of dose error reduction systems (DERSs) are boosting the growth of the intravenous infusion pumps market.

The COVID-19 pandemic has led to an increase in the demand for intravenous infusion pumps and related systems, as majority of the hospitalized patients, especially those in ICUs, are medicated via intravenous infusion pumps due to their ability to deliver precise doses automatically at set times. Furthermore, in the case of acute care, these intravenous infusion pumps aid in the delivery of a range of medications, including antithrombotic, vasopressors, insulin, opioids, anesthetic agents, neuromuscular blocking agents, and antiarrhythmic agents, many of which are required for COVID-19 patients.

On the basis of type, the global intravenous infusion pump market is segregated into volumetric infusion pumps, syringe infusion pumps, and patient controlled analgesia infusion pumps. The volumetric infusion pumps segment was the major revenue contributor in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to increase in adoption of technologically advanced volumetric infusion pumps that exhibit the capabilities such as electronic health record (EHR) integration, built-in safety systems, as well as drug library, which is a list of drugs stored in the smart pump’s memory, serving as a key tool to prevent medication errors. Moreover, as the socio-economic prospect of developing countries is improving, more people are expected to be able to opt for the use of volumetric pumps in home healthcare, which acts as the key driver of the volumetric infusion pump segment.

Depending on application, the global intravenous infusion pump market is segregated into an oncology, parenteral nutrition, analgesia/pain management, and others. The oncology segment led the market in 2020, and is anticipated to maintain its lead during the forecast period. This is attributed to rise in number of people suffering from cancer, as these pumps are extensively used to administer drugs during treatment of these diseases.

On the basis of end user, the global Intravenous infusion pump market is divided into hospitals & clinics, home healthcare, and others. The hospitals & clinics segment led the market in 2020, and is anticipated to maintain its lead during the forecast period. This is attributed to availability of most of the smart and advanced intravenous infusion pumps in hospitals along with high prevalence of chronic diseases and rise in healthcare expenditure.

North America was the largest shareholder in the global intravenous infusion pump market in 2020, owing to its well-established healthcare infrastructure, favorable reimbursement, high chronic disease burden, and advancements in infusion technology and supportive government regulations for product commercialization. However, Asia-Pacific is anticipated to register the highest CAGR during the forecast period, owing to increase in burden of chronic diseases such as cancer and diabetes, surge in number of surgical procedures performed, rapid adoption of innovative medical devices, and the regional presence of major global players. 

KEY FINDINGS OF THE STUDY 

• By type, the volumetric infusion pumps was the highest contributor to the market in 2020.
• On the basis of application, the oncology segment is projected to grow at a significant CAGR of 6.50% from 2021 to 2030.
• Depending on end user, the hospitals & clinics segment is projected to grow at a significant CAGR of 6.80% from 2021 to 2030
• Region wise, North America garnered largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the review period.