Westford, USA, Nov. 10, 2022 (GLOBE NEWSWIRE) -- An infusion pump is a medical device that delivers fluids, such as nutrients and medications, into the body through a catheter or needle. Infusion pumps are used to treat a variety of conditions, including diabetes, cancer, and pain management. The infusion pump market growth is primarily driven by the rising prevalence of chronic diseases, growing demand for homecare services, and advancements in technology. According to the World Health Organization (WHO), chronic diseases are responsible for approximately 60% of all deaths globally. These diseases include cardiovascular diseases, cancer, chronic respiratory diseases, and diabetes.
The rising number of surgical procedures is one of the major drivers for the growth of the infusion pump market. According to SkyQuest, over 310 million people undergo some kind of surgeries across the globe, which is expected to increase in the years to come as the population ages and lifestyle changes. This increase in surgical procedures will require more sophisticated medical devices such as infusion pumps to ensure correct delivery of fluids and medications during surgery. Our study suggests that over 10% of patients that undergo surgeries develop post-surgery complications.
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In recent years, there has been a shift from traditional open surgery to minimally invasive procedures (MIPs) in the global infusion pump market. This is attributable to the advantages offered by MIPs, such as shorter hospital stays, lower complication rates, and reduced scarring. Infusion pumps are used in MIPs to deliver fluids, including nutrients, medications, and anesthetics, into the body through catheters or needles. Thus, the growing demand for MIPs is expected to fuel the growth of the infusion pump market during the forecast period.
According to WHO, nearly 36% of adults aged 18 years and above suffer from hypertension, which is one of the leading risk factors for cardiovascular diseases (CVDs). In 2021, CVDs accounted for 17.9 million deaths worldwide, which is 31% of all deaths globally. The rising prevalence of CVDs is expected to increase the demand for infusion pumps as they are commonly used in treating various cardiovascular conditions. For instance, according to a study published in JAMA Cardiology in March 2017, continuous positive airway pressure (CPAP) delivered through an infusion pump was found to be more effective than usual care in reducing.
Reimbursement Policies and Regulations to Play Key Role in Growth of Infusion Pump Market
SkyQuest's analysis of the infusion pump market reveals that the market is becoming increasingly competitive. In particular, there are a number of new entrants to the market who are offering more advanced and efficient pumps. Therefore, it is essential for companies operating in this space to keep up with the latest technology in order to remain competitive. In addition, we note that the industry is consolidating, with a handful of large players accounting for a majority of the market share. As such, it is important for companies to have a strong product offering and a robust go-to-market strategy in order to be successful.
North America is the largest infusion pump market due to the presence of well-established healthcare infrastructure and favorable reimbursement policies. However, Asia Pacific is expected to witness the highest CAGR during the forecast period owing to factors such as rapidly expanding healthcare sector, rising per capita income levels, and increasing awareness about health & wellness among people.
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SkyQuest’s study shows that reimbursement policies and regulations are critical success factors for companies operating in this market. In order to sustain growth in developed markets and expand their footprint in emerging markets, manufacturers need to have a strong understanding of regional reimbursement policies and regulations.
One area where there is potential for further growth is in the development of smart pumps. These are infusion pumps that are connected to WiFi or other networks and which can provide real-time data on dosage and progress of treatment. We estimate that smart pumps could make up 30% of the total infusion pump market by 2030.
However, the high cost of infusion pumps and pump disposables, along with the limited reimbursement coverage, are restraining the market growth to some extent. In addition, product recalls and manufacturing defects are some of the challenges faced by the players operating in this market.
Recent Development in Global Infusion Pump Market
- In November 2022, SynAgile Corporation completion of phase 2 on positive note for DopaFuse® Levodopa-Carbidopa Delivery System
- In October 2022, FDA asked for more data for approval of New Drug Application (NDA) for SPN-830, an apomorphine infusion device from Supernus Pharmaceuticals. It is aimed for the continuous treatment of motor fluctuations (off episodes) in adults with Parkinson disease.
- In August 2022, FDA Approved Baxter’s Novum IQ Syringe Infusion Pump with Dose IQ Safety Software
- In July 2022, Smith Medicals recalled Medfusion 4000 and 3500 Syringe Infusion Pumps due to some software Issues
Top 10 Companies Holds Less than 60% Share of Global Infusion Pump Market
The global infusion pump market is highly consolidated with the top 10 companies accounting for over 53% of the total market in 2021. The leading companies in the market are B. Braun Melsungen AG, Fresenius Kabi AG, Hospira Inc., Pfizer Inc., and Baxter International Inc. These companies are expected to maintain their dominance in the market during the forecast period.
The high consolidation of the global infusion pump market can be attributed to the large number of mergers and acquisitions in the past few years. For instance, Hospira Inc., a leading player in the market, was acquired by Pfizer Inc. in 2015. This acquisition helped Pfizer to expand its product portfolio and geographic reach. Similarly, Baxter International Inc., another leading player in the market, acquired Claris Lifesciences Limited, a manufacturer of specialty injectables and infusion therapy products, in 2016. This acquisition helped Baxter to expand its product offerings and strengthen its position in emerging markets such as India and China.
The high consolidation in the infusion pump market is also due to the large research and development expenditure by these companies. The leading companies are investing heavily in R&D to develop new and innovative products that can address the unmet needs of patients and doctors. For instance, B. Braun Melsungen AG has invested over EUR 1 billion in research and development since 2010. The company has been focused on developing new products for specific disease conditions such as cancer, diabetes, and obesity.
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Major Players in Global Infusion Pump Market
- Dickinson and Company (US)
- Baxter International (US)
- B. Braun (Germany)
- ICU Medical (US)
- Fresenius Kabi (Germany)
- Smith’s Medical (US)
- Medtronic PLC (Ireland)
- Moog Inc. (US)
- Avanos Medical Inc. (US)
- Nipro Corporation (Japan)
- Terumo Corporation (Japan)
- Insulet Corporation (US)
- Ypsomed Holding AG (Switzerland)
- Tandem Diabetes Care (US)
- JMS Co., Ltd. (Japan)
- Micrel Medical Devices SA (Greece)
- InfuTronix Solutions LLC (US)
- Zyno Medical LLC (US)
- Roche Diagnostics (Switzerland)
- Teleflex, Inc. (US)
- Mindray Medical International Limited (China)
- Epic Medical (Singapore)
- SOOIL Development Co., Ltd. (South Korea)
- Shenzhen MedRena Biotech Co. Ltd. (China)
- CODAN Medizinische Geräte GmbH & Co KG (Germany)
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