NEWARK, Del, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The infusion pump market is expected to reach US$ 641.7 million by 2023, putting it on the verge of a significant valuation. The expansion is principally propelled by the growing awareness and understanding of the infusion pump industry. As the trend is expected to grow at a predicted CAGR of 2.5% from 2023 to 2033, new possibilities within the market are expected to arise. The market is expected to surge to a total estimated valuation of approximately US$ 821.4 million by 2033.
The global infusion pump market is experiencing remarkable growth, driven by several key factors reshaping the healthcare landscape. One of the primary drivers of this expansion is the growing prevalence of chronic diseases, including diabetes, cancer, and gastroenterological problems. These conditions require long-term care, and as a result, there is an increasing demand for home-based infusion therapies, which offer a cost-effective and convenient alternative to hospital-based treatments.
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The rising number of people with such chronic illnesses has fueled the development of new products designed for home-based infusion therapies. The growing geriatric population, which often requires long-term care, has further contributed to the demand for these specialized infusion products.
The healthcare sector plays a pivotal role in propelling the infusion pump market forward. The need for precise and continuous medication delivery for managing chronic diseases has made infusion pumps indispensable in healthcare settings.
The market growth is also accelerated by advancements in drug delivery technologies, which have created infusion pumps with specific features to cater to different medical requirements.
Enteral feeding pumps provide essential nutrients, insulin pumps deliver insulin, and patient-controlled analgesia pumps offer pain relief. These pumps can administer fluids through various routes, including intravenous, subcutaneous, and arterial, ensuring therapeutic efficacy and precise fluid delivery. The shift from manual flow control methods to automated infusion pumps enhances patient care, reduces the risk of errors, and improves the overall healthcare experience.
The infusion pump market is expanding into new sectors, such as the defense industry, where there is a substantial demand for infusion systems. The application diversification thus underscores infusion pumps versatility and increasing importance in various fields.
Key Takeaways:
- The market valuation in 2022 was US$ 626 million.
- The market valuation in 2017 was US$ 543 million.
- Based on product type, volumetric pumps are expected to dominate at a value share of 22% in 2023.
- India is estimated to register at a CAGR of 3.8% by 2033.
- China experiences significant growth, projected at a CAGR of 3.3% by 2033.
“Rapid technological innovations are projected to encourage companies to develop more user-friendly and technologically advanced infusion systems and is considered a major driving factor of the infusion pump market,” opines Sabyasachi Ghosh, Associate Vice President at Future Market Insights (FMI).
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Competitive Landscape:
The infusion pump industry boasts a substantial array of market participants. Research and development play a pivotal role among these players, primarily focusing on introducing eco-friendly product lines as a core aspect of their manufacturing endeavors. Furthermore, they employ various expansion strategies, including collaborations, mergers and acquisitions, and diligent exploration of regulatory approvals to bolster their market presence.
Infusion Pump Market Report Coverage:
| Attributes | Details | |||
| Estimated Market Size in 2023 | US$ 641.7 million | |||
| Projected Market Valuation in 2033 | US$ 821.4 million | |||
| CAGR Share from 2023 to 2033 | 2.5% | |||
| Forecast Period | 2023 to 2033 | |||
| Historical Data Available for | 2017 to 2022 | |||
| Market Analysis | Value in US$ million | |||
| Key Regions Covered |
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| Key Market Segments Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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Some of the key developments are:
- Voluntis, a prominent player in the healthcare software industry, joined forces with Biocon biologics to revolutionize diabetes management. The strategic partnership aims to develop and offer innovative digital therapeutics designed to support diabetes patients who rely on biologics therapy.
- Mindray Medical expanded its product portfolio by introducing the BeneFusion e series. The new line includes eSP, eVP, and eDS infusion systems, representing a technological step forward. The introduction of these advanced infusion systems reflects Mindray Medical's commitment to providing cutting-edge medical equipment to healthcare facilities.
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Infusion Pump Market Segmentation:
By Product Type:
- Syringe Pumps
- Ambulatory Pumps
- Volumetric Pumps
- Peristaltic
- Cassette/Piston
- Implantable Pumps
- Insulin Pumps
- Enteral Pumps
- PCA Pumps
- Pump Accessories
By Application:
- Chemotherapy/Oncology
- Pediatrics/Neonatology
- Analgesia
- Gastroenterology
- Hematology
- Diabetes
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Home Care
- Clinics
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
Author:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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