New York, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The global infusion pump market size is slated to expand at ~8% CAGR between 2023 and 2033. The market is poised to garner a revenue of USD 27 billion by the end of 2033, up from a revenue of ~USD 13 billion in the year 2022. Global infusion pump market trends, such as rising prevalence of kidney and other gastric diseases as well as ongoing advances in medical technology are expected to have a positive impact on the market growth during the forecast period. It is observed that approximately 12% of the world's population live with chronic kidney disease (CDD) and approximately 1 million people die from these diseases worldwide every year.
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Furthermore, rising spending on drug research and development and a substantially increasing demand for infusion pumps in home care facilities are expected to support the market growth over the forecast period. For example, in 2021 there were approximately 0.04 million home care providers operating in the United States. Hence, such factors are expected to increase the growth of the market over the forecast period. Additionally, the growing geriatric population requiring long-term care therapies and the strong focus of key market players on on-site care management for specialty drugs are expected to result in significant revenue generation. Furthermore, the increasing number of surgical procedures performed worldwide, rising cases of medication errors and high demand for ambulatory infusion pumps are other factors expected to drive the growth of the global infusion pump market.
Infusion Pump Market: Key Takeaways
- Market in North America to propel highest growth
- The insulin segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Increasing Diabetes Prevalence across the Globe to Boost Market Growth
Diabetes is a disease in which the human body does not produce enough insulin or cannot use it, resulting in excessive storage of blood sugar in the bloodstream. Diabetes can be very uncomfortable and also life-threatening. In such conditions, infusion pumps are used to administer the recommended doses of insulin to control the rise in blood sugar after a meal. Therefore, diabetes treatment devices are necessary to deliver insulin to the body or control sugar levels and are expected to propel the growth of the market. The latest report released by the World Health Organization in 2022 found that around 422 million people are living with diabetes worldwide.5 million deaths from diabetes.
With the rise of both chronic and acute diseases, people experience discomfort and pain during the diagnosis and treatment processes. In addition, implantable drug infusion pumps are used to continuously deliver pain management drugs to patients. In order to relieve pain, the demand for infusion pumps is expected to surge, creating lucrative growth opportunities for the market growth. For example, it is observed that almost 35 million suffer from chronic migraines every day, while approximately 75% of adults in the United States are reported to be living with severe back pain.
Infusion Pump Market: Regional Overview
The global infusion pump market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding prevalence of chronic diseases to Drive the Market Growth in North America Region
The North America infusion pump market is estimated to garner the largest revenue by the end of 2035. It is estimated that the growth of the market is attributed to the increasing prevalence of ambulatory pumps and the increasing prevalence of chronic diseases such as diabetes, cancer, and others due to significant lifestyle change. For example, it is estimated that nearly 36 million Americans are living with diabetes, accounting for 10% of the total population as of 2019.
In addition, a significant increase in high-priced infusion pumps is expected to improve the quality of medical care services and availability for diabetics. The major key players in the region are expected to drive the growth of the market over the forecast period. It is also expected that the rapid expansion of healthcare together with the increasing prevalence of ambulatory pumps and the great need for rapid diagnosis and treatment will drive the preference for infusion pumps in the years to come. Furthermore, the expanding healthcare industry in the region and growing awareness of the benefits of infusion pumps are also expected to drive the growth of the market over the forecast period.
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Growing aging population to Propel the Growth in the Asia Pacific Region
The Asia Pacific infusion pump market is estimated to garner the highest CAGR by the end of 2035. The Asia Pacific region is witnessing a rise in the prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases. For example, according to the International Diabetes Federation, the Asia Pacific region had the highest number of adults living with diabetes in 2019, accounting for approximately 60% of the global total. Infusion pumps are extensively used in the management of chronic diseases, including insulin infusion for diabetes patients, chemotherapy drug delivery for cancer patients, and pain management.
The Asia Pacific region is experiencing a significant increase in the aging population, which is driving the demand for healthcare services and medical devices. The elderly population often requires long-term medical care, including infusion therapies, leading to the increased adoption of infusion pumps. Continuous advancements in infusion pump technology and product innovations have played a significant role in driving market growth. Manufacturers are developing advanced features such as wireless connectivity, remote monitoring capabilities, and integration with electronic health records to enhance patient safety and improve treatment outcomes. These technological advancements and innovations are attracting healthcare providers and driving the adoption of infusion pumps in the Asia Pacific region.
Infusion Pump, Segmentation by Pump Type
- Ambulatory
- Enteral
- Implantable
- Insulin
- Volumetric
- PCA
- Others
Amongst these segments, the insulin segment is anticipated to hold the largest share over the forecast period. Diabetes is a chronic disease that affects a large population globally. According to the International Diabetes Federation, approximately 463 million adults were living with diabetes in 2019, and this number is projected to rise to 700 million by 2045. Insulin is a vital treatment for people with type 1 diabetes and is often necessary for individuals with type 2 diabetes who cannot adequately manage their blood sugar levels through other means.
The increasing prevalence of diabetes worldwide drives the demand for insulin, contributing to the growth of the insulin segment. Continuous advancements in insulin delivery devices have improved the convenience, accuracy, and ease of use for patients. Insulin pens, insulin pumps, and continuous glucose monitoring systems (CGMs) are among the innovative technologies that have transformed insulin delivery and glucose monitoring. These advancements have made it easier for patients to manage their diabetes and have increased the adoption of insulin therapies globally.
Infusion Pump, Segmentation by End User
- Home Care Facility
- Research Centers
- Hospitals
- Others
Amongst these four segments, the home care facility segment is anticipated to hold a significant share over the forecast period. The main factor behind the growth of the segment is the increasing use of ambulatory pumps and the great need for on-site care management. Another growth driver for the segment is likely to be the high costs associated with longer hospital stays, increasing the preference for infusion pumps in home care facilities.
On the other hand, the hospital segment is also expected to generate significant revenue generation by the end of the forecast period. The presence of a large number of hospitals around the world, as well as advanced facilities for installing infusion pumps and increasing global healthcare expenditure are the main factors that are expected to increase the acceptance rate of infusion pumps. future infusion. According to the World Bank, global healthcare spending was USD 1,121 in 2019 per head. Other factors that are expected to contribute positively to the growth of the segment are the increasing government support in developing the hospital infrastructure and the favorable policies associated with the hospitals, as well as the increasing number of patients visiting the hospitals on a daily basis.
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Infusion Pump, Segmentation by Type
- Stationary
- Portable Pumps
Infusion Pump, Segmentation by Technology
- Specialty
- Tradition
Infusion Pump, Segmentation by Application
- Oncology
- Hematology
- Analgesia
- Neonatology
- Gastroenterology
- Others
Few of the well-known market leaders in the global infusion pump market that are profiled by Research Nester are Becton, Dickinson and Company, Baxter Healthcare Corporation, CODAN Medizinische Gerate GmbH & Co KG, Shenzhen MedRena Biotech Co., Ltd., B. Braun SE, ICU Medical, Inc., Terumo Corporation, Moog Inc., Ypsomed Group, NIPRO Corporation, and other key market players.
Recent Development in the Market
- Baxter Healthcare Corporation receives US Food and Drug Administration (FDA) approval for its Novum IQ syringe infusion pump. The product comes with Dose IQ safety software, the latest advances in infusion therapy. Novum IQ SYR is connected to Baxter's IQ Enterprise Connectivity Suite.
- ICU Medical, Inc. receives KLAS Research's High Performance Integrated EMR Smart Pump award for its Plum 360. The award is based on feedback from thousands of healthcare providers and a head-to-head comparison of infusion smart slippers.
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