Infusion Pump Market

Preliminary research of Fairfield Market Research indicates a promising growth outlook for global infusion pump market during the course of next few years.

Key Report Findings

• Soaring popularity of home-based healthcare services to elevate prospects of infusion pump market
• Product recalls by FDA continue to present a longstanding impediment to growth
• Mounting chronic disease prevalence to fuel adoption rates
• North America leads its way across infusion pump industry

Market Analysis in Brief

The effective use of infusion pumps continues to steadily grow in importance due to a wide array of factors. While the manufacture and sale of defective infusion pumps, either through faulty designs, or even a lack of regulatory oversight in certain countries, may hamper the trajectory of worldwide infusion pump industry. The exponential increase in chronic disease prevalence, greater advocacy for effective home-based healthcare services, a higher number of industry players, better regulatory standards, and advances in technology, are a few notable elements that are expected to lead to higher growth potential for the infusion pump market in the years to come.

Growth Drivers

Rise in Home-based Healthcare Services

In the recent past, there has been a rise in home-based healthcare services due to several factors such as a surge in geriatric populations, higher instances of hospitalization, and a spike in chronic disease prevalence. With greater knowledge, awareness, and inclination towards the use of portable infusion pumps, the global infusion pump market is set to register higher usage in the coming years. While this considerably curtails hospitalization costs, the preference for homecare will most likely continue to grow in the future. Accessories and consumables are likely to also register the highest rate of adoption over the forecast period.

An increasing need for long-term healthcare at hospitals, infusion clinics, home care settings, and ambulatory surgical centres is expected to contribute to the sustained growth of the infusion pump market. The rate at which the number of long-term care facilities has been increasing is expected to have received further impetus owing to the onset of COVID-19. Governments, and healthcare authorities in developed nations have been encouraging home-based care for years now, and various developing nations now begin to follow suit. The COVID-19 pandemic further highlighted the growing significance of homecare along with mainstream healthcare facilities. The global infusion pump market is projected to benefit from the overall establishment of home-based healthcare settings.

Increasing Chronic Disease Prevalence

In comparison to figures recorded earlier in 2020, GLOBOCAN 2020, an online database providing cancer statistics and estimates, has predicted a whopping 47% rise in the global cancer burden by 2040. Cancers are expected to remain the leading cause of mortality, with a sizeable number of cancer patients continuing to require palliative care at home. While most cancer patients undergo chemotherapy at a certain point during their treatment, infusion pumps will continue to index a promising increase in demand. There has also been a growing availability of technologically advanced ambulatory infusion pumps, especially for oncology applications.

On the other hand, the International Diabetes Federation suggests that diabetes was the primary reason behind more than 4 million deaths worldwide, in 2019. The rate of prevalence continues to soar so much so that one out of five people aged 65 years or above is diabetic. More than 300 million individuals current live with an increased risk of developing Type-2 diabetes. The number of non-adult patients with Type-1 diabetes is also strikingly high. The market for infusion pumps is expected to experience strong demand due to the need to effectively manage chronic diseases in people.

Growth Challenges

Frequent Product Recalls

Despite healthy growth prospects predicted for the forecast period, a few challenges are expected to create impediments to the long-term growth of the global infusion pump market. The Institute of Medicine (US) indicated that nearly 1.5 million patients experience some form of medication error(s) that cost around US$8,750 per Potential Adverse Drug Event (PADE). Frequent product recalls have thus been the most serious roadblock to the growth of the infusion pump market. Infusion pumps in fact have registered the highest rate of product recalls among all medical devices. The US FDA reportedly registered around 56,000 adverse events between 2005 and 2009 due to faulty device designs, and user-registered issues. While more than 85 infusion pump devices from multiple manufacturers were recalled during this time, more than 20 companies faced serious repercussions of similar device recalls during 2003 – 2013.

A considerable number of fallacious devices had to be replaced with updated models. Sales were heavily affected owing to the usage, efficacy, and safety concerns of these devices. Issues ranging from malfunctions, software errors, inaccurate fluid delivery, under/overdosage, interruptions in infusions, device leakages, as well as smoking/burning device component(s), to power failure. Any error however can result in seriously interrupted, or delayed infusions that ultimately may lead to severe injuries, and even death in the worst case.

For Instance, following multiple complaints of injuries, and a suspected death, the FDA designated the wide-ranging Alaris infusion pump and vital signs monitor by Becton, Dickinson, and Co. (BD) as a Class-1 recall in March 2021. After July 2020, and February 2021, this is the third latest Class-1 recall for BD's Alaris infusion pumps. However, Alaris pumps have been under the recall radar in the past as well. Between June 2008 and March 2020, nearly 22 recall records point to this device, of which, 10 were Class-1 - meaning seriously dangerous. Such product recalls will continue to remain a challenge facing infusion pump industry.

Although advancements in the medical industry continue to increase, issues such as poor wireless connectivity, as well as the lack of interoperability among infusion devices and hospital information systems remain major impediments to the reliance of smart infusion devices in healthcare facilities. Moreover, the rental and refurbished devices market continues to expand in response to higher demand from smaller-sized healthcare facilities and hospitals that have lower budgets. This is another element that is expected to hinder new product sales figures for the global infusion pump market.

Growth Opportunities Across Regions

North America Frontrunner

In 2020, North America accounted for the majority share of this global market and this trend is expected to continue over the forecast period. This can be attributed to factors such as the region being an early adopter of speciality infusion pumps for usage in chronic disease treatments, as well as a strong presence of key players and state-of-the-art hospitals here, especially in the US. Europe is also expected to be a key market for infusion pump companies.

On the other hand, the Asia Pacific region has been gradually developing into a highly lucrative market for infusion pumps owing to the alarming prevalence rate of cancers, diabetes, gastrointestinal conditions, and infectious diseases in this region. Considering increasing healthcare expenditures, booming healthcare infrastructural developments, and the benefit of low-cost manufacturing, this region is expected to encourage higher penetration by global brands to leverage the opportunistic potential of these factors.

Key Market Players – Infusion Pump Landscape

Some key companies in the global infusion pump market include Baxter International Inc., Fresenius SE & Co., B. Braun Melsungen AG, Becton, Dickinson and Company, Smiths Medical, ICU Medical Inc., Johnson & Johnson, CME Medical UK Limited, Avanos Medical, Inc., Medtronic PLC, Moog Inc., Roche Diagnostics, Terumo Corporation, Nipro Corporation, Teleflex Inc., Insulet Corporation, Shenzhen MedRena Biotech Co. Ltd., and Zyno Medical LLC. To gain a competitive edge, various established industry players are now more focused on new product launches, partnerships, collaborations, acquisitions, and alliances.

Recent Notable Developments:

• In August 2022, Baxter International received US FDA approval for the Novum IQ Syringe Infusion Pump (SYR) with Dose IQ
  
  
• In July 2022, Tandem Diabetes Care, an American medical device manufacturer, acquired Capillary Biomedical, an infusion set developer. This was done to expand the product portfolio of Tandem Diabetes Care’s infusion pump segment
  
  
• In March 2022, Fresenius Kabi, a pharmaceutical Company, received US FDA approval for the wireless Agilia Connect Infusion System. This includes the Agilia Volumetric Pump and the Agilia Syringe Pump with Vigilant Software Suite – Vigilant Master Med technology
  
  
• In April 2021, Medtronic launched the world’s first and only infusion set that can be used for up to seven days, in select European countries
  
  
• In August 2020, Mindray launched BeneFusion n Series, a new generation infusion system

Regional Classification of the Global Infusion Pump Market is Listed Below:

North America

• U.S.
• Canada

Europe

• Germany
• France
• Spain
• U.K.
• Italy
• Russia
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

 Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East and Africa

• GCC
• South Africa
• Rest of Middle East & Africa

*Regions and countries are subject to change based on data availability.

Key Elements Included In The Study: Global Infusion Pump Market

• Infusion Pump Market by Product/Technology/Grade, Application/End-user, and Region
• Executive Summary (Opportunity Analysis and Key Trends)
• Historical Market Size and Estimates, Value, 2019 - 2022
• Market Value at Regional and Country Level, 2023 - 2030
• Market Dynamics and Economic Overview
• Market Size in Value, Growth Rates, and Forecast Figures, 2023 - 2030
• Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
• Regional and Product/Grade/Application/End-user Price Trends Analysis
• Value Chain and Five Force’s Analysis
• Regional/Sub-region/Country Market Size and Trend Analysis
• Company Market Share Analysis and Key Player Profiles

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