Press release
Infusion Pump Market to Surpass Value of USD 31.41 Billion by 2031 | SkyQuest Technology
Infusion Pump Market
Global Infusion Pump Market size was valued at USD 18.01 billion in 2023 to USD 31.41 billion by 2031, growing at a CAGR of 8.2% during the forecast period (2024-2031).
In the infusion pump market [https://www.skyquestt.com/report/infusion-pump-market], the increased demand from the healthcare industry is expected to contribute to significant growth. In addition, chronic illnesses such as diabetes, cancer, and gastrointestinal disorders are showing an increase, which would propel this market. This apparatus is used in the medical field to precisely and fixed amounts of liquid transfer into a patient's body. They are mostly utilized in hospitals and nursing homes to care for patients diagnosed with a serious disease. Apart from this, the defense sector is predicted to experience industrial growth due to their demand for infusion systems.
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Integrating Technology to Advance Infusion Pump Functionality
Many infusion pump manufacturers have incorporated advanced features in the infusion pumps, including wireless networking, eHR integration, and interoperability. Smart infusion pumps enhance the safety, accuracy, and accessibility of data on the patient to the medical practitioner, which eventually improves patient outcomes. The company witnesses that the newly FDA-approved in the US in August 2022, Novum IQ syringe infusion pump, supplied with Dose IQ Safety Software, is yet another latest milestone for the business and a renewed commitment to expanding infusion treatment. This illustrates how technology may potentially improve patient care in healthcare settings in terms of efficacy and efficiency.
Analyzing Key Players and Market Dynamics in Infusion Pumps
The infusion pump market in various application areas is highly fragmented by the presence of several major players offering a wide portfolio of pumps. After extreme fragmentation in the industry, companies such as Baxter, Medtronic, and Becton Dickinson dominate with a high market share of their product categories. Some of the critical winning imperatives that should be focused on are the product-line expansion through organic and inorganic growth expansion and strengthening the distribution network globally, especially in rapidly emerging markets such as China, Brazil, and India. Adding pressure on prices through regional players brings more intense competition to this market. Other notable players, including B. Braun Melsungen AG and icumedical have been analyzed in the paper.
Innovations in Infusion Pump Technology
In August 2023, the US FDA approval was given to ICU Medical Inc. Plum Duo infusion pump, with LifeShield infusion safety software.
In November 2022, Medtronic launched a new Extended Infusion set designed to deliver insulin for up to seven days of use.
In April 2021, in several European countries, Medtronic rolled out a line of infusion for the first time ever to be used for as long as seven days because this set administers insulin from the pump into the human body. And it works with all the pumps of the 600 and 700 series from MiniMed.
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Infusion Pump Market Segmental Analysis:
Product
Accessories & Consumables [Accessories and Consumables (Volumetric infusion pump dedicated disposables, Insulin pump dedicated disposables, Enteral infusion pump dedicated disposables, Syringe infusion pump dedicated disposables, Ambulatory infusion pump dedicated disposables, PCA pump dedicated disposables, Implantable infusion pump dedicated disposables), Non-dedicated Accessories and Consumables (Infusion catheters, IV/Administration sets, Needleless connectors, Cannulas, Tubing and extension set, Valves, Other non-dedicated accessories and consumables)]
Devices [By Type (Volumetric infusion pumps, Insulin pumps, Ambulatory infusion pumps {Disposable infusion pumps, Chemotherapy infusion pumps}, Syringe infusion pumps, Enteral infusion pumps, PCA pumps, Implantable infusion pumps), By Technology (Traditional infusion pumps, Specialty infusion pumps), By Mode (Stationary infusion pumps, Portable infusion pumps)]
Application
Chemotherapy/Oncology
Diabetes Management
Gastroenterology
Pain Management/Analgesia
Pediatrics/Neonatology
Hematology
End Users
Hospitals
Ambulatory Care Settings
Specialty Clinics
Homecare Settings
Top Players in the Infusion Pump Market:
Becton, Dickinson and Company (US)
Baxter International Inc. (US)
B. Braun Melsungen AG (Germany)
Fresenius Kabi (Germany)
Medtronic PLC (Ireland)
Terumo Corporation (Japan)
Nipro Corporation (Japan)
Avanos Medical, Inc. (US)
Insulet Corporation (US)
Tandem Diabetes Care, Inc. (US)
JMS Co., Ltd. (Japan)
Roche Diagnostics (Switzerland)
Moog, Inc. (US)
Teleflex, Inc. (US)
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)
Ypsomed Holding AG (Switzerland)
Micrel Medical Devices SA (Greece)
Zyno Medical LLC (US)
Infutronix (US)
Epic Medical (US)
Sooil Development Co., Ltd. (South Korea)
Shenzhen Medrena Biotech Co., Ltd. (China)
Codan Medizinische Gerate GmbH & Co. KG (Germany)
Eitan Medical (Israel)
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Future of Infusion Pumps Amidst Growing Health Challenges
Major players in the infusion pump market, including Insulet Corporation and Medtronic, recently have introduced insulin pumps. Therefore, tremendous growth is happening in the infusion pump market. With such important reasons such as a high prevalence of chronic conditions, advancements in drug delivery technologies, and the increased use of these technologies in developing countries, the market is going to experience tremendous growth.
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Media Contact
Company Name: Skyquest Technology
Contact Person: Mr. Jagraj Singh
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Country: United States
Website: https://www.skyquestt.com/report/infusion-pump-market
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PRESS INFORMATION
FOR IMMEDIATE RELEASE: July 17, 2020
Contact:
Beacon Infusion Healthcare Services
www.beaconinfusion.com
833-223-2266
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