Intravenous Infusion Pump Market - Growth, Trends, and Forecast (2020 - 2025)
The Intravenous Infusion Pump Market is expected to register a CAGR of 3.5% during the forecast period. An intravenous infusion pump is a medical device that delivers fluids, such as nutrients and medications, into a patient’s circulatory system through intravenous route in controlled amounts. The utilization of intravenous infusion pumps helps from medical errors. Intravenous infusion pumps are classified by the utilization such as stationary use and portable use. These pumps are generally utilized in medicinal services settings such as critical care, outpatient, private centers, and at-home settings. Intravenous infusions offers significant advantages compared to manual administration of fluids, ability to deliver fluids at precisely programmed rates or automated intervals and ability to deliver fluids in very small volumes.
According to the World Health Organization (WHO), chronic diseases burden is rapidly increasing worldwide. In the year 2001, chronic diseases added approximately 60% of the 56.5 million total deaths in the world and about 46% of the global burden of disease and by the year 2020, it is expected to reach 57%. In addition, according to the New England Journal of Medicine, individuals with chronic conditions receive only 56% of recommended preventive health care services.
Increase in geriatric population, rise in prevalence of chronic diseases and growth in adoption of portable infusion pumps are the key driving factors in intravenous infusion pump market.
Key Market Trends
Volumetric Infusion Pump Segment is Expected to Witness a Healthy Growth
Volumetric infusion pumps have a wide range of applications in disease management as well in parenteral nutrition, owing to which the market value for volumetric is the highest, as compared to the markets for other pumps. The safety, accuracy, and simplicity of the pumps is attributed to the high demand for these pumps. According to the Centers for Disease Control and Prevention, chronic diseases affect about 133 million Americans, which represents more than 40% of the total population in the United States. By the year 2020, it is estimated to reach 157 million, with 81 million having multiple conditions.
Volumetric Infusion Pump segment holds a significant share in the intravenous infusion pump market and is anticipated to show a similar trend over the forecast period. The growing trend of adoption of technologically advanced volumetric infusion pumps that possess capabilities such as EHR integration, build-in safety systems as well as drug libraries, etc. Moreover, as the socio-economic prospect of developing countries improving, more people are expected to be able to opt for the use of volumetric pumps in home healthcare are the key driving factors in the volumetric infusion pump segment.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America expected to hold a major market share in the intravenous infusion pump market due to increase in the incidence of chronic diseases, rising geriatric population and favorable reimbursement policies in this region. According to the Centers for Disease Control and Prevention and National Center for Health Statistics, more than 75% of all health care costs are due to chronic conditions in the United States. By the year 2023, total impact on the economy of 1.3 trillion dollars annually is projected to increase to 4.2 trillion in treatment costs and lost economic output. Furthermore, adopting new technologically advanced products for regular treatment of chronic disease conditions, awareness pertaining to advance intravenous infusion pumps and presence of well-established healthcare infrastructure is also fueling the growth of the overall regional market to a large extent.
The Intravenous Infusion Pump Market is consolidated and consists of few major players. In terms of market share, few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are B. Braun Melsungen AG, Baxter International Inc, Becton, Dickinson and Company, ICU Medical, Inc., IRadimed Corporation, Mindray, Moog Inc., Smiths Medical, Terumo Corporation and Zyno Medical.
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