Currently, the global infusion pumps market is crowded with many active players introducing a wide variety of specialties across the globe. Key players operating in the global infusion pumps market are focusing on introducing new varieties of insulin pumps, ambulatory pumps, large volume pumps, implantable infusion pumps, disposable pumps, and enteral feeding pumps. Technology advancements have helped companies to focus more on manufacturing disposable infusion pumps, which are in demand among hospitals, clinics, and healthcare centers in many areas.
Top companies including CareFusion Corporation, Baxter International, Inc., B. Braun Melsungen AG, and Hospira, Inc. are taking efforts to enhance their already existing infusion pumps. Transparency Market Research (TMR), in its new report, states that the global market for infusion pumps is expected to witness significant growth owing to the rising aging population. As per the report, the global market recorded US$5.4 bn in 2012 and is predicted to reach US$7.7 bn by 2019, progressing at a 5.30% CAGR.
TMR experts answer the following questions related to the global infusion pumps market, that the companies operating in this market might want to ask:
Q. Will increasing patient base benefit the global market for infusion pumps?
Yes, the increasing patient base is one of the primary factors expected to drive the global market for infusion pumps. Among all health problems, the number of people diagnosed with diabetes is increasing considerably. An uptick in diabetic people is expected to be responsible for the steady expansion of the global infusion pumps market. Apart from this, the market is also expected to be benefited from rising aging population. Technological advancements in the medical devices are predicted to further contribute towards the growth of the global market.
Q. What are the factors expected to restrict the growth of the global infusion pumps market?
Many healthcare clinics and hospitals in various locations reported problems in infusion pumps, leading to product recalls. The patient protection and affordable care act also impose many restrictions on the use of medical devices considering the device problems. Stringent government rules and regulations restrict the entry of new companies in the global infusion pumps market. All these factors are expected to restrict the growth of the global market for infusion pumps in the near future.
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Q. Will new product launches and awareness programs benefit the global demand for new infusion pumps?
Yes, emerging nations are offering many opportunities to manufacturers to introduce their new products in the global market. The availability of enough medical infrastructure is also predicted to benefit manufacturers to launch new products. Many companies are involved in infusion pumps analysis services to reveal key practices that contribute to the smart pump workarounds.
For instance, B. Braun, a leading company was recently in the news for launching its infusion safety analysis service that was designed to assure meaningful use of infusion pumps. The infusion pumps safety analysis service helped reveal top infusions pumps.
The global market for infusion pumps is moving towards smart technology. Key companies are engaged in manufacturing smart infusion pumps with high capacity to avoid errors related to dosing.
The global infusion pumps market is fragmented with around 70 players worldwide. Yet, the top three players have been successful in creating a strong consumer base and accounted for 48.2% of the market in 2012. Leading players in the market are: CareFusion Corporation, Hospira, Inc., Baxter International, Inc., B. Braun, Smith Medical, and Fresenius Kabi AG, and Medtronic, Inc. The competitive rivalry in each segment is high as players focus on particular segment. The well-established players have achieved technological advancements in networkability, wireless data transmission, and advanced drug library, states a new report by Transparency Market Research (TMR).
The threat of substitutes is expected to be low even though fluid rate-flow regulators and clamps are substitutes for infusion pumps. This is because these substitutes have several disadvantages such as high error rates and flow rates and inability to deliver potent drugs. According to the report, the global infusion pumps market is expected to be worth US$7.7 bn by the end of 2019. On the basis of product, the market is expected to be led by the large volume infusion pumps segment. By 2019, the large volume infusion pumps segment is expected to account for 34.8% of the market.
North America to Lead Infusion Pumps Market owing to Growing Geriatric Population
On the basis of application, the clinical nutrition segment is expected to lead and account for 30.0% of the market by 2019. By geography, North America is expected to lead in the market and be worth US$ 3,323.2 mn by 2019. The rising obese and geriatric population in North America are fueling the demand for infusion pumps in the region. In this region, infusion pumps are used to deliver other medications, besides their use for treating chronic pain. As per Section 3025 of the Affordable Care Act, hospitals are penalized for excess readmissions. Thus, there is a rise in the demand for home infusion pumps as hospitals try to shorten the hospitalization period.
Advancements and Innovations in Infusion Pumps to Drive Demand
Technological advancements are playing a major role in the growth of the infusion pumps market. Players in the market are focusing on developing innovative products to gain a competitive edge. The advent of advanced infusion pumps is helping doctors to program and calculate dose delivery rates in a more efficient manner, enabling them to provide better patient care. Innovations and developments are thus leading to enhanced product performance, driving the demand for infusion pumps.
The growing geriatric population is another driving factor for the increased demand for infusion pumps. This is because elderly people are more susceptible to diseases and health conditions such as chronic pain, cancer, and diabetes.
Product Recalls and High Taxes Pose a Roadblock for Market Players
Infusion pumps are associated with problems such as software error messages, battery failure, broken components, over and under infusion, and alarm failure. The FDA received more than 56,000 medical device reports related to infusion pumps from January 1, 2005 to December 31, 2009 with defects. Of these, some led to death and others led to serious complications. This led to the recall of 87 infusion pumps between 2004 and 2009. Such product recalls are hampering the growth of the market.
The Patient Protection and Affordable Care Act (PPACA) was brought into effect in 2010; it states that an excise tax of 2.3% on medical devices will be levied. This tax is hampering the growth of the market as it imposes an additional burden on medical device manufacturers.
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Developing Nations to Widen Scope of Opportunity for Market Players
Developing nations such as China, Brazil, Mexico, and India offer immense opportunities of growth in the infusion pumps market. Developing nations constitute eight of the top ten countries in the world with the highest number of diabetes patients, which is expected to boost the demand for these pumps. Additionally, the economic growth in these countries is expected to increase the disposable income of the patient population, thus increasing their willingness to spend on healthcare. Moreover, governments and private insurance companies of these nations are striving to improve healthcare coverage, to offer better support and enhanced healthcare facilities. All these factors make developing nations a potential market for growth in the infusions pumps industry.
This information is based on the findings of a report published by Transparency Market Research titled “Infusion Pumps Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 – 2019.”
Infusion is a technique through which fluids and certain therapeutic drugs can be administered to patients either subcutaneously, arterially, intravenously, or peritoneally. An infusion pump, a specially designed medical device, makes infusions safe and precise. The sheer increase in the number of people suffering from chronic diseases, those undergoing surgeries, or other medical treatments, has pushed up sales of infusion pumps worldwide.
This report studies the state of the global infusion pumps market and tracks present developments to create projections for the growth of the market in the coming years. The forecasting horizon of the report spans from 2013 to 2019. In order to study the global infusion pumps market at multiple levels, the authors of the report have segmented the market into sub-markets on the basis of criteria such as application and geography. A holistic competitive study of the market has also been undertaken to help companies understand their current standing in the global infusion pumps market and compare their strategies against those of others in the market.
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Revenue is expressed in US$ mn whereas growth has been expressed in CAGR (%). The authors of the report have taken 2011 as a historical year and the base year for the study is 2012.
Overview of the Global Infusion Pumps Market
The global infusion pumps market, which stood at approximately US$5.41 bn in 2012, is projected to exhibit a steady CAGR of 5.3%, and rise in valuation to US$ 7.76 bn by 2019. With an alarming increase in the number of people diagnosed with cancer, diabetes, chronic pain, and other conditions and disease, the need to demand for medical devices that can administer drugs in precise dosages to treat such conditions has seen an uptick. The global infusion pumps market has benefited immensely from this and is expected to do so in the next four years as well.
As the drug delivery process becomes increasingly automated, ‘smart’ infusion pumps are making their presence conspicuously felt on the market. Patients are expected to opt for more smart pumps in the future as they look for less painful, yet more accurate, safe, and convenient drug delivery systems. The trend of home-based healthcare will provide an additional thrust to infusion pump sales. However, the market has suffered a blow in recent years owing to product recalls, which have put several companies’ reputation at stake. Manufacturing defect-free and rigorously tested infusion pumps has thus become central to sustaining a profitable presence in the global infusion pumps market.
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The demand for large volume infusion pumps has thus far been the highest, and is expected to remain so. Disposable infusion pumps have seen an appreciable share in the global infusion pumps market by product type, but will still continue to trail the large-volume infusion pumps market in terms of sales in the near future. Infusion pumps have been most extensively used for administering clinical nutrition. In the coming years, the demand for infusion pumps during cancer treatments and analgesia will rise.
While North America constitutes the largest infusion pumps market globally, the rise of the Asia Pacific region will be worth watching out, especially with massive demand expected to be seen in India and China.
Companies Mentioned in the Global Infusion Pumps Market Report
The report profiles the following companies in the global infusion pumps market: Hospira, Inc., CareFusion Corporation, Baxter International, Inc., B. Braun Melsungen AG, Fresenius Kabi AG, and Terumo Corporation.
The global infusion systems market is segmented into the following categories:
Global Infusion Pumps Market, by Products
- Large Volume Infusion Pumps
- Disposable Infusion Pumps
- Syringe Infusion Pumps
- Ambulatory Infusion Pumps
- Implantable Infusion Pumps
Global Infusion Pumps Market, by Pumping Channel
- Single Channel Infusion Pumps
- Multiple Channel Infusion Pumps
Global Infusion Pumps Market, by Application Areas
- Clinical Nutrition
Major geographies analyzed under this research report are:
- North America
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
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Infusions are carried out to deliver therapeutic drugs and fluids into body via various routes such as intravenous, arterial, peritoneal, enteral, intrathecal and subcutaneous. Infusion pumps are the medical devices used for this purpose and allow infusions to be carried out at precisely controlled rate and a calculated dose. The global infusion pumps market was valued at USD 5,411.5 million in 2012, and is expected to grow at a CAGR of 5.3% to reach an estimated value of USD 7,768.2 million by 2019. The global infusion systems market has witnessed significant growth in the past due to market drivers such as worldwide increase in the number of patients with chronic pain, diabetes and cancer, increasing adoption of ‘smart’ pumps, and the increasing elderly population in most parts of the world.
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The global infusion pumps market is moving towards ‘smart’ pumps that have capacity to avoid dosing related errors, wireless connectivity with hospitals, pharmacy and with electronic medical records. However, the increasing number of medical device alerts for infusion pumps from FDA and other regulatory agencies in the world has negatively impacted the growth of this market.
In 2012, the infusion pumps market was dominated by large volume infusion pumps contributing to 36.9% of the total market revenue, followed by disposable infusion pumps. The large volume infusion pumps market is expected to maintain its top position during the forecast period 2013 to 2019 due to a number of benefits offered by this product type such as many application areas, higher accuracy in infusions, wider infusion time range, dose calculation software and the recent trend of wireless integration of infusion data for electronic medical records. On the basis of application areas, the largest market for infusion pumps in 2012 was clinical nutrition. The rising proportion of hospitalized patients becoming malnourished due to deprived starvation of food and large malnourished population in impoverished countries of Asia-Pacific and Africa were driving factors for this segment. Chemotherapy treatments and analgesia form the next largest application areas for the infusion pumps market.
The global infusion pumps market is also segmented by geography into four major regions, namely, North America, Europe, Asia-Pacific and rest of the world. In 2012, North America was the largest market for infusion pumps amongst all geographies but is expected to grow at a CAGR 4.9% during the forecast period 2013 to 2019, comparatively slower than the rate at which the total infusion pumps market will grow. Asia-Pacific market is expected to grow at faster pace than North America and Europe owing to large patient base, increasing incidences of diabetes and cancer, and rising per capita expenditure on healthcare. The improving economies in the Asia-Pacific region, particularly China and India, are allowing increased investment in improving the healthcare infrastructure and eventually help in growth of the infusion pumps market.
Applications and Segmentation of the Infusion Pumps Market
Globally, the market for global infusion pumps has been witnessing a high degree of growth over the past few years. Much of this growth is a result of the growing number of patients that suffer from problems such as diabetes, chronic pain, as well as cancer. Delivering the right type of drug in precisely controlled quantities is integral to treating these diseases and conditions, and this is where infusion pumps play an almost indispensible role.
Based on the type of products the infusion pumps market can be classified as follows: disposable, ambulatory, syringe, large volume, and implantable. Each of these infusion pump types serves a specific purpose, and is recommended for use in a particular manner.
Besides the product type, this market can also be divided based on the applications that such pumps are employed for. These applications include but are not limited to: chemotherapy, analgesia, clinical nutrition, diabetes, and others.
Over and above the application and product type, the market for global infusion pumps can be segmented based on the pumping channel used therein. Such pumps can either be single channel or multiple channel.
Efforts to Improve the Functionalities of Infusion Pumps
Given the specialized nature of operation of an infusion pump, it is generally operated by personnel that are trained in using these devices. It is important to program the fluid delivery rate carefully, and in advanced systems, it is done via software interface. Conventionally, manual fluid or drug administration was the norm. But this has changed rapidly thanks to the technological advancement in the medical sector. The problem with manual administration of drugs was the possibility of human error or misjudgment of the amount/method of delivering the drugs. With automation, an infusion pump operator can simply program the delivery intervals and volumes.
However, there are certain aspects that need to be improved as far as the use of infusion pumps is concerned. It is to address these concerns that the Food and Drug Administration has launched an initiative for the improvement of infusion pumps. For instance, problems such as software error, complex interfaces, and failures in the electrical or mechanical systems of such pumps could pose a potential risk to the health of the patient. It is important to address these issues early on to improve the overall quality and functionalities of these pumps, looking forward.
The global infusion pumps market is dominated by few major players such as CareFusion Corporation, Hospira, Inc., Baxter International, Inc., Fresenius Kabi AG, B. Braun Melsungen AG, and Terumo Corporation. Approximately half of the total revenue of the global infusion pumps market is shared by the top three companies in the market, while the rest of the market is occupied by several small players. Several product recalls by prominent players as well as small companies in the market have deterred market growth to some extent.