Infusion pumps are healthcare devices used for administering high-risk medication, fluids and nutrients to patients, in a controlled and conditional setting. These fluids or medicines are pumped in the patient’s body through subcutaneous, intravenous, and arterial veins. Those mostly used in hospitals are stationary infusion pumps, portable infusion pumps are wearable and can be used while on-the-go. Several types of infusion pumps are in healthcare institutions including syringe pumps, ambulatory pumps, volumetric pumps, implantable pumps, insulin pumps, enteral pumps, and PCA pumps. Pain relievers, insulin, and chemotherapy drugs are mostly administered to patients using infusion pumps.
According to a recent market analysis by Future Market Research, the global infusion pumps market is projected to reach a valuation of US$ 3,552.2 Mn by 2028, expanding at a steady CAGR of 5.4% over the forecast period of 2018-2028. The report assays key drivers, restraints, and challenges shaping the global infusion pump market coupled with analysis of decisive business strategies of the top players. Increasing pool of patients affected by chronic pain and diabetes along with emergence of technologically advanced products with improved features are likely to fuel the global infusion pumps market through 2026. North America is expected to be the largest market in the global infusion pumps market.
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Presence of stringent Government regulations for new products, increasing number of product recalls that often is a resultant of medication errors associated with infusion pumps, and the increasing adoption of reconditioned and rental infusion pumps are anticipated to restrict the market growth of infusion pumps during the forecast period. User errors represent a large portion of negative feedback instances related to infusion pumps.
On the other hand, favorable reimbursement regulations for infusion therapies carried out in homecare settings is a major factor promoting revenue growth from the home infusion end-user segment.
Fragmented Infusion Pumps Market to Present Investment Opportunities; Acquisitions and Innovative NPD to Remain Key Forward Strategies
Key players in the global infusion pumps market include Pfizer (Hospira) Inc., Medtronic Plc., Terumo Corporation, Johnson & Johnson Private Ltd., B. Braun Melsungen AG., Smiths Medical, Baxter International Inc., and Fresenius Kabi AG. The top 5 key players contributed approximately 79% revenue share to the Infusion Pumps Market in 2017. The report on infusion pumps market offers a detailed competitive outlook along with strategy overview, SWOT analysis, and current developments.
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Infusion pump manufacturers are constantly improving their forward integration capabilities in the value chain and establishing and enhancing distributor network. Moreover, since the infusion pumps market is highly fragmented, there is no definite leader for all categories, leaving enough scope for investment by mushrooming local players, especially in emerging economies such as China and India. Although, Medtronic is a clear market leader with close to two-third market share through 2014, it does not have a competitive edge in other categories of infusion pumps including syringe pumps and ambulatory pumps.
Players dealing with hospital supplies are increasingly targeting the infusion pumps market for either acquiring leading companies or those facing large number of product recalls.
Incorporating Smart Technology Will Drive the Infusion Pumps Market
In terms of forward strategy, companies are manufacturing user-friendly and technologically advanced infusion pumps that can be monitored remotely. Companies are also including comprehensive drug libraries in pumps that would enable multi-directional interoperability and enhanced data safety of the instrument and patients, for better electronic health record and medication management across multi-care settings. Lastly, advanced technologies including dose error reduction system [DERS] and barcode-enabled point of care (BPOC) systems are also been incorporated in infusion pumps to prevent medication errors, thereby, driving the growth of smart infusion pumps market.