The global infusion pump market is on track for significant growth, with a projected valuation of US$209.8 million by 2034. This expansion is fueled by a growing understanding and appreciation of the benefits infusion pumps offer. The market is expected to witness a Compound Annual Growth Rate (CAGR) of 7.2% from 2024 to 2034.
New solutions intended for home-based infusion therapies are being developed in response to the growing number of patients suffering from these chronic conditions. The need for these specialist infusion devices has been exacerbated by the aging population, which frequently needs long-term care.
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The market for infusion pumps is driven primarily by the healthcare industry. Infusion pumps are essential in healthcare settings because controlling chronic diseases requires accurate and continuous medication delivery.
Innovations in drug delivery technology have also contributed to the market’s growth by producing infusion pumps with specialized features to meet a range of medical needs.
Several key trends are shaping the future of the infusion pump market:
- Chronic Disease Management: The rising prevalence of chronic diseases like diabetes, cancer, and gastroenterological conditions is a major driver. These conditions often require long-term treatment, and infusion pumps play a vital role in administering medication effectively.
- Shift to Home-Based Care: The increasing demand for home-based infusion therapies is another key factor. Infusion pumps offer a cost-effective and convenient alternative to hospital-based treatment, allowing patients to receive care in the comfort of their own homes. This trend is expected to continue fueling market growth.
Key Takeaways from the Market Study
- The market valuation in 2022 was US$ 626
- The market valuation in 2017 was US$ 543
- Based on product type, volumetric pumps are expected to dominate at a value share of 22% in 2023.
- India is estimated to register at a CAGR of 3.8% by 2033.
- China experiences significant growth, projected at a CAGR of 3.3% by 2033.
“Rapid technological innovations are projected to encourage companies to develop more user-friendly and technologically advanced infusion systems and is considered a major driving factor of the infusion pump market,” comments a Future Market Insights analyst
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Competitive Landscape
The infusion pump industry boasts a substantial array of market participants. Research and development play a pivotal role among these players, primarily focusing on introducing eco-friendly product lines as a core aspect of their manufacturing endeavors. Furthermore, they employ various expansion strategies, including collaborations, mergers and acquisitions, and diligent exploration of regulatory approvals to bolster their market presence.
Some of the key developments are
- Voluntis, a prominent player in the healthcare software industry, joined forces with Biocon biologics to revolutionize diabetes management. The strategic partnership aims to develop and offer innovative digital therapeutics designed to support diabetes patients who rely on biologics therapy.
- Mindray Medical expanded its product portfolio by introducing the BeneFusion e series. The new line includes eSP, eVP, and eDS infusion systems, representing a technological step forward. The introduction of these advanced infusion systems reflects Mindray Medical’s commitment to providing cutting-edge medical equipment to healthcare facilities.
Recent Developments
- In 2023, Terumo Corporation revealed its plans to build a new manufacturing plant for its medical care solutions division. The facility will be located at the Kofu Factory premises situated in Yamanashi, Japan.
- In 2023, Virginia Oncology Associates (VOA) procured the Ivenix Infusion System to deliver medications to its patients. This purchase was made under an agreement signed with Fresenius Kabi.
- In 2023, Terumo Blood and Cell Technologies collaborated with BioCentriq to showcase how automated cell and gene therapy platforms from Terumo can expedite the development of CAR-T cells.
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Key Market Players:
- Terumo Corporation
- Medtronic Plc
- Smiths Medical
- MOOG Inc.
- B. Braun Melsungen AG
- Fresenius Kabi AG
- Terumo Corporation
- CareFusion Corporation
- ICU Medical, Inc.
- Baxter International Inc.
Key Market Segmentation:
By Product Type:
- Syringe Pumps
- Small Volume Pump
- Ambulatory Pumps
- Volumetric Pumps
- Peristaltic
- Cassette/Piston
- Implantable Pumps
- Insulin Pumps
- Enteral Pumps
- PCA Pumps
- Pump Accessories
By Modality:
- Stationary Pumps
- Infusion Pumps
By Application:
- Chemotherapy/Oncology
- Pediatrics/Neonatology
- Analgesia
- Gastroenterology
- Hematology
- Diabetes
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Home Care
- Clinics
- Others
By Region:
- North America
- Latin America
- East Asia
- South Asia
- Europe
- Oceania
- MEA
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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