The global Intravenous Infusion Pumps market gathered revenue around USD 4.9 Billion in 2020 and market is set to grow USD 8.0 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 7.1% during the prediction period 2021 to 2027.
The introduction and development of specialty and smart pumps are imparting crucial growth of the market as they constitute Dose-error Reduction Software (DERS) and customized drug libraries. According to a study conducted by Mindray Medical Company in 2018, medical pumps are the most conventional hospital rentals equipment.
To improve the safety and efficacy of intravenous infusion pumps, the U.S. FDA took an initiative known as the Infusion Pump Improvement Initiative in 2010, which focuses on supporting the benefits of generic pumps and minimizing the risk associated with them at the same time. FDA also launched a website that gives peculiar information about medical pumps to the patients, users, and other stakeholders. Several government collaborative research projects like the Generic Infusion Pump Project are introduced that are aimed at creating new methods for manufacturers for developing software for intravenous medical pumps. National Institute of Standards and Technology is working in collaboration with NCCoE to manufacture wireless medical pumps and such incorporation of various government policies and regulations will in turn propel the market.
The amalgamation of factors like the shift in technology, automation, and standardized dosing for the intravenous medical devices are anticipated to make therapy more convenient and user-friendly for patients. For instance, in May 2018, Baxter launched SPECTRUM IQ that allows patients records to be transferred directly from the EMR to the infusion system which is apt for home therapy as well as for therapies carried out in hospitals.
The hematology disease indication segment is anticipated to grow fast over the forecast period. Rising cases of blood cancer are driving demand for blood transfusion through hematology, thereby driving the segment. North America dominated the market in 2019 and is anticipated to maintain its dominance over the forecast period. Increasing number of surgeries, rising cases of chronic diseases, and R&D in healthcare sector are driving the market in the region.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Intravenous Infusion Pumps market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Intravenous Infusion Pumps market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
|Market Size||USDby 2027|
|CAGR of7.1% From 2021 to 2027|
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Intravenous Infusion Pumps market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
North America dominated the intravenous infusion pumps market and accounted for the largest revenue share of 49.8% in 2020. The segment is expected to maintain its growth rate over the forecast period. This can be attributed mainly to factors such as developed medical infrastructure, high chronic disease burden, and advancements in infusion technology. Moreover, factors such as favorable insurance and medical device reimbursement policies, strong local presence of key manufacturers, and major exporters of intravenous infusion pumps are likely to propel the regional market over the coming years.
In Asia Pacific, the market is expected to witness the highest CAGR of 8.7% over the forecast period. This can be attributed to the increasing burden of chronic diseases such as cancer and diabetes, growing number of surgical procedures performed, rapid adoption of innovative medical devices, and the regional presence of major global players. These factors are expected to create lucrative opportunities in Asia Pacific’s market over the forecast period.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the Intravenous Infusion Pumps Market include: Baxter International, B. Braun Melsungen AG; Medtronic; Micrel Medical Devices SA; Boston Scientific Corporation; CareFusion Corporation; Fresenius Kabi; Smiths Medical
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Middle East & Africa (MEA)
Highlights of the Report:
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Intravenous Infusion Pumps market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Intravenous Infusion Pumps market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Intravenous Infusion Pumps markets more accurate and reliable.
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Intravenous Infusion Pumps market Study: