Insights on the Intravenous Infusion Pumps Global Market to 2027 - by Type, Application, End User and Region - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 23, 2021--
The “Global Intravenous Infusion Pumps Market By Type, By Application, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027” report has been added to ResearchAndMarkets.com’s offering.
The Global Intravenous Infusion Pump Market size is expected to reach $8.2 billion by 2027, rising at a market growth of 8.5% CAGR during the forecast period.
An intravenous infusion pump refers to a medical device, which is utilized to inject medications and nutrients into a patient’s body. These pumps are generally seen in a medical setup because they are majorly utilized in giving medications in pre-determined dosages to any patient. The growing geriatric population and the rising cases of chronic diseases across the globe are among the major driving factors of the intravenous infusion pump.
Additionally, the high adoption of portable infusion pumps to decrease the expenses of the hospital is also anticipated to support the growth of the market. Though, patient safety risks & medication errors regarding infusion pumps are estimated to hamper the market growth. There are many companies that are increasingly investing in the advancement of infusion pump technology, which is expected to open new growth opportunities for the intravenous infusion pumps market.
The increasing prevalence of patients with cancer, chronic pain, and diabetes is one of the major factors fueling the demand for intravenous infusion pumps. It is because these pumps are generally utilized to give pharmaceutical drugs during the treatment of such diseases. There is an increasing prevalence of chronic illnesses and disorders across the globe due to the increase in the aging population and shift in social behavior, which can result in the gradual rise of these widespread and costly long-term medical conditions.
COVID-19 Impact Analysis
The world has witnessed a lot of problems and disruptions due to the global covid-19 pandemic. Various restrictions like lockdown, travel ban, a temporary ban on manufacturing units, ban on public gathering, social distance, ban on import and export and many more have adversely impacted different sectors of the business. However, the healthcare sector has witnessed a surge in demand for various devices for providing better medical treatment to patients.
The global COVID-19 pandemic has resulted in the growing demand for intravenous infusion pumps and other related systems because most of the hospitalized patients, particularly those in ICUs, are given medications through intravenous infusion pumps owing to their capability to provide accurate doses automatically at fixed times. In cases, where patients require acute care, these intravenous infusion pumps help in providing a variety of medications like vasopressors, antithrombotic, opioids, insulin, neuromuscular blocking agents, anesthetic agents, and antiarrhythmic agents, some of them are needed for COVID-19 patients.
Market Growth Factors:
Growing prevalence of chronic diseases
With the growing urbanization and modernization, people have inculcated various changes in their food habits and living standards. The inclusion of various toxic food habits and lifestyles has resulted in the prevalence of several diseases. One of the key factors fueling the growth of the Intravenous infusion pumps market is the rising prevalence of various chronic diseases.
Increasing demand for ambulatory infusion pumps in-home care setup
Infusion pumps like implantable pumps, ambulatory chemotherapy pumps, and insulin pumps are very helpful in the treatment of various diseases like cancer and diabetes in the home care setup. Ambulatory infusion pumps are very handy or wearable. These infusion pumps help in delivering fluids like medicines, nutrients, and antibiotics in a patient’s body accurately in a controlled surrounding.
Market Restraining Factor:
Increasing cases of a product recall
Infusion pumps are utilized to deliver various crucial fluids like high-risk medications and nutrients into a patient’s body. Any kind of error in operating these systems can result in very serious harm to patients and can even result in the death of the patient. As per the Institute of Medicine (US), almost 1.5 million patients per year witness medication errors that cost USD 8,750 per Potential Adverse Drug Event (PADE). The recall rate of infusion pumps is the highest among all the medical devices.
Market Segments Covered in the Report:
- Volumetric Infusion Pumps
- Syringe Infusion Pumps
- Patient Controlled Analgesia Infusion Pumps
- Parenteral Nutrition
- Analgesia/Pain Management
By End User
- Hospitals & Clinics
- Home Healthcare
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Johnson & Johnson
- B. Braun Melsungen AG
- Medtronic PLC
- F. Hoffmann-La Roche Ltd.
- Becton, Dickinson and Company
- Baxter International, Inc.
- Terumo Corporation
- Smiths Group PLC
- Boston Scientific Corporation
- Micrel Medical Devices SA
For more information about this report visit https://www.researchandmarkets.com/r/hkg3y3
View source version on businesswire.com:https://www.businesswire.com/news/home/20211223005256/en/
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INDUSTRY KEYWORD: MEDICAL DEVICES HEALTH
SOURCE: Research and Markets
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PUB: 12/23/2021 07:57 AM/DISC: 12/23/2021 07:57 AM