What Will The Intravenous Infusion Pumps Market Look Like In 2023?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s intravenous infusion pumps market report forecasts the intravenous infusion pumps market size to grow to $7.6 Billion by 2027, with a CAGR (compound annual growth rate) of more than 7%.
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Intravenous Infusion Pumps Market Size Forecast
The global intravenous infusion pumps market is expected to grow from $5.32 billion in 2022 to $5.68 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The intravenous infusion pumps market is expected to grow from $7.6 billion in 2027 at a CAGR of 7.5%.
North America held the largest intravenous infusion pumps market share.
Key Intravenous Infusion Pumps Market Driver – Rise In The Prevalence Of People With Chronic Pain, Cancer, And Diabetes
Chronic illnesses and disorders are on the rise around the world, which can be attributed to an aging population and shifts in social behavior that lead to a gradual increase of these widespread and expensive long-term medical issues. Infusion pumps are used to transfer regulated doses of nutrients or drugs into a patient’s body, such as chemotherapy medicines, pain relievers, antibiotics, insulin, or other hormones. The prevalence of chronic diseases is expected to increase by 57% by 2020, according to the World Health Organization. Therefore, the rise in the prevalence of chronic diseases is expected to drive the growth of the intravenous infusion pumps market.
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Key Intravenous Infusion Pumps Market Trend – Growing Technological Improvement
Technological advances in infusion pumps have changed medical care in hospitals and allowed patients to inject fluids on an outpatient basis or in a home setting, allowing them to seek treatment while living their daily lives, through the use of smart intravenous infusion pumps. These smart intravenous infusion pumps help prevent medication errors and reduce patient harm. Some of the major companies investing in smart intravenous pumps include Fresenius Kabi, Q-Core Medical, Becton Dickinson, Micrel Medical Devices, and Baxter International. In another instance, vTitan, a Chennai-based healthcare company, announced the launch of the next generation of Syringe Infusion Pumps, which are used for critical care in hospitals and homes for reliable and safe infusion of drugs.
Intravenous Infusion Pumps Market Segments
1) By Product: Volumetric, Syringe, Enteral, Ambulatory, IV Disposables, Other Products
2) By End-User: Hospitals, Ambulatory Surgical Centers, Cancer Treatment Centers, Specialty Clinics, Other End Users
3) By Application: Chemotherapy, Diabetes, Gastroenterology, Analgesia/Pain Management, Pediatrics/Neonatology, Haematology, Other Applications
Intravenous Infusion Pumps Market Major Players and Strategies
Major players in the intravenous infusion pumps market are B. Braun Melsungen AG, Baxter International, Medtronic, Fresenius Kabi, Smiths Medical Inc., Becton Dickinson and Company, Terumo Corporation, F. Hoffmann-La Roche Ltd., ICU Medical Inc., and IRadimed Corporation.
In March 2022, Fresenius Kabi, a Germany-based pharmaceuticals company, acquired Ivenix for $240 million in upfront payments and milestone payments. The acquisition would help the company to improve its offerings and help it better serve the customer’s needs. Ivenix is a US-based manufacturer of infusion pumps.
The Intravenous Infusion Pumps Global Market Report 2023 covers regional data on intravenous infusion pumps market size, intravenous infusion pumps market trends and drivers, opportunities, strategies, and intravenous infusion pumps market competitor analysis. The countries covered in the intravenous infusion pumps market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Intravenous infusion pumps are medical devices used for controlled delivery of drugs into the patient’s body.
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