The global Intravenous Infusion Pumps Market size is expected to reach USD 8.4 billion by 2028, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 7.9% from 2021 to 2028. 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.
Related Press Release@ Intravenous Infusion Pumps Market Report
Intravenous Infusion Pumps Market Report Highlights
- Ambulatory infusion pumps emerged as the largest product segment in 2019 owing to increasing use of delivery fluids such as nutrients and medications in case of emergencies and treatments like chemotherapy
- The implantable infusion pumps segment is projected to register the highest CAGR over the forecast period as they offer advantages such as improved safety
- The pediatrics/ neonatology segment dominated the market in 2019 in terms of disease indication as there have been growing incidences of premature birth and hence require optimum care and nutrition
- In Asia Pacific, the market is projected to witness the fastest growth over the forecast period owing to the increasing number of geriatric and diabetic patients in the region.