Seattle, WA -- (SBWIRE) -- 09/26/2019 -- The Global Infusion Pumps Market was valued at US$ 2,985.5 million in 2015 and is projected to expand at a CAGR of 6.0% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Increasing number of applications of infusion pumps in the healthcare sector is projected to support growth of the infusion pumps market over the forecast period.
Infusion pump delivers controlled amount of fluid and medications into the bloodstream over a period of time. The drug infusion system includes two components, namely open loop and closed loop. According to a study by Healthcare Human Factors University Health Network, in 2009, around 13% of the hospitals in Ontario used smart pumps and around 6% were in the process of implementing the techniques. Thus, adoption rate of smart large volumetric infusion pumps in Ontario has been low. Infusion pumps have contributed to improvements in patient care at affordable costs. Apart from its wide application in hospitals and for clinical use, the systems are also used in the form of portable device to provide the drug or fluid on the move. Furthermore, the major application that has revolutionized the use of infusion pumps involves diabetes where it works as an insulin pump to provide with the controlled and preset amount of insulin in the patient's body. According to the fact sheet by W.H.O, number of diabetic patients witness a steep increase from 108 million in 1980 to 422 million in 2014. This in turn is expected to favor the market growth for infusion pumps over the forecast period.
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Patient-controlled analgesia infusion pumps are commonplace in healthcare settings and are widely used to transfer medications, nutrients, and fluids to the patient body at preset intervals in accurate dosages. The infusion of fluids and medication into the patient venous system play a vital role in current therapeutic regimens and are used across the length and breadth of healthcare settings right from inpatient, outpatient, and private clinics to at-home settings. A myriad range of infusion pumps such as peripheral venous catheters, central venous catheters, peripherally inserted central catheters (PICCs), implants and epidural catheters are used as per requirement. The type of delivery or the device used for fluid and medication delivery mainly depends on the condition of the patient receiving the therapy. The adoption of such devices in different application is expected to fuel growth of the infusion pumps market.
Infusion pumps have revolutionized the administration of intravenous medications with potentially game changing programming features such as intermittent and preprogramming, bolus dosing, and standby mode. According to a featured article by Wolters Kluwer Health, Inc., in 2007, around 90% of hospitalized patients in the U.S. received IV medications, most being delivered by an infusion pump. This trend argues favorably for growth of the infusion pumps market in the foreseeable future. In spite of being a precise fluid and medication transferring devices still, 35%-60% of the 700,000 adverse drug events (ADEs) annually reported in the U.S. are related to delivery through infusion pumps, which can further cause morbidity and mortality. This has necessitated extensive focus by players in the global infusion pumps market on R&D to reduce error rates associated with infusion pumps and introduce further advancements in existing products. For instance, according to Qual Saf Health Care's research paper, in 2009, there were recommendations to use smart infusion devices to overcome the errors in infusion and favor the growth of the global infusion pumps market. Manufacturers have developed devices that have dose error reduction systems (DERS) with dosing limits and clinical advisories under hospital-defined drug libraries. Smart pumps are now being designed with safety software that are drug-specific.
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Key players in the market are focused on product development, upgrading existing devices, and geographical expansions through various inorganic growth strategies such as mergers and acquisitions. For instance, in 2015, InfuSystem Holdings, Inc. –an infusion pumps provider and related healthcare services in the U.S. and Canada –acquired Ciscura Holding Company, Inc. – a provider of ambulatory infusion pumps and healthcare services to medical facilities. Also, in 2016, ICU Medical Inc. – a developer and manufacturer of medical devices specific in the areas of vascular therapy, oncology and critical care applications – acquired Hospira Infusion Systems business from Pfizer Inc. for a total value of US$ 1 billion in cash and stock.
Key players in the infusion pumps market are focusing on reducing error rates
Major investments are being made by key players for the advancement of products that are used in the infusion pumps devices, owing to increasing number of applications and better return on investment. For instance, an update from VertMarkets, Inc. revealed that Baxter is developing a new infusion pump platform, reinvigorating bio-surgery sector. Also, companies are focusing on product advancements to increase application area of infusion pumps for analgesic applications. According to Journal of Emergency Medical Services, in 2017, an infusion pump system can be an important breakthrough for ketamine delivery, which is to begin with a bolus dose, followed by a drip. Furthermore, increasing prevalence of chronic pain and rising population who are suffering from various types of cancer are other factors that create a conducive environment for infusion pumps market growth. Also, rising prevalence of gastroenterological procedures worldwide are expected to underpin the infusion pumps market growth. In 2016, according to the National Cancer Institute, around 1,685,210 new cases of cancer were diagnosed in the U.S., which are projected to lead to around 595,690 fatalities.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.