Market Trends of Intravenous Infusion Pump Industry
The Volumetric Infusion Pump Segment is Expected to Witness a Healthy Growth During the Forecast Period
Volumetric infusion pumps are extensively used in disease management and parenteral nutrition because their market value is the highest compared to other pumps. The pumps' safety, accuracy, and simplicity are attributed to their high demand.
The trend of adopting technologically advanced volumetric infusion pumps with capabilities such as electronic health record (EHR) integration, built-in safety systems, and drug libraries is likely to drive market growth. For instance, according to an article published by the Journal of Patient Safety in August 2022, the use of intravenous (IV) medications via infusion pumps is a complex task inherently associated with patient safety risks, and an estimated 90% of hospitalized patients require the controlled administration of medications using the intravenous route. Volumetric infusion pumps are prevalent in healthcare for controlled medication administration. While there are various infusion pumps, large-volume IV smart pumps are the most versatile and, thus, are the most commonly used type of infusion pump in United States acute care. Hence, such advantages of volumetric infusion pumps are expected to fuel the market growth during the forecast period.
Also, the high prevalence of chronic diseases is one of the significant factors for adopting the IV infusion pump. For instance, according to a study published by the Institute for Health Metrics and Evaluation (IHME) in August 2023, around 1 billion adults worldwide are anticipated to have arthritis by 2050. Thus, with the growing burden of arthritis, the demand for volumetric infusion pumps is expected to increase for administering medications in precise amounts, which, in turn, is likely to support the market growth during the forecast period.
Additionally, market players adopt various strategies, such as partnership agreements, to boost market growth. For instance, in December 2023, Fresenius Kabi signed a multiyear agreement that involved the purchase of 10,000 Ivenix large-volume infusion pumps by the Mayo Clinic for its hospitals and clinics in Minnesota, Arizona, and Florida. Thus, such partnerships are expected to promote product availability and contribute to the market growth.
Thus, the factors above, such as the rising incidence of chronic diseases, the increasing advantages of volumetric pumps, and market player strategic initiatives, are expected to boost the market's growth.
North America is Expected to Hold a Significant Market Share During the Forecast Period
North America is expected to hold a significant market share in the intravenous infusion pump market due to an increase in the incidence of chronic diseases, the rising geriatric population, and favorable reimbursement policies in this region.
Also, the rising prevalence of cancer is expected to fuel the demand for intravenous infusion pumps and stimulate the region's growth. For instance, according to the article published in the Canadian Medical Association Journal in June 2024, around 247,000 new cancer cases were expected to be diagnosed in Canada in 2024. Also, as per the American Cancer Society's data published in January 2024, around 62,770 new cases of leukemia and 20,800 new cases of acute myeloid leukemia (AML) are expected to be reported in the United States in 2024. Thus, the high incidence of blood cancer cases is leading to an increase in the usage of intravenous infusion pumps, thereby driving the market in the region.
Also, government and private agency initiatives and recommendations regarding home care infusion settings promote market growth in the region. For instance, as per the 2022 news published by the National Home Infusion Association, numerous healthcare systems, hospitals, and group purchasing organizations representing all 50 states are urging Congress to address Medicare beneficiary access to home infusion treatments and approve legislation to enhance access to home-based care. Hence, such movements promote the adoption of IV infusion systems in the home care setting, thereby boosting market growth.
Hence, North America is expected to witness growth during the forecast period attributed to the above-mentioned factors, such as the government and private agency initiatives and recommendations regarding home care infusion settings and the growing burden of chronic diseases.
