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The global infusion pump market size was USD 9.02 billion in 2020 and is projected to grow from USD 9.67 billion in 2021 to USD 15.81 billion in 2028, exhibiting a CAGR of 7.3% in the 2021-2028 period. Based on our analysis, the global market will exhibit a lower growth of 6.80% in 2020 as compared to the average year-on-year growth during 2017-2019. The global impact of COVID-19 has been unprecedented and staggering, with market witnessing a negative impact on demand across all regions amid the pandemic. The rise in CAGR is attributable to this market growth and demand, returning to pre-pandemic levels once the pandemic is over.
The market is gaining significant traction after introduction of insulin pump by leading market players such as Medtronic, Insulet Corporation etc. The market is projected to expand at considerable growth rate owing to the key factors such as growing prevalence of chronic diseases, advancements in drug delivery technologies, and increasing adoption of these techniques in the emerging regions. This pump is a medical device used to deliver fluids such as nutrients and medicines to the patient in a controlled amount. These are designed based on the specialized functions such as enteral feeding pumps to deliver nutrients, insulin pumps to deliver insulin, and patient controlled analgesia (PCA) pumps for delivery of pain medications. Various routes utilized for fluid delivery by these pumps include intravenous, subcutaneous, and arterial. The practice of these pumps has been encouraged over the manually driven flow control method to provide accurate and exact delivery of the fluid and achieve therapeutic efficacy.
Demand for Pumps in Disease Management of COVID-19 Infection to Improve Business Prospects
Due to the impact of the COVID-19 pandemic and the uncertainties regarding the duration, the industry has witnessed a strong upward spike in its growth rate. This is majorly due to the increase in the COVID-19 testing during the year 2020. However, due to the unavailability of workers and supply chain disruptions there was a decline in the production due to the COVID-19 pandemic.
For instance, Baxter international has experienced significant and unpredictable reductions and increases in the demand of certain healthcare products during the COVID-19 pandemic. However, new product launches have uplifted the revenue growth in the year 2020. For instance, In January 2020, Medtronic, Ireland has launched Efficio networked with the SynchroMed II intrathecal drug delivery system.
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Growing Research and Development Activities to Launch Home Infusion Systems
The growing prevalence of chronic diseases coupled with increasing cost of hospital-based infusion therapies has resulted into growing research and development activities to develop home-based infusion products. For instance, growing patient population in diabetes, cancer, and neurological disorders has resulted in growing demand for long term care preferably at home care settings. Moreover, growing geriatric population in need of long-term care therapies is driving the new product developments targeting home-based infusion therapies. The leading players in the market are focusing on site of care management for specialty medicines. In August 2020, Ivenix, Inc. has developed a smart infusion pump named as Epic which helps to eliminate infusion-based injuries of patients.
Growing Prevalence of Chronic Diseases to Boost Market Growth
Infusion pumps provide important advantages over the manual delivery of fluids like the ability to administer the fluids in a very small dosage and at accurate programmed rates. In many cases like cancer and diabetic conditions, these pumps are used to deliver the medication to maintain drug level in the bloodstream at a steady state. According to the World Health Organization (WHO), in 2018, cancer was estimated to be the second most prominent cause of death globally and is responsible for about 9.6 million deaths. Cancer patients require chemotherapy which is to be delivered to the patients in a continuous manner which can be achieved by using the pump. Moreover, according to the Centers for Disease Control and Prevention (CDC), in 2020, the prevalence of diabetes was estimated to be around 463 million cases worldwide and in the U.S., 34.2 million adults have diabetes which is 10.5% of the total population. The insulin pumps are increasingly being preferred in the management of type 1 diabetes. These patients necessitate user friendly self-controlled pumps to achieve continuous medication delivery. Together, these factors are surging the infusion pump market growth across all regions.
Growing Demand for Ambulatory Pumps to Propel the Market Growth
Ambulatory pump is a significant means of drug delivery in a wide range of medical situations. They play a vital role in supplying analgesics, chemotherapy, TPN infusion, and other infusions to patients in both hospitals and home care settings. In developed countries, the shift to site of care management of chronic diseases for the reduction of cost burdens associated with hospitals-based management is likely to increase demand for portable pumps in near future.
Stringent Regulations for the Production of Pumps to Restrain Market Growth
Increasingly stringent regulations regarding the production and incorporation of pumps slow down the approval process for new products. This factor is anticipated to restrain the market growth. Moreover, increasing product recalls due to product errors are restricting the market growth. In August 2019, for example, Fresenius Kabi recalled Vigilant Agilia drug library and Volumat MC Agilia infusion pump due errors to an infusion alarm, low priority keep vein open (KVO), and multiple errors associated with software.
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Insulin Pump Segment to Hold Leading Share of the Market Due to Growing Number of Diabetic Patients
Based on type, the market is segmented into volumetric pumps, syringe pumps, enteral feeding pumps, insulin pump, elastomeric pumps, implantable pump, and patient control analgesia (PCA) pumps. Globally the insulin pump segment dominated the global market. The segment is projected to continue its dominance by expanding at significantly high growth rate during the forecast period. This is attributable to growing number of type 1 diabetic patient population globally and introduction of promising technologies in insulin pump area. Growing applications of PCA pumps in pain management are likely to boost the global product demand in coming years.
Diabetes Application Segment to Hold Lion’s Share Due to Increasing Prevalence of Diabetes around Globe
In terms of application, market segments include diabetes, oncology, pain management, and others. Among them, the diabetes segment held largest infusion pump market share in the year 2020. The segment is estimated to grow at highest CAGR during the forecast period. The oncology segment is expected to witness significant traction owing to the growing prevalence of various cancers and increasing new product launches in this area. Other application areas of this pump includes gastroenterology, hematology, pediatrics, and anesthesia, blood transfusion, and others.
Hospitals segment to Dominate Global Market Due to increasing Hospital Admissions Globally
Based on the end users, the market is segmented into hospitals, ambulatory care settings, specialty clinics and home care settings. Among them, the hospitals segment accounted for the largest share of the market in the year 2020 due to hospitals’ high procuring power of costliest infusion devices, large patient pool visiting these facilities, and the readiness of trained staff to operate the pump. However, home care settings segment is expected to grow at the highest CAGR during the forecast period due to the growing adoption of ambulatory pumps and increasing preference for site of care management to reduce cost burden. Moreover, increasing government initiatives for the reduction of overall healthcare costs associated with prolonged hospitalization is likely to support the rising demand for infusion systems in the homecare setting.
North America Infusion Pump Market Size, 2020 (USD Billion)
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The global infusion pump market size in North America stood at USD 3.52 billion in 2020. The market in the region in characterized by higher diagnosis and treatment rates for diabetes coupled with high adoption of ambulatory pumps, and favorable reimbursement policies in the region. Technological advancement related to the medical devices in the North America region is boosting the growth of the region. Europe held second largest share of the market. An increase in the prevalence of chronic diseases in this region and significant expenditure in the healthcare sector by the European Commission are anticipated to drive the demand for these pumps in Europe during 2021-2028.
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The market in the emerging regions such as Asia Pacific, Latin America, and the Middle East & Africa region is projected to register comparatively higher CAGR during the forecast period. Rise in the prevalence of chronic diseases such as diabetes and cancer, growing healthcare infrastructure, growing GDP, disposable income is redundant, and increasing awareness about the availability of advanced therapies in Asia Pacific region are some of the factors projected to drive the market growth in this region in upcoming years. The market in Latin America and the Middle East & Africa is currently in nascent stage. However, increasing focus of leading players to expand their presence will augment the market in these regions.
Strong Geographic Presence of Key Players Owing to Strong Expansion strategies and Product Diversification
The market is characterized by presence of large number of major players offering various types of pumps in diverse application categories. The market is highly fragmented however, companies like Becton Dickinson, Baxter, and Medtronic, are successful to maintain dominating positions in their respective segment product categories. Expansion of product portfolio through organic as well as inorganic growth and strengthening of distribution channels across all the regions of the globe including emerging countries such as India, China, and Brazil are major winning imperatives to be noted. The regional players are making this market competitive by increasing pricing pressure. Other prominent players studied in the report include icumedical, B. Braun Melsungen AG.
An Infographic Representation of Infusion Pump Market
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The market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over the recent years.
Value (USD billion)
Type; Application; End User; and Region
By End User
Fortune Business Insights says that the global market size was USD 9.02 billion in 2020 and is projected to reach USD 15.81 billion by 2028.
In 2020, the market value stood at USD 9.02 billion.
The market is projected to grow at a CAGR of 7.3%, during the forecast period (2021-2028).
Insulin Pump segment is the leading segment in this market.
Increasing prevalence of chronic diseases like cancer and diabetes is the key factor driving the market
Medtronic, BD, and Baxter international are the leading player in the global market.
North America held the highest market share in the market in 2020.
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