February 24, 2024
Global Infusion Pumps Market

Infusion Pumps Market Is Driving Trends In Patient-Centric Care By Remote Monitoring

The infusion pumps market consists of medical devices that are used to deliver fluids, medications and nutrients into a patient’s circulatory system in a controlled, precise and continuous way. Some key advantages of infusion pumps include accurate dosage delivery, flexibility in fluid administration and the ability to optimize therapy. With an aging population and rising prevalence of chronic diseases globally, infusion pumps help improve patient outcomes by enabling comfortable, pain-free and controlled drug delivery.

The Global Infusion Pumps Market is estimated to be valued at US$ 49182.65 Bn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Infusion Pumps market are Consolidated Metco, Inc., BUVO Castings, Bodine Aluminum, Shandong Xinanrui Casting, RusAL, Walbro, RYOBI Aluminium Casting (UK) Ltd., Dynacast, Rio Tinto, Alcoa Corporation. Key players are focusing on developing innovative products with enhanced features to meet the growing demand.

The rising prevalence of chronic diseases and increased adoption of ambulatory infusion pumps for home care are driving the demand for infusion pumps globally. Development of specialty infusion systems for chemotherapy, analgesia and antibiotic applications have further boosted the market growth. Advancements in technology are allowing infusion pumps to offer customizable dosing schedules, drug libraries and connectivity features for remote monitoring of patients.

The global infusion pumps market is expected to witness substantial growth owing to increasing demand from emerging economies of Asia Pacific and Latin America. Manufacturers are expanding their operations across India, China and Brazil to tap the high market potential in these regions. Partnerships with local healthcare facilities help penetrate rural markets and spread infusion therapy awareness.

Market Key Trends

One of the main trends in the Global Infusion Pumps Market Size industry is the growing popularity of ambulatory and wearable infusion pumps with connectivity capabilities. These internet-connected pumps allow healthcare providers to remotely monitor patients’ drug intake and treatment adherence. This helps optimize therapy management, catch dosage errors early and improve health outcomes. With advancements in IoT and cloud computing, newer generation “smart pumps” are being integrated with health apps and dashboards for real-time data sharing. The rise of remote patient monitoring is enabling improved coordination between caregivers and patients.

Porter’s Analysis

Threat of new entrants: Low barriers such as technology and access to distribution channels allow new companies to enter the market easily.

Bargaining power of buyers: Large healthcare providers and hospitals are able to negotiate lower prices from suppliers due to their higher volumes.

Bargaining power of suppliers: Suppliers of infusion pumps components such as motors and valves have some bargaining power over buyers due to differentiated supply.

Threat of new substitutes: New treatment methods for drug delivery pose a substitutive threat to traditional infusion pumps.

Competitive rivalry: Established players compete on technology, quality, features and pricing resulting in industry pressure.

Geographical Regions

North America accounts for the largest share of the global infusion pumps market in terms of value owing to established healthcare infrastructure and rising incidence of chronic diseases in the US and Canada.

Asia Pacific region is poised to grow at the fastest rate during the forecast period due to increasing medical tourism, rising healthcare spending and growing geriatric population in countries such as India and China.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it