Infusion Pump Market is growing at a CAGR of around 6.8% between 2020 and 2026
Infusion pumps Market Report gives an introduction to Infusion pumps that offer numerous advantages over manual administration of medicated fluids, such as the ability to deliver fluids in very small volumes and the ability to deliver fluids at precisely programmed rates or automated intervals, and are consequently widely adopted by healthcare systems today. However, product recalls and infusion pump malfunctions, such as software defects and user interface problems, are significant market growth restraints.
The COVID-19 pandemic has increased the demand for intravenous infusion pumps and related systems, as the majority of hospitalised patients, particularly those in intensive care units, are medicated with intravenous infusion pumps due to their ability to deliver precise doses at predetermined times.
The growth of the global intravenous infusion pump market is primarily driven by the ageing population and the prevalence of chronic diseases.
In addition, a surge in the adoption of portable infusion pumps to reduce hospital costs is anticipated to contribute to the expansion. However, risks to patient safety and medication errors associated with infusion pumps restrain the growth of the intravenous infusion pump market.
During the forecast period, technological advances in infusion pumps are anticipated to create lucrative opportunities for market leaders.
In-home care settings, infusion pumps such as ambulatory chemotherapy pumps, implantable pumps, and insulin pumps are useful for managing diseases like cancer and diabetes. Moreover, ambulatory infusion pumps are intended to be portable or worn.
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In addition, infusion pumps are used to precisely and carefully administer fluids such as nutrients, medications, and antibiotics to a patient. Hospitals, ambulatory surgery centres, home settings, infusion clinics, and long-term care facilities use them frequently.
Due to the high prevalence of chronic diseases and the rise in healthcare expenditures, especially for hospitalisation, the demand for home healthcare has increased significantly in recent years. In comparison to expensive hospital care, home healthcare is more affordable for patients, thereby reducing the public expenditure on healthcare services.
Patients are increasingly adopting ambulatory infusion pumps that are cheaper and easier to use than the majority of other infusion pumps, as the need to reduce hospital stays grows.
Thus, these factors collectively increase the demand for infusion pump products, thereby fostering the expansion of the intravenous infusion pump market.
During the forecast period, the market segment for insulin infusion pumps in Germany is anticipated to grow at a rapid CAGR. Increased incidences of chronic diseases, the rapid growth of the geriatric population, the rising demand for ambulatory infusion pumps, and the rising number of people undergoing surgery are the primary factors driving the market’s expansion.
These pumps are primarily used to administer life-sustaining fluids, such as high-risk medications. The majority of infusion pumps include safety features and built-in alarms for operator alerts in the event of a malfunction. Numerous conditions, including immune deficiency, cancer, and congestive heart failure, cannot be treated orally and require infusion therapy.
In addition to vitamins, minerals, amino acids, and other essential micronutrients, the infusion can also be supplemented with vitamins, minerals, amino acids, and other essential micronutrients for supplemental nutrition. Smart pumps are intravenous pumps that are technologically advanced with automation, drug libraries, and various operator and patient safety features for accurate, precise, and controlled delivery of fluids into the patient system, which is especially advantageous in the treatment of chemotherapy, and this is why smart pumps are gaining a great deal of popularity in the medical industry.
In 2021, ambulatory infusion pumps, which are used to deliver liquid nutrients and medications to a patient in both emergency situations and chronic conditions, contributed a significant portion of the market share for the delivery of nutrients and medications.
The availability of additional pumps such as patient-controlled analgesia (PCA) pumps, insulin pumps, and smart pumps will contribute to this segment’s additional growth. Increasing demand for enteral and syringe pumps contributes to the burgeoning preference for intravenous infusion pumps, which will also contribute to segment growth.
In recent years, smart pumps with controlled IV medication and error-prevention software have become increasingly popular, as these pumps are equipped with advanced features such as drug libraries, which help in storing the amount of the medicated fluid given to the patient, and barcode technology, which helps verify a patient’s identity and prevents drug administration errors.
Conversely, insulin infusion pumps are projected to record the highest CAGR over the forecast period. This is due to the fact that the global burden of diabetes and associated complications have increased dramatically over the past ten years, primarily as a result of lifestyle changes and urbanization. This pump segment is anticipated to grow in the distant future due to its low infection rate and low rate of delivery system failure during treatment.
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