Infusion Pumps & Accessories Global Market estimated to be worth $12.3 billion by 2022
Infusion pumps are the therapeutic medical devices used extensively for the purpose of delivering nutrients and medications into patient’s body by using a different mode of administration like intravenous, subcutaneous or epidural when the oral route of administration fails. These pumps play a major role in all clinical areas and are an essential tool for providing preoperative, critical and pain management care by facilitating continuous medicine administration without any interruption. According to IQ4I estimation, the infusion pumps & accessories global market is expected to reach $ 12,303 million by 2022.
Rise in ageing population & subsequent rise in the incidence of chronic diseases, technological innovations offering a wider scope of applications for infusion pumps and increase in use of infusion products in homecare setting are the factors driving the market growth. However, factors like patient safety risks and medication errors associated with infusion pumps, lack of cyber security in wireless infusion pumps limit the growth of infusion pumps & accessories global market.
Use of smart pumps & disposable pumps in almost all the therapeutic areas and insulin pumps for diabetes insulin management is the trend of this market where smart pumps & wireless infusion pumps are used to avoid the wrong medication administration, dosage errors and are specially used for infusing very small dosages. Customized infusion pumps and insulin patch pumps are some of the upcoming technologies in the field of infusion pumps.
Increasing incidence of diabetes in younger age people, who require continuous monitoring and insulin administration is emerging as one of the major opportunity for market players to invest more in R&D for designing innovative insulin pumps to help juvenile diabetes suffering patients to lead a better life. For instance, Medtronic one of the leaders in insulin infusion pumps has come up with MiniMed 670G Hybrid Closed loop system for continuous monitoring and insulin administration. In September 2016, the pump has got FDA approval and is recognised as the first FDA approved the device for automatically monitoring glucose levels and administering basal insulin doses. This device is also referred as artificial pancreas intended to adjust insulin levels with little or no inputs from the user and also monitors the glucose levels for every five minutes once. The company is expected to start its product shipping in spring of 2017.
Companies such as Johnson & Johnson, Terumo Corporation, Medtronic PLC, Becton, Dickinson & Company, Baxter International Inc, Pfizer, Inc and Smiths Medical with large number of product offering and strong pipeline are ahead of other companies and are considered to be leaders in the market. IradiMed Corporation (U.S.) is the only company providing the non-magnetic intravenous infusion pumps that are designed to be safe for use during MRI scan. For instance, MRidium 3860+ is an MRI compatible IV infusion pump suitable for continuous administration of IV fluids during the procedure, where wireless infusion pumps are expected to be used in larger application areas to avoid the medication errors.
Major players in infusion pumps & accessories market include Johnson & Johnson (U.S.), Terumo Corporation (Japan), Medtronic plc (Ireland), Pfizer, Inc. (U.S.), Becton Dickinson & Company (U.S.), Smiths Medical (U.K.), Fresenius Kabi (Germany), Roche Diagnostics (Switzerland), Moog Inc (U.S.), Baxter International Inc (U.S.) and B. Braun Melsungen AG (Germany).
Atena (U.S.), Insulet Corporation (U.S.), Flowonix Medical Inc (U.S.), Medasys Inc (U.S.), Mircel Medical Devices (Greece), I-Flow Corporation (U.S.), Shanghai Berry Electronic Tech Co Ltd (China), Arrow International (U.S.) and Codman & Shurtleff (U.S.) are some of the emerging players in infusion pumps & accessories market.