Infusion Pump Market in terms of revenue was estimated to be worth $17.1 billion in 2023 and is poised to reach $26.2 billion by 2029, growing at a CAGR of 7.3% from 2023 to 2029 according to a new report by MarketsandMarkets™. The growing number of surgeries performed, and rising prevalence of chronic diseases are some factors that provide key opportunities for key players in the market. However, product recalls by some major players, and stringent regulations on manufacture of infusion pumps are expected to challenge/restrain the growth of the market.
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“High adoption of volumetric infusion pumps and accessories to drive the growth of this segment”
In 2022, the market for dedicated accessories and consumables accounted for the largest share and was also the faster growing segment of the infusion pump accessories and consumables market. This segment is mainly driven by the requirement of compatible administration sets designed for a particular type of infusion pump by the manufacturer to ensure optimum results of dedicated accessories.
Out of the dedicated accessories and consumables market in 2022, the volumetric infusion pump accessories and consumables segment accounted for the largest share. High adoption of volumetric infusion pumps and related accessories in hospitals for the purpose of delivering large volumes of medications and nutrients to patients is pushing the market forward.
“Asia Pacific likely to emerge as the fastest-growing infusion pump market, globally”
The infusion pump market is segmented into five major regions, namely, Europe, North America, Latin America, the Middle East and Africa, and Asia Pacific (APAC). Asia Pacific attributes to the highest growth rate amongst the other regions during the forecast period. The rapid infrastructure growth, increase in disposable incomes, and increase incidences of chronic diseases are factors which are likely to support the growth of infusion pump market in the region. The emerging Asian countries, such as China, and India, offer significant growth opportunities for market players.
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Infusion Pump Market Dynamics:
Drivers:
- Rising demand for ambulatory infusion pumps in home care settings
Restraints:
- Product recalls
Opportunities:
- High growth opportunities in emerging markets
Challenge:
- Increasing incidence of medication errors and lack of wireless connectivity in most hospitals
Key Market Players of Infusion Pump Industry:
The key players in the infusion pump market Becton, Dickinson and Company (US), Baxter International, Inc. (US), and B. Braun Melsungen AG (Germany). These companies adopted strategies such as product launches, collaborations, partnerships, and acquisitions to strengthen their presence in the market.
Breakdown of supply-side primary interviews:
- By Company Type: Tier 1: 21%, Tier 2: 35%, and Tier 3: 44%
- By Designation: C-level: 24%, D-level: 30%, and Others: 46%
- By Region: North America: 40%, Europe: 31%, APAC: 32%, Latin America: 5%, and the Middle East & Africa: 2%
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