Intravenous Infusion Pump Market Size

Intravenous Infusion Pump Market Analysis

The Global Intravenous Infusion Pump Market size is expected to grow from USD 8.37 billion in 2023 to USD 11.90 billion by 2028, registering a CAGR of 7.30% during the forecast period (2023-2028).

COVID-19 had a significant impact on the intravenous infusion pump market. As COVID-19 spread around the globe initially, intensive care units (ICU) began to fill up with people who were critically ill from the virus. As COVID-19 patients began to flood hospital ICUs, infusion pump stocks quickly decreased. For instance, as per the article published by PubMed in February 2021, after the relocation of intravenous pumps from inside to outside the patient room, there was a considerable decrease in COVID-19 exposure based on the frequency of nurse entries. Furthermore, as per the article published by BMJ Journals in April 2021, as the intravenous tubing system was expanded outside the patient room, the complexity and cognitive demands of intravenous medication delivery increased, and nursing, pharmacy, and ordering professionals were conscious of the peculiarities of innovative arrangements, thereby improved the patient outcome. Thus, as per the factors mentioned above, COVID-19 had a profound impact on the market studied. However, as the pandemic has subsided, the studied market is expected to have normal growth during the forecast period of the study.

The increase in the geriatric population, rise in government initiatives, and growth in the adoption of portable infusion pumps are the key driving factors in the intravenous infusion pump market.

Infusion pumps enable automatic and precise administration of certain amounts of medication at predetermined periods. The market for intravenous infusion pumps is likely to grow owing to factors such as the increasing prevalence of chronic disease, rising healthcare expenditures, and increasing adoption of home healthcare settings. For instance, as per a May 2022 update from the CDC, 6 in 10 adults in the United States have a chronic disease, and 4 in 10 adults have two or more chronic diseases. Since patients with chronic disease are prone to nutrient shortages, a high prevalence of chronic disease is expected to increase the usage of IV infusion pumps. Furthermore, as per CDC 2022 update, chronic diseases are the biggest source of annual healthcare costs in the United States, equivalent to USD 4.1 trillion. Thus, the high burden of chronic diseases is expected to increase the usage of infusion pumps in hospitals.

Hence, as per the factors mentioned above, such as the increasing prevalence of chronic diseases and the rising geriatric population, the intravenous infusion pump market is anticipated to grow over the forecast period. However, the high costs and stringent regulatory approvals associated with IV infusion pumps restrain the market growth.