Market Trends of Intravenous Infusion Pump Industry
Volumetric Infusion Pump Segment is Expected to Witness a Healthy Growth Over the Forecast Period
Volumetric infusion pumps have a wide range of applications in disease management and parenteral nutrition, owing to which the market value for volumetric is the highest, compared to the markets for other pumps. The pumps' safety, accuracy, and simplicity are attributed to the high demand for these pumps.
The volumetric infusion pump segment holds a significant share of the intravenous infusion pump market and is anticipated to show a similar trend over the forecast period. The trend of adopting technologically advanced volumetric infusion pumps with capabilities such as electronic health record (EHR) integration, built-in safety systems, drug libraries, etc., is likely to drive market growth. For instance, according to an article published by the Journal of Patient Safety in August 2022, the use of intravenous (IV) medications via infusion pumps is a complex task inherently associated with patient safety risks, and an estimated 90% of hospitalized patients require the controlled administration of medications using the intravenous route. IV infusion pumps are prevalent in health care for controlled medication administration. While there are various infusion pumps, large-volume IV smart pumps are the most versatile and, thus, are the most commonly used type of infusion pump in United States acute care. Hence, such advantages of IV infusion pumps are likely to boost the market growth over the forecast period.
Furthermore, the high prevalence of chronic diseases is one of the major factors for adopting the IV infusion pump. For instance, as per the 2021 update from the CDC, the prevalence of doctor-diagnosed arthritis is expected to increase in the coming decades. By 2040, an estimated 78.4 million adults aged 18 years and older (25.9% of the projected adult population) are anticipated to have doctor-diagnosed arthritis. Moreover, as the socio-economic prospect of developing countries improves, more people are expected to be able to opt for the use of volumetric pumps in home healthcare, which, in turn, is likely to support the market growth over the forecast period.
Thus, the factors above, such as the rising incidence of chronic diseases and the increasing advantages of volumetric pumps, are expected to boost the market growth.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a major market share in the intravenous infusion pump market due to an increase in the incidence of chronic diseases, the rising geriatric population, and favorable reimbursement policies in this region.
Furthermore, the rising prevalence of cancer is stimulating the region's growth. For instance, as per the Canada Cancer Society's stats for 2022 around 6,700 Canadians were diagnosed with leukemia in 2021, of which 4,000 were men and 2,700 were women in 2021. Also, as per the American Cancer Society's data for 2022, around 60,650 new cases of leukemia and 20,050 new cases of acute myeloid leukemia (AML) were reported in the United States in 2022. Of these, acute myeloid leukemia (AML) accounted for only about 1% of all cancers in the United States in 2022. Thus, the high incidence of blood cancer cases is leading to an increase in the usage of intravenous infusion pumps, thereby driving the market in the region.
Furthermore, government and private agency initiatives and recommendations regarding home care infusion settings promote market growth in the studied region. For instance, per the 2022 news published in National Home Infusion Association, several health systems, hospitals, and group purchasing organizations from all 50 states are urging Congress to address Medicare beneficiary access to home infusion treatments and approve legislation to enhance access to home-based care. Hence, such movements promote the home care setting to adopt IV infusion systems, thereby boosting market growth.
Hence, North America is expected to witness growth over the forecast period due to the factors mentioned above, such as the government and private agency initiatives and recommendations regarding home care infusion settings and the rising prevalence of chronic diseases.
