New York, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Intravenous Infusion Pumps Global Market Report 2023' -
Hoffmann-La Roche Ltd., ICU Medical Inc., and IRadimed Corporation.
The global intravenous infusion pumps market is expected to grow from $4.93 billion in 2021 to $5.32 billion in 2022 at a compound annual growth rate (CAGR) of 7.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The intravenous infusion pumps market is expected to grow to $6.99 billion in 2026 at a CAGR of 7.1%.
The intravenous infusion pumps market consists of sales of volumetric infusion pumps, syringe infusion pumps, and patient controlled analgesia infusion pumps.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Intravenous infusion pumps are medical devices used for controlled delivery of drugs into the patient's body.
North America was the largest region in the intravenous infusion pumps market in 2022.Western Europe was the second-largest region in the intravenous infusion pumps market.
The regions covered in the intravenous infusion pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The intravenous infusion pumps market covered in this report is segmented by product into the volumetric, syringe, enteral, ambulatory, IV disposables, and others.A syringe is a reciprocating pump used to deliver drugs and consists of a plunger.
It is also segmented by application into chemotherapy, diabetes, gastroenterology, analgesia/pain management, pediatrics/neonatology, hematology, others, and by end-user into hospitals, ambulatory surgical centers, cancer treatment centers, specialty clinics, and others.
The rise in the prevalence of people with chronic pain, cancer, and diabetes is a significant driver of the demand for intravenous infusion pumps, as these pumps are commonly used to deliver pharmaceutical drugs during the treatment of these diseases.Chronic illnesses and disorders are on the rise around the world, which can be attributed to an aging population and shifts in social behavior that lead to a gradual increase of these widespread and expensive long-term medical issues.
Infusion pumps are used to transfer regulated doses of nutrients or drugs into a patient's body, such as chemotherapy medicines, pain relievers, antibiotics, insulin, or other hormones.The prevalence of chronic diseases is expected to increase by 57% by 2020, according to the World Health Organization.
Therefore, the rise in the prevalence of chronic diseases is expected to drive the growth of the intravenous infusion pumps market.
The high cost of intravenous infusion pumps is a key factor hampering the growth of the intravenous infusion pumps market.The cost of medication therapies is expected to double when the intravenous infusion pumps in hospitals and pharmacies are networked, as they are preprogrammed with set limits to avoid intoxication or overdoses.
For example, the cost of the syringe pump ranges from $2,380 to $5,982.Besides, the pump-hardware support contracts vary between $150 to $250 per pump.
Therefore, the high cost of intravenous infusion pumps, which increases the cost of drug therapies, is expected to hinder the market growth for intravenous infusion pumps.
The growing technological improvement is a major trend gaining popularity in the intravenous infusion pumps market.Technological advances in infusion pumps have changed medical care in hospitals and allowed patients to inject fluids on an outpatient basis or in a home setting, allowing them to seek treatment while living their daily lives, through the use of smart intravenous infusion pumps.
These smart intravenous infusion pumps help prevent medication errors and reduce patient harm.Some of the major companies investing in smart intravenous pumps include Fresenius Kabi, Q-Core Medical, Becton Dickinson, Micrel Medical Devices, and Baxter International.
In another instance, vTitan, a Chennai-based healthcare company, announced the launch of the next generation of Syringe Infusion Pumps, which are used for critical care in hospitals and homes for reliable and safe infusion of drugs.
In March 2022, Fresenius Kabi, a Germany-based pharmaceuticals company acquired Ivenix for $240 million upfront payment and milestone payments.The acquisition would help the company to improve its offerings and help it better serve the customer's needs.
Ivenix is a US-based manufacturer of infusion pumps.
The countries covered in the intravenous infusion pumps market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The intravenous infusion pumps market research report is one of a series of new reports that provides intravenous infusion pumps market statistics, including intravenous infusion pumps industry global market size, regional shares, competitors with a intravenous infusion pumps market share, detailed intravenous infusion pumps market segments, market trends and opportunities, and any further data you may need to thrive in the intravenous infusion pumps industry. This intravenous infusion pumps market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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