Smart Infusion Pump Market: Introduction
- Smart infusion pumps are medical devices used to control and deliver doses of medication by intravenous route. These devices enable physicians to deliver the correct dose without constant supervision. It allows doctors and nurses to treat patients with minimal exposure to infection.
- Different types of smart infusion pump are used in the treatment of cancer, diabetes, pain management, and other purpose
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Key Drivers of Global Smart Infusion Pump Market
- Increase in incidence of chronic pain, diabetes, and cancer is projected to boost the growth of the global smart infusion pump market. According to the International Diabetes Federation, globally, around 463 million adults were living with diabetes in 2019 and the number is anticipated to rise to 700 million by 2045. According to WHO report 2018, cancer is the second leading cause of death across the world and was responsible for 9.6 million deaths in 2018. Globally, about 1 in 6 deaths is due to cancer.
- Additionally, increase in incidence of chronic pain is expected to fuel the growth of the global smart infusion pump market. According to the Centers for Disease Control and Prevention, 1 in 5 people in the U.S. suffer from chronic pain. Moreover, launch of new devices by major manufacturers and technological advancements are likely to accelerate the growth of the global smart infusion pump market.
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Insulin Infusion Pumps Segment to Witness Significant Growth
- In terms of product type, the global smart infusion pump market can be categorized into insulin infusion pumps, parenteral feeding infusion pumps, patient-controlled analgesia (PCA) infusion pumps, and others
- The insulin infusion pumps segment accounted for the largest share of the global smart infusion pump market in 2019. Increase in use of insulin infusion pumps in diabetes treatment and rise in number of patients with diabetes are projected to drive the segment. According to the International Diabetes Federation, 1 in 5 people above 65 years old has diabetes.
Hospitals to be Most Promising Segment
- Based on end-user, the global smart infusion pump market can be classified into hospitals, ambulatory surgical centers, specialty clinics, and others
- The hospitals segment held the largest market share in terms of revenue in 2019 and the trend is anticipated to continue during the forecast period. Availability of most of the smart infusion pumps in hospitals and increase in demand for smart infusion pumps in newly set up hospitals drive the segment.
North America to Dominate Global Smart Infusion Pump Market
- In terms of region, the global smart infusion pump market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global smart infusion pump market in 2019 and the trend is projected to continue during the forecast period. The region’s dominance can be attributed to increase in people with diabetes, cancer, and chronic pain, favorable reimbursements for different pumps under the Medicare Durable Medical Equipment (DME) scheme presence of major players, and well-established health care system.
- The smart infusion pump market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period owing to increase in adoption of new products and rise in demand for smart infusion pump in emerging countries such as India and China
Key Players Operating in Global Smart Infusion Pump Market
The global smart infusion pump market was highly fragmented in 2019. Key players operating in the global market are:
- Fresenius Kabi AG
- Q Core Medical Ltd.
- Becton, Dickinson and Company
- Micrel Medical Devices SA
- Baxter International, Inc.
- Smiths Medical
- F. Hoffmann-La Roche Ltd.
- B. Braun Medical Inc.
Global Smart Infusion Pump Market: Research Scope
Smart Infusion Pump Market, by Product Type
- Insulin Infusion Pumps
- Parenteral Feeding Infusion Pumps
- Patient-Controlled Analgesia (PCA) Infusion Pumps
Global Smart Infusion Pump Market, by End-user
- Ambulatory Surgical Centers
- Specialty Clinics
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