Intelligent Intravenous Infusion Pumps Market Report
Intelligent Intravenous Infusion Pumps Market, by Type (Constant Volume Control Type, Syringe Injection Type, and Others), Application (Hospital, Clinic, and Other), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027
Global Intelligent Intravenous Infusion Pumps Market Analysis:
Intelligent intravenous infusion pumps refer to software run medical devices used for infusion of nutritional fluids, medication, hormones, and antibiotics directly into patients’ circulatory systems in controlled amounts through veins. They have integrated software that provides a point of care decision support. These software have drug library profiles which are specially configured as per patient’s requirements. Intelligent intravenous infusion pumps have safety programming options that ensure a safe and controlled amount of dosage to be transferred. Intelligent intravenous infusion pumps are operated by a trained medical operator who programs the duration and amount of fluid to be infused. Intravenous (IV) therapy shows effects quickly on the patient’s immune system and helps in fast recovery from various diseases in comparison to traditional methods of medication. Intelligent intravenous infusion pumps are highly efficient and reduce the chances of IV medication errors. Also, the software library helps doctors to make better decisions regarding the future course of treatment. Due to these benefits, the demand for intelligent intravenous infusion pumps is increasing massively and helping the market to grow.
Growing geriatric population and chronic diseases are the major factors driving the market growth
The geriatric population across the globe has been rising exponentially and has created a major rise in the demand for intelligent intravenous infusion pumps. As per a report released in 2015 by the World Health Organization (WHO), the global geriatric population will reach 2.1 billion by the year 2050. With the growing age, diseases, and other health problems also increase majorly in the geriatric population and oral medication isn’t as effective due to slow metabolism. Owing to this intelligent intravenous infusion pumps are used to deliver critical fluids which include medication of high risk. IV pumps are also used to deliver vital medication like vitamins, minerals, nutrients, amino acids, and others, which help in strengthening immunity and fast recovery. The growing geriatric population globally has led to the widespread adoption of intelligent intravenous infusion pumps.
Furthermore, another report by WHO from June 2020 states that diabetes patients grew from 108 million in 1980 to approximately 422 million in 2014 and the patients are expected to grow even further. Cancer and diabetes are the two chronic diseases that extensively require intelligent intravenous infusion pumps for providing a vital medication. Cancer patients are given chemotherapy using intelligent intravenous infusion pumps as these medications can’t be given orally. Rising cases of chronic disease are also propelling the demand for intelligent intravenous infusion pumps and facilitating the market growth.
High costs, low awareness, and medication errors are the major factors hampering the market growth
High initial investments and maintenance costs are negatively impacting the growth of the global market. Further, many countries with poor healthcare infrastructure and low investments in medical sciences are completely unaware of infusion pump technology, which majorly reduces the customer base. Also, possible chances of system errors or software faults could lead to mistimed delivery of medication or in excess amounts, which could possibly be fatal for patients.
Technological advancements and upgradations to create lucrative market opportunities
Technological advancements, upgradations, and new innovations in intelligent intravenous infusion pumps market are going to create massive opportunities for market growth during the forecast period. One such innovation is the development of portable intelligent intravenous infusion pumps, which majorly reduces the hospital expenditure, make the handling more convenient, and can also be set up in patient’s home. Further, advancements in software systems like automatic drug libraries and real-time dosing guidance facilitate in enhanced treatment by providing fast feedback about drug compliance. These upgradations reduce manual steps as these pumps have auto-documentation and auto programming with bar code medication administration (BCMA) and electronic medical record (EMR). Also, new applications have enabled these pumps to connect with smartphones that allow efficient management of infusion pumps and programming accuracy with real-time display of infusion details.
Global Intelligent Intravenous Infusion Pumps Market, by Type:
Constant volume control type segment to be most lucrative till 2027
Constant volume control type segment will have a dominating share in the global market and is expected to register a significant revenue during the forecast timeframe. Constant volume control segment offers multiple benefits like the infusion of nutritional fluids, medication, hormones, and antibiotics directly into patients' circulatory systems in controlled amounts through veins. Constant volume control intelligent intravenous infusion pumps are software operated, and they maintain the dosage library with ensuring patient safety. They are extremely vital for maintaining proper dosage at timely intervals. These benefits make the segment most opted and if facilitating in the growth of constant volume control type intelligent intravenous infusion pumps.
Global Intelligent Intravenous Infusion Pumps Market, by Application:
Hospital segment to register maximum growth
The hospital segment is anticipated to register maximum growth in the global intelligent intravenous infusion pumps market during the forecast period. Growing cases of chronic diseases like diabetes, cancer, cardiovascular, and others require immediate treatment for which hospitals are highly equipped. Growing investments in the healthcare sector have made intelligent intravenous infusion pump technology available in abundance in hospitals across the globe. Hospitals are more cost-effective and have highly trained staff, which comprises of specialists, surgeons, and other supporting staff who possess complete knowledge about intelligent intravenous infusion pumps. All these factors motivate the general public to get treated in hospitals, because of which the demand for intelligent intravenous infusion pumps comes mostly from them.
Global Intelligent Intravenous Infusion Pumps Market, by Region:
North America region to hold the largest market share by 2027
The North America region is expected to hold the largest market share in the global intelligent intravenous infusion pumps market during the forecast timeframe. Growing adoption of infusion mode of medication, robust healthcare infrastructure, increased consumer spending on medication, and growing geriatric population are the major factors driving the regional growth. Further, growing research and development activities have led to major advancements in the global intelligent intravenous infusion pumps and increased demand for the same.
Asia-Pacific region to grow exponentially in the forecast period
The Asia-Pacific region is anticipated to grow exponentially in the global intelligent intravenous infusion pumps market during the forecast period. The region’s growth is majorly due to the rising patients of chronic diseases like cancer, diabetes, and others which is causing a major rise in the usage and adoption of these intelligent intravenous infusion pumps. Further, the rising socio-economic reforms, lowering upfront cost, and massive investments for the development of the healthcare sector is propelling the market growth.
Key Participants in the Global Intelligent Intravenous Infusion Pumps Market:
Merger & acquisition and advanced product development are the frequent strategies followed by the market players
Source: Research Dive Analysis
Some of the significant global intelligent intravenous infusion pumps market players include Pfizer Inc., BD., Fresenius SE & CO. KGaA, Medtronic, Johnson & Johnson Services, Inc., Terumo Corporation, Baxter., F. Hoffmann-La Roche Ltd, B. Braun Melsungen AG, and Smiths Group plc.
Market players prefer inorganic growth strategies to expand into local markets.
Global intelligent intravenous infusion pumps market players are emphasizing more on advanced product development and merger & acquisition. These are the frequent strategies followed by established organizations. To emphasize more on the competitor analysis of market players, Porter’s five forces model is explained in the report.
Historical Market Estimations
Base Year for Market Estimation
Forecast timeline for Market Projection
North America, Europe, Asia-Pacific, LAMEA
Segmentation by Type
Segmentation by Application
Key Countries Covered
U.S., Canada, Germany, France, Spain, Russia, Japan, China, India, South Korea, Australia, Brazil, and Saudi Arabia
Key Companies Profiled
Q1. Which are the leading companies in the global intelligent intravenous infusion pumps market?
A. Pfizer Inc., Medtronic, and B. Braun Melsungen AG are the leading companies in the global intelligent intravenous infusion pumps market.
Q2. Which region possesses greater investment opportunities in the coming future?
A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q3. What are the strategies opted by the leading players in this market?
A. Technological advancements, product development, along with joint ventures are the key strategies opted by the operating companies in this market.
Q4. Which companies are investing more in R&D practices?
A. Baxter. and F. Hoffmann-La Roche Ltd are investing more in R&D practices.