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Next Generation IV Infusion Pumps Market

Increasing Demand for Patient Safety and Compliance is Boosting the Next Generation IV Infusion Pumps Market

Next-generation IV Infusion Pumps Industry Segmented By Type of Pumps - Large Volumetric Infusion Systems, Patient Controlled Analgesia Pumps, Syringe Infusion Systems, Electronic- Ambulatory Infusion Systems, Implantable Infusion Systems, MRI-compatible IV Infusion Pump Systems, Disposable Elastomeric Infusion Systems, IV Disposables

Next-Generation IV infusion Pumps Market Outlook (2023-2033)

Worldwide revenue from the next-generation IV infusion pumps market was about US$ 2.8 Billion in 2022, with the global market estimated to surge ahead at a CAGR of 7.2% to reach a valuation of US$ 5.8 Billion by the end of 2033.

Next-Generation IV Infusion Pumps Market Size (2023)

US$ 2.9 Billion

Projected Market Value (2033)

US$ 5.8 Billion

Global Market Growth Rate (2023-2033)

7.2% CAGR

Market Share of Top 5 Countries

55.3%

As assessed by Persistence Market Research, large volumetric infusion systems hold a market value of US$ 919.3 Million in 2022. overall, next-generation IV infusion pumps market sales account for approximately 6.6% revenue share in the global injectable drug delivery market, which was valued at around US$ 42.0 Billion in 2022.

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Sales Analysis of Next Generation IV infusion Pumps from 2014 to 2022 Vs Market Outlook for 2023-2033

The global market for next-generation IV infusion pumps recorded a historic CAGR of 4.8% in the last 8 years from 2014 to 2022.

It is critical to provide patient care in a hospital setting. Whether the illness is minor or severe, each patient requires attention to his or her needs. This could imply that they need to have liquids or medications pumped into their bodies to heal.

These pumps aid in ensuring that patients receive important nutrients or liquids required to aid in their recovery or contribute to making the surgery go more smoothly. Almost any health center relies on the pumps, so they must be operational and in proper working order. Several options are relying on what one requires and which hospital uses them.

The next-generation intravenous infusion pump is a revolutionary technology that includes built-in software to help avoid medication administration errors. The expansion of the market for next-generation IV infusion pumps has been enabled by recent advances in intravenous drug administration. The implementation of next-generation IV infusion pumps has resulted in better patient outcomes and lower clinical variability.

The continued demand for more advanced IV infusion pumps from anaesthesiologists, physicians, and nurse anaesthetists has resulted in a decrease in the probability of IV medication errors. Other critical factors driving market growth include the widespread adoption of smart pumps with high success rates and the emergence of dose error reduction systems (DERS).

The global next-generation IV infusion pumps market is expected to grow at a CAGR of 7.2% and reach a market size of US$ 5.8 Billion by 2033. This growth is attributed to the increasing use of smart infusion pumps in the perioperative setting, as they offer significant benefits, such as the ability to administer extremely limited amounts of fluids or a number of the drugs discussed at precisely programmed rates.

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What are the Key Opportunities for the Next Generation IV Infusion Pumps Market Manufacturers?

Technological Adoption Advancements – Transforming Patient Outcomes

Smart IV infusion pumps are designed to optimize infusion efficiency and patient involvement, while minimizing the risks of IV medication administration errors. Such systems collect valuable patient infusion data to enable more informed decisions regarding critical health matters. The incorporation of real-time drug administration guidance and an automated drug library provides clinicians with real-time alerts of drug compliance, thereby facilitating the selection of the most suitable concentration of medication from a predetermined list.

In recent years, there has been an exponential increase in the use of "smart" intravenous infusion pumps, alongside the introduction of several new features such as smart technology, wireless controllers and interoperability features. In addition to this, ambulatory infusion pumps are rapidly increasing in popularity within the home care setting, as they offer a more portable and wearable solution to managing conditions such as diabetes and cancer, while helping to reduce hospital stays.

With the rising costs of long-term care and the increasing prevalence of chronic illnesses, the demand for ambulatory infusion pumps in home care settings is growing. The increase in the adoption and technological advancements will create wide opportunities for the market to boost in the given forecast period.

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What are the Factors Restraining Demand for the Next Generation IV Infusion Pumps Market?

Device Errors and Product Recalls

Despite their widespread use, smart pumps continue to have design flaws that endanger patient safety. Software errors and omissions, human factors (for example, errors caused by UI issues), damaged components, power supply failure, alerting failure, and over- or under-infusion are all frequently reported issues with smart pumps. FDA, 2014.

Numerous FDA recalls, in combination with the FDA's improved and safety infusion pump programmes, have highlighted these challenges, resulting in a decrease in the number of Class I recalls in recent years. Nonetheless, recalls continue to happen (FDA, 2021).

Although the utilization of intravenous smart pumps has been shown to reduce errors in medication administration, it has not eliminated them entirely. The available evidence does not support the notion that these pumps have had a significant effect on the prevention of adverse drug events. Notably, the administration of intravenous boluses, titrated doses, secondary infusions, and multiple intravenous infusions is at heightened risk of error.

Oftentimes, user errors associated with the pump interface are responsible for programming mistakes. There is a need for developments in intravenous smart pumps that address safety and user experience.

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Country-wise Insights

Why is the U.S. Next Generation IV Infusion Pumps Market Booming?

“Increasing U.S.FDA Safety Initiatives and Programs”

The U.S. accounted for around 84.8% market share in the North American next-generation IV infusion pumps market in 2022, and a similar trend is expected over the forecast period.

The FDA launched the Infusion Pump Improvement Initiative in 2010 in order to endorse the advantages of infusion pumps while minimising the risks associated with them. The initiative consisted of three broad actions: trying to establish necessities for infusion pump manufacturers, actively facilitating device improvements, and raising user awareness.

The FDA was able to carry out these actions thanks to stakeholder collaboration and engagement. Monitoring through accident or incident monitoring and manufacturer inspections will remain essential in determining safety concerns with pumps currently on the market.

These initiatives regarding patient safety and compliance are boosting the U.S. next-generation IV infusion pumps market.

Will Germany Be a Lucrative Market for Next Generation IV Infusion Pumps Market?

“Technological Advancements for Efficient Pain Management”

Germany held around 18.5% market share of the Europe next generation IV infusion pumps market in 2022.

The need for medical technologies is increasing due to a growing number of patients and demographics. Other factors that affect the use of medical equipment and technologies in Germany include an ageing population, a growing prevalence of chronic illness, worldwide health coverage, a sophisticated healthcare system with highly qualified workers, and significant health spending.

Over the last decade, there has been a significant increase in healthcare spending, which is also driving the smart IV infusion pumps market.

How is China Emerging as a Prominent Market for Next Generation IV infusion Pumps Services?

“Increasing Prevalence of Cancer”

China held the largest market share of about 54.2% of the East Asia next-generation IV infusion pumps market in 2022.

The repercussions of chronic illnesses, particularly cancer, has been escalating in recent years. An article released this year in the journal Cancer Communications, entitled "Cancer incidence, mortality, and burden in China: a time-trend analysis and comparison with the United States and the United Kingdom" highlighted that cancer is a major cause of death and an immense economic burden in China.

It is estimated that in 2020, 4,568,754 cases of cancer will have been reported and 3,002,899 associated deaths occurred, causing a total of 67,340,309 disability-adjusted life years due to the condition. The type of cancer prevalent in China has shifted, leading to a heightened prevalence and burden of lung, colorectal, breast, and prostate cancer, as well as a surge in the incidence and burden of stomach, liver, oesophageal, and cervical cancer. Taking into consideration the escalating elderly population and the increasingly unhealthy lifestyle of the population, it is foreseeable that the burden of cancer in China will amplify.

Category-wise Insights

Which Type of Pump is Driving Growth in the Global Market?

“Error-Free Administration of Nutrients and Drugs”

The large volumetric infusion systems segment held around 33.3% share of the total next-generation IV infusion pumps market in 2022.

Factors such as improving patient safety by using a novel secondary delivery method, large-volume pumps (LVPs) are used to precisely deliver liquids and fluids via IV or epidural routes for therapeutic and/or medical diagnostics, administered at rates ranging from 0.1 to 999 mL/hr. or higher, in hospitals, alternative care settings (for example, home care settings, long-term care centers, doctors' offices, outpatient infusion centres), and, on rare occasions, emergency medical service vehicles, thus accelerating market growth.

Which Application Drives Demand the Most for Next-Generation IV Infusion Pumps Market?

“Growing Burden of Pain Disorders and Adoption of Patient Controlled Analgesia”

Pain management held the largest market share of around 32.6% in 2022. Because of the increase in chronic pain in different age groups.

The 2016 Global Burden of Disease Study stated that pain and pain-related disorders are the leading causes of disability and disease burden worldwide. The global burden of chronic pain is growing, with 1.9 billion people affected by the most prevalent chronic symptom, recurrent tension-type headache. Low back and neck pain remain the most prevalent causes of disabilities globally, with other chronic pain conditions prominently highlighted among the top ten disabilities.

Patient-controlled analgesia (PCA) is a technique that enables patients to manage their own pain relief through controlling the amount and timing of their medication. The PCA pump, which is a computerized device that contains a syringe of pain medication, is connected directly to the patient's intravenous (IV) line.

Which End User Settings Pose a Greater Adoption of Next Generation IV infusion Pumps?

“Growing Demand for Next Generation IV Infusion Pumps to Reduce Hospital Stay Time”

Hospitals hold a larger share of about 39.3% with a market value of around US$ 1.1 Billion in 2022. The increasing adoption of smart IV infusion pumps in hospital settings is leading the end-user segment in 2022. A large patient population is admitted to the hospitals for acute as well as long-standing pain, which is primarily treated or needs special attention. Hospitals have been adopting efficient technologies to avoid long stays and avoid medication errors thus driving the demand for smart IV infusion pumps market.

Competitive Landscape

The market is classified as concentrated, with global leading players such as B. Braun Melsungen AG, and Terumo Corporation. Manufacturers in the market for next-generation IV infusion pumps are investing heavily in Research and development to create new product lines.

For instance:

  • B. Braun Medical Inc. said in February 2021 that its Infusomat® Space® Large Volume Pump had been named the best in KLAS for Traditional Smart Pumps for 2021.
  • In June 2019, Ivenix received FDA approval for an infusion system meant to make infusion safer and decrease reoccurring issues with infusion pumps.

Similarly, recent developments have been tracked by the team at Persistence Market Research related to companies in the next-generation IV infusion pumps space, which are available in the full report.

Next-Generation IV infusion Pumps Industry Report Scope

Attribute

Details

Forecast Period

2023-2033

Historical Data Available for

2014-2022

Market Analysis

  • USD Million for Value
  • Units for Volume

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Argentina
  • Mexico
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Russia
  • BENELUX
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • China
  • Japan
  • South Korea
  • Australia
  • New Zealand
  • Turkey
  • GCC Countries
  • North Africa
  • South Africa

Key Market Segments Covered

  • Type of pumps
  • Application
  • End-User
  • Region

Key Companies Profiled

  • Gamastech S.R.L
  • Ambu A/S
  • Summit Medical Products, Inc.
  • Nipro Corporation
  • Terumo Corporation
  • Medtronic Plc.
  • Zyno Medical
  • Baxter International Inc.
  • Fresenius Kabi AG
  • B. Braun Melsungen AG
  • Becton, Dickinson Company (CareFusion)
  • Smith’s Medical (Smiths Group plc.)
  • Hospira Inc.
  • iRadimed Corporation
  • vTitan

Report Coverage

  • Market Forecast
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Key Segments Covered in Next-Generation IV Infusion Pumps Industry Research

Type of Pumps:

  • Large Volumetric Infusion Systems
  • Syringe Infusion Systems
  • Electronic-Ambulatory Infusion Systems
  • Patient Controlled Analgesia Pumps
  • Disposable Elastomeric Infusion Systems
  • Implantable Infusion Systems
  • MRI-Compatible IV Infusion Systems
  • IV Disposables

Application:

  • Clinical Nutrition
  • Pain Management
  • Chemotherapy
  • Antibiotic Management
  • Others

End User:

  • Hospitals
  • Ambulatory Surgical Centers
  • Homecare Settings
  • Diagnostic Centers
  • Others

Region:

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • The Middle East & Africa

- Companies Covered in This Report -

  • Gamastech S.R.L
  • Ambu A/S
  • Summit Medical Products, Inc.
  • Nipro Corporation
  • Terumo Corporation
  • Medtronic Plc.
  • Zyno Medical
  • Baxter International Inc.
  • Fresenius Kabi AG
  • B. Braun Melsungen AG
  • Becton, Dickinson Company (CareFusion)
  • Smiths Medical (Smiths Group plc.)
  • Hospira Inc.
  • iRadimed Corporation
  • vTitan

- Frequently Asked Questions -

The global market is currently valued at around US$ 2.8 Billion in 2022.

Sales of the market are set to witness a high growth rate of 7.2% and be valued at US$ 5.8 Billion by 2033.

Demand within the market increased at 4.8% CAGR from 2014 to 2022.

The U.S., Germany, India, China, and Japan account for most demand for next-generation IV infusion pumps, currently holding 55.3% market share.

The U.S. accounts for around 84.8% share of the North American market.

Summit Medical Products, Inc., Medtronic Plc., and B. Braun Melsungen AG are the top three manufacturers of next-generation IV infusion pumps products.

The China market held a share of about 54.2% in the East Asia market in 2022, while Japan accounts for around 36.9% share.

The South Asia market held a share of about 14.9% in the next-generation IV infusion pumps market in 2022.

The Australian market held a share of about 2.4% in the global market in 2022.

The Latin American market held a share of about 3.2% market share in the global market in 2022, with a CAGR of 6.8% 2022.

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