Our researchers at Marketstrat find that the world market for infusion pumps and administration sets is estimated to have been $2.9 billion in 2008. Other research findings include:
Key Takeaways
- The worldwide Infusion Pumps and Administration Sets market is estimated to have been $2.9 billion in 2008, with revenues growing at a CAGR of 6.2 percent during the 2008-2015 period.
- Current global economic slowdown will lead to more rentals, particularly in the US. Market opportunities are greatest for OEM manufacturers, maintenance and service companies, rental /leasing companies and those selling refurbished equipment
- Opportunities exist for new entrants who can offer Smart Pumps with user-friendly technology and improved safety features, particularly those aimed at homecare use.
- Europe and the emerging Asian markets offer good growth opportunities, particularly for refurbished pumps.
Key Market Drivers
- Technology aimed at reducing medication errors
- Patient comfort and desire to maintain active lifestyles
- Aging of the population and related increased incidence of: a) neurological conditions requiring pain medications for chronic pain, cancer pain; b) Chronic diseases such as cancer and diabetes
- Price and quality; value proposition of making available more cost-effective, safer devices.
- Trend toward alternate site care delivery, especially homecare; push for reduced hospital stays and the resultant need for ambulatory infusion devices
The recent downturn in the US economy and the resulting global impact is not expected to significantly affect the drug infusion pump market. Increasing rates of aging-related chronic conditions such as cancer, diabetes, neurological conditions, etc. will continue to create a strong demand for drug infusion pumps in the foreseeable future. Technological innovations aimed at developing wireless, user-friendly ‘smart pumps’ high-tech safety features such as dose-calculation/ error reduction software (DERS), computerized prescriber order entry (CPOE), alert systems that warn against pump malfunction, blood-glucose monitors for insulin pumps and so on are moving this industry forward.
The newly released report from Marketstrat titled “Infusion Pumps Worldwide,” projects that the worldwide market for Infusion Pumps will hit almost $3.3 billion by 2010 and $4.5 billion by 2015 at a CAGR of 6.2 percent over the 2008 to 2015 period.
Additional details on this report
Infusion pumps are used for administering continuous or long-term medication ranging from anesthesia to pain management and enteral feeding. Infusion therapy is a common drug delivery mechanism for conditions such as diabetes, cancer pain, spasticity, congestive heart failure, etc. It is also the conventional mode of administering anesthesia, blood infusions, etc. in acute care settings.
Leading companies in this space is Cardinal Health/ Alaris accounting for 30% of the market. Other leaders are Baxter, Hospira, Medtronic and B. Braun. A recent spate of recalls mostly for pumps from Cardinal Health, Medtronic and Baxter has re-emphasized safety issues and the need for improved design as well as actionable alerts. The largest geographical market is the US accounting for about 50 percent share of the market. However Europe and the emerging Asian markets offer good growth opportunities, particularly for refurbished pumps. Market opportunities in the US lie in the homecare segment, with an increasing demand for ambulatory and PCA pumps.
This Marketstrat report provides market size estimates and forecasts (US $, 2008 - 2015) for infusion pumps by use (Implantable pumps, Syringe pumps, Large Volume and Ambulatory Infusion Pumps. Data is segmented by country/region for: USA; Canada, Europe; Japan and the Rest of the World (ROW). Detailed forecasts (Unit Sales, ASP and Revenues) are provided for: Implantable pumps (Constant Flow and Programmable), Syringe pumps (Low-End, High-End), Large Volume (Acute Care, Alternate Care) and Ambulatory Infusion Pumps (Electronic, Non-Electronic, Disposable Pain Control). Also provided are forecasts for Disposables/ Administration Sets, Acute Care and Alternate Care pumps and Rental, Lease, and Purchase/ Sale segments.
Additional details on this report
Marketstrat specializes in Medical Market Research. We assist companies with market, technology, and best practice strategies & intelligence, through a unique combination of published reports, solutions, and services.Our strengths include: a deep understanding of the medical devices value chain, state-of-the-art data collection tools, and a robust research methodology.
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