The global Next Generation Infusion Pump Market holds a forecasted share of USD 5059.7 million in 2022 and is likely to surpass USD 8509 million by 2032, moving ahead with a CAGR of 4.8% during the forecast period (2022 to 2032).
| Report Attribute | Details |
|---|---|
| Next Generation Infusion Pump Market Value (2022) | USD 5059.7 million |
| Next Generation Infusion Pump Market Anticipated Forecast Value (2032) | USD 8509 million |
| Next Generation Infusion Pump Market Projected Growth Rate (2022 to 2032) | 4.8% |
Next generation infusion pumps are a combination of an intuitive user interface, simplicity, state of the art information technology. They are inclined with an advanced pumping system, which measures flow to improve workflow efficiency and patient safety. Its smartphone-like user interface is designed to diminish interpretation and programming errors empowering end-user to save time and reduction in pump interactions.
Next generation infusion pumps are largely accepted by healthcare professionals because they provide more patient safety and efficacy. The technology used in regular infusion pumps hasn’t kept pace with advancements in the healthcare industry.
Advancements in the administration of intravenous medication, rising insistence for next generation infusion pumps from physicians, nurse anaesthetists and anaesthesiologists, and soaring acceptance of smart pumps are some of the key factors responsible for the growth of the market. Furthermore, the emergence of reduction systems with fewer dosage errors shall bolster the next generation infusion pumps market growth.
According to a report published by the institute of medicine in 2007, from the year 2005 to 2009, 710 deaths and more than 56,000 adverse events were reported to FDA, most amongst medical technologies, adding more than USD 2 Billion to annual healthcare costs in the USA.
On the other hand, next generation infusion pumps provide enough functionality, flexibility, scalability, affordability and ease of use needed for changing needs of the healthcare system, indicating robust growth in next generation infusion pump market over the forecast period.
Next generation infusion pumps attribute high integration between the pump and hospital IT system, reducing errors. Moreover, diverse new technologies like implantable insulin pumps, in addition to delivering targeted, consistent medication, increases patient ease as well. The leading market players are focusing on safer operability, minimised chances of product recalls and enhanced product designs over the forecast period.
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Insulin infusion pumps are dominating the next generation infusion pump market. However, the worldwide booming prevalence of diabetes is a key driver for next generation infusion pump market.
Increased R & D initiatives on IV drug administration for malnutrition,cancers, diabetes, AIDS, neurological disorders, and gastrointestinal disorders coupled with technological innovation, are anticipated to generate lucrative growth in next generation infusion pump market.
Over the forecast period, the next generation IV infusion pumps market will be fuelled by growing production capacity, government support for start-ups, and approval of regulatory policies.
Growing demand for homecare ambulatory infusion pumps has been observed for the treatment of diseases like diabetes and cancer. A portable and wearable infusion pump is specially designed for ambulatory use.
Increasing advances in the field of infusion treatments have led to a global rise in sales of next-generation infusion pumps. Intravenous therapy is needed across a wide range of healthcare domains, and this factor is expected to drive huge revenues into the global market.
Medical spending by the masses and healthcare professionals has contributed to market growth. As a result, the global market for next-generation infusion pumps is forecast to generate substantial revenues in the years to come.
In the forecast period, a lack of standard guidelines for the use of products, product recalls, a lack of competent professionals and medicine dispensing errors are expected to hamper the growth of the next generation infusion pumps market.
Principal Consultant
The North American region is predicted to hold the largest market for next generation infusion pumps. It is expected to capture the largest market share based on the current market scenario.
North America is estimated to hold a significant share of 41.5% in the next generation infusion pump market witnessing growth owing to the presence of capable professionals, advances in healthcare infrastructure and major market players in the region.
Furthermore, rising R&D activities, increasing cases of chronic diseases, rising geriatric population, and improving insurance policies shall boost the next generation infusion pump market growth in the region.
The European next generation infusion pump market has a global market share accounting for 27.9% in 2022. The region is expected to increase its share during the forecast period owing to research and development activities, adoption of novel technologies, and partnerships between companies for the distribution and advancement of novel products.
The Europe region is anticipated to contribute maximum market revenue share in the next generation infusion pump market over the forecast period.
APEJ region is anticipated to witness crucial growth due to the growing healthcare infrastructure in the region. An increasing number of mid-sized hospitals are identified to be a major driver of the APEJ next generation infusion pump market growth.
Further, the continuous rise in the demand for advanced technologies and expansion of private hospitals in rural areas are boosting the demand for next-generation infusion pumps in APEJ.
The players leading in next generation infusion pump market include Ivenix, Inc, Zyno medical, B. Braun Melsungen AG, Baxter International, Inc., Fresnius Kabi AG, F. Hoffmann-la Roche Ltd., Becton Dickinson and Co., Johnson & Johnson (USA), Pfizer (Hospira) Inc., Smiths Medical and others.
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Eitan Medical received EU MDR clearance for the Sapphire infusion system. Eitan Medical’s Sapphire infusion system provides clinicians in medical clinics and home care environments throughout Europe with an improved workflow, increasing its convenience.
Baxter International Inc announced on May 20, 2020, that CE marking and regulatory approval from Australia’s Therapeutic Goods Administration (TGA) for the Evo IQ Syringe Infusion System. Hospitals in the United Kingdom, Ireland, Greece, Australia, and New Zealand are expected to receive the new system first, with additional countries to follow in a series of regulatory submissions.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.8% from 2022 to 2032 |
| Base Year for Estimation | 2022 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | By Type, By Application, By Source, By Foam, Region Forecast till 2032 |
| Countries Covered | North America, Europe, APEJ, The Latin America, MEA |
| Key Companies Profiled | Ivenix, Inc; Zyno medical; B. Braun Melsungen AG; Baxter International, Inc.; Fresnius Kabi AG; F. Hoffmann-la Roche Ltd.; Becton Dickinson and Co.; Johnson & Johnson (USA); Pfizer (Hospira) Inc.; Smiths Medical; Others |
| Customization | Available Upon Request |
The growth potential of the next generation infusion pump market can value at USD 8509 Million by 2032.
The next generation infusion pump market is expected to grow at a CAGR of 4.8% from 2022 to 2032.
The next generation infusion pump market is projected to grow by USD 5059.7 million in 2022.
North America dominates the next generation infusion pump market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Next Generation Infusion Pump Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Next Generation Infusion Pump Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 5.1. Oncology 5.2. Analgesia 5.3. Diabetes 5.4. Hematology 5.5. Neonatology 5.6. Gastroenterology 5.7. Autoimmune Diseases 6. Global Next Generation Infusion Pump Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End User 6.1. Hospitals 6.2. Ambulatory Surgical Centers 6.3. Clinics 6.4. Others 7. Global Next Generation Infusion Pump Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. MEA 8. North America Next Generation Infusion Pump Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9. Latin America Next Generation Infusion Pump Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Europe Next Generation Infusion Pump Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Asia Pacific Next Generation Infusion Pump Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. MEA Next Generation Infusion Pump Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Key Countries Next Generation Infusion Pump Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Ivenix, Inc 15.2. Zyno Medical 15.3. B. Braun Melsungen AG 15.4. Baxter International, Inc. 15.5. F. Hoffmann-la Roche Ltd. 15.6. Johnson & Johnson 15.7. Pfizer 15.8. Smiths Medica 16. Assumptions & Acronyms Used 17. Research Methodology
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