Intravenous Infusion Pumps Market is anticipated to grow considerably during 2023-2032 owing to the increasing product demand in home care settings to limit hospital expenses. Constant technological innovations in intravenous infusion pumps, such as smart infusion pumps, have resulted in the growing adoption of IV infusion pumps in a homecare setting. Besides, patients with cancer, neurological disorders, and diabetes, among other conditions, require long-term care and high cost associated with hospital-based infusion therapy, which would positively influence market expansion over the ensuing years.
Overall, the intravenous infusion industry is segmented in terms of product, application, end-use, and region.
Based on product, the volumetric segment is anticipated to grow considerably through 2032 due to the product’s ability to deliver specific number of fluids at a cost-effective rate. Moreover, the wide application of volumetric pumps in disease management and parenteral nutrition will also assist segmental growth. IV volumetric pumps also enable precise and controlled delivery of fluids, medications, and nutrients into a patient’s bloodstream. It also ensures that the correct dose is delivered to the patients, reducing the risk of complications compared to manual administration.
By application, the oncology segment accounted for over 9% market share in 2022. IV infusion pumps are increasingly used to administer chemotherapy and other intravenous medications to cancer patients. As per the American Cancer Society projections, it was reported that the year 2022 witnessed more than 1.5 million new cancer cases and about 609,360 fatalities. In addition, these pumps also help administer chemotherapy drugs in a precise and controlled manner to avoid toxicity and other side effects.
Considering the end-use, the homecare segment is slated to be valued at over USD 2.5 billion by 2032. Increasing prominence of several benefits the pumps offer to patients requiring continued care after discharge, coupled with the adoption of smart, portable IV infusion pumps, will fuel the homecare segment growth. Additionally, mounting use of an IV infusion pump at home, in place of hospitals, proves out to be more economical, especially when hospitalizing patients is not necessary.
From the regional perspective, the Europe intravenous infusion pump market will exhibit lucrative growth during the estimated timeline. The regional market growth can majorly be attributed to the rising prevalence of chronic diseases and the availability of technologically advanced healthcare infrastructure in the region.