In 2020, the Global Infusion Therapy Market was significantly affected by the global COVID-19 pandemic. As a result of the increasing infection rates around the globe, elective procedures and other non-essential visits experienced declines. Essentially, the basic demand for healthcare products, such as infusion therapy devices, decreased accordingly. The infusion therapy market was severely impacted due to many facilities restricting their budgets and unable to justify the replacement of pre-existing pumps. Despite this, the market is expected to continue to be affected to a lesser degree throughout 2021, but otherwise should make a full recovery and continue to grow throughout the remainder of the forecast period – largely driven by three major trends.
WHAT SEGMENTS ARE INCLUDED IN THE GLOBAL INFUSION THERAPY MARKET?
Infusion Pump Market
Infusion pump devices typically fit into five main categories. Large volume infusion pumps are one of the most common types of pumps currently used in many infusion procedures. They are suitable for many general treatments. Syringe pumps are also quite common, but are mostly used to precisely control the rate of infusion from syringes. Patient-controlled analgesia (PCA) pumps are a more niche type of device used specifically for pain therapy. Electronic ambulatory pumps are smaller and more portable than other types of electronic pump. Finally, disposable ambulatory pumps are single-use pumps used for a wide variety of treatments.
Intravenous Set Market
Intravenous sets (IV sets) consist of a length of tubing for administering a fluid into a patient’s veins, either from a fluid bag or via an IV pump. Infusion therapy is usually an option when other therapy options are not feasible. An example being when there is danger that the medications will be destroyed when passing through the digestive tract or when patients have disorders that make swallowing difficult.
Needless Connector Market
The global needleless connector market contains both split septum and mechanical valve connectors. Split septum connectors are used with a blunt cannula. In this device, the infusion site has housing with a pre-split, resealable septum that is opened by the insertion of a cannula. This allows the infused fluids into the catheter or the withdrawal of blood from the catheter. Mechanical valves are activated by the use of a male-female Luer configuration.
Usually healthcare providers use stopcocks in complex intravenous (IV) lines for use in surgical and other critical care areas. When multiple medications need to be infused into the same patients as part of their procedure, stopcocks are the go-to device.
WHAT ARE SOME OF THE GLOBAL INFUSION THERAPY MARKET DRIVERS?
Market Driver #1: Technological Innovations
Companies with devices in the infusion therapy market are always pushing the boundaries in terms of updating and improving the current technology. These improvements can justify additional costs paid over older devices, which can drive up overall ASPs within the market. In addition, devices with a wider range of functions typically see increases in overall uptake and demand, which will boost unit sales. Manufacturers are constantly updating and improving their IV pump technologies with increased features for safety and functionality. “Smart pumps” are becoming the standard of care produced by many companies. These pumps introduce the possibility of new features with the ability to connect to hospital-wide networks. Connectivity further encourages the accurate recording of protocols, doses, and sequences of treatment.
Market Driver #2: Bundled Sales
Many IV pump consumers require the highest level of safety and precision from the equipment at a cost of a mature, commoditized product. As a result, most IV pump manufacturers are providing bundles of IV therapy solutions. These bundles are chosen rather than the pumps only, including dedicated IV lines, catheters and in-line filters. This practice represents a response by the suppliers to high buyer expectations for the products and an effort to increases sales.
Market Driver #3: Demographic Factors
As life expectancy rises globally, more people will require medical attention at the advanced stages of their life. At the same time, many factors will stimulate an ever-growing need for the automation of routine tasks. These include additional pressure on healthcare costs, future reforms of the healthcare system to bring the costs down, a continuing decades-long trend of decreasing the number of hospitalizations and an anticipated increased requirement for healthcare professionals’ productivity. iData’s analysts expect that these factors will lead to increased demand for infusion therapy products worldwide.
MARKET RECAP AND FURTHER INSIGHTS
iData’s Global Infusion Therapy Market Report further goes into detail on unit sales, average selling prices, market drivers and limiters, competitive market share analysis, and more. If interested, follow the link below to receive a free research summary of the market.