The drug infusion system market comprises solutions, services, and medical equipment used to deliver drugs parenterally at a specific rate and dosage level. Drug infusion systems are crucial medical devices used to deliver vast liquid solutions, nutrient content, medications, and other solutions into a patient’s body in a controlled and continuous way. Key types of drug infusion systems include volumetric pumps, syringe pumps, and elastomeric pumps. These pumps allow the precise delivery of vital medications into the body for critically ill patients through IV or catheter lines. Drug infusion systems find extensive usage in several healthcare applications, including chemotherapy, general drug delivery, anesthesia, pain management, and nutritional solutions delivery.
The Global Drug Infusion System Market is estimated to be valued at US$ 33 Billion in 2024 and is expected to exhibit a CAGR of 7% over the forecast period 2024-2030.
Key Takeaways
Key players operating in the drug infusion system are Baxter International, Becton, Dickinson and Company, B. Braun Melsungen AG, Fresenius Kabi, ICU Medical, and Smiths Medical.
The rising prevalence of chronic diseases, including cancer, diabetes, cardiovascular diseases, and neurological disorders, is a significant factor driving the demand for drug infusion systems across the globe. The increasing geriatric population and evolving healthcare industry are further contributing to the market growth.
The key players in the drug infusion system market are focusing on geographical expansion strategies and new product development to leverage growth opportunities. For instance, ICU Medical Corp expanded its manufacturing facility in Malaysia to cater to rising demand from the Asia-Pacific market.
Market Key Trends
The integration of technologies such as artificial intelligence (AI) and Internet of Things (IoT) with drug infusion systems is expected to be a major trend shaping the market. AI and IoT enable data collection, analysis, and real-time monitoring of the drug delivery process. This facilitates remote patient monitoring and precise drug delivery.
Porter’s Analysis
Threat of new entrants: Low capital requirements for starting business lowers threat. Established players hold majority market share.
Bargaining power of buyers: Large healthcare facilities and bulk buyers can negotiate on prices. Individual consumers have low bargaining power.
Bargaining power of suppliers: Major medical device makers face low threat from suppliers due to proprietary drug infusion technologies.
Threat of new substitutes: New drug delivery methods pose competition but infusion systems have wide acceptance.
Competitive rivalry: Global players compete on technological advances, service quality and geographic expansion.
Geographical Regions
North America accounts for the largest share of the global drug infusion system market value owing to high healthcare spending and rapid adoption of new medical technologies in the US and Canada. The presence of major players in the region and large patient population undergoing various drug therapies has contributed to its dominance.
The Asia Pacific drug infusion system market is poised to witness the highest growth during the forecast period with expanding healthcare infrastructure, rising medical tourism, growing private healthcare insurance, and increasing focus of international players on emerging countries. China, India and Southeast Asian nations are expected to significantly drive future demand.
What Are The Key Data Covered In This Drug Infusion System Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Drug Infusion System ‘s growth between 2024 and 2031.
:- Accurate calculation of the size of the Drug Infusion System and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Drug Infusion System Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Drug Infusion System vendors
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile