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- Next-generation IV Infusion Pumps Market Segmented By Large Volumetric Infusion Systems, Patient Controlled Analgesia Pumps, Syringe Infusion Systems, Electronic- Ambulatory Infusion Systems, Implantable Infusion Systems, MRI-compatible IV Infusion Pump Systems, Disposable Elastomeric Infusion Systems, IV Disposables Product in Pain Management, Chemotherapy, Clinical Nutrition, Antibiotic Management
Next-generation IV infusion pumps - a promising technology with in-built software to prevent medication administration errors. Growing advancements in the field of intravenous medication administration have boosted the growth of the next-generation IV infusion pumps market. The adoption of next-generation IV infusion pumps has improved patient outcomes with reduced clinical variability.
Moreover, increasing demand for these pumps from anesthesiologists, physicians, and nurse anesthetists has reduced the risk of IV medication errors. Widespread adoption of smart pumps with high success rates and introduction of dose error reduction systems (DERSs) are several other critical factors that are boosting the growth of the next-generation IV infusion pumps market.
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- Becton, Dickinson and Company (CareFusion)
- Baxter International Inc.
- Fresenius Kabi AG
- B. Braun Melsungen AG
- Smiths Medical (Smiths Group plc.)
- ICU Medical (Hospira Inc.)
- iRadimed Corporation
- Zyno Medical
- Medtronic Plc
- Terumo Corporation
- Nipro Corporation
- Summit Medical Products, Inc
- Ambu A/S
- Gamastech S.R.L
- Acromed AG
Technological Advancements in IV Infusion Pump Systems Reducing Medication Errors
Smart IV infusion pumps are designed to improve infusion efficiency and system usability, so as to reduce potential IV medication errors. These systems provide patient infusion data for better informed decisions in the management of serious health issues.
Introduction of real-time dosing guidance and automatic drug library provides immediate feedback on drug compliance, which helps clinicians in selecting the drug concentration from the appropriate predetermined list.
Moreover, the introduction of this technology also reduces manual steps, as smart infusion pumps have the provision of auto programming and auto documentation with Electronic Medical Record (EMR) and Bar Code Medication Administration (BCMA).
Introduction of smartphone user interfaces provides programming accuracy and safety to efficiently manage infusion pumps. Real-time display of infusion details along with system dashboard supports clinicians with better IV infusion administration.
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Rising Demand for Ambulatory Infusion Pumps in Homecare Settings
Rising demand for ambulatory infusion pumps has been witnessed for the management of various diseases such as diabetes and cancer in homecare settings. Ambulatory infusion pumps are specially designed as portable and wearable devices.
Due to increasing spending on long-term care, there is growing preference for homecare settings. Ambulatory infusion pumps in homecare settings are more in demand due to rising expenditure mainly on hospitalisation and increase in prevalence of chronic diseases. Increase in the rate of adopting ambulatory infusion pumps and growing need to reduce hospital stays are critical factors for the growth of ambulatory infusion pumps in homecare settings.
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North America to Dominate Next-Generation IV Infusion Pumps Market
North America holds a noteworthy market share in the global next-generation IV infusion pumps market with 41% of total revenue, and this is expected to grow at a CAGR of 6% during the forecast period. Growing incidence of chronic diseases, rising elderly population, increase accessibility to healthcare facilities, and rising demand among clinicians are factors expected to contribute to the dominance of North America in the global next-generation IV infusion pumps market.
Increase in research & development activities, rapidly improving insurance sectors, and increase in demand for smart infusion pumps have helped Europe become the second-most lucrative region in the next-generation IV infusion pumps market, and the market here is expected to expand at a CAGR of 5.7% during the forecast period.
Further, continuous rise in the demand for advanced technologies and expansion of private hospitals in rural areas are boosting the demand for next-generation IV infusion pumps in Asia Pacific.
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Competitive Landscape of Next-Generation IV Infusion Pumps Market
The global next-generation IV infusion pumps market is characterized as a consolidated market, with key players operating across the globe, such as Baxter International Inc., B. Braun Melsungen AG., Terumo Corporation, and others. Investments in R&D to launch new product lines is the key strategy being adopted by manufacturers in the next-generation IV infusion pumps market.
In June 2019, Ivenix got FDA clearance for an infusion system designed to make infusions safer and reduce the recurring problems associated with infusion pumps.
Technological innovations for new product launches and rising demand for smart infusion pumps are responsible for the growth of the global next-generation IV infusion pumps market at an impressive rate, with North America and Europe holding substantial share of the market.
Solid monetary position and new collaborations for the effective management of intravenous infusion are expected to drive the next-generation IV infusion pumps market further over the period of forecast.
Key Segments of Next-generation IV Infusion Pumps Market
PMR’s study on the next-generation IV infusion pumps market offers information divided into four important segments - product, application, end user, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Key Questions Answered in Report
- How much is the next generation IV infusion pumps market worth?
The next generation IV infusion pumps market is slated to reach US$ 4.5 Bn in the year 2021.
- What will be the demand outlook?
The next generation IV infusion pumps market will witness a CAGR of 6.3% between 2021 and 2031.
- What was the last 5 year market CAGR?
The next generation IV infusion pumps market recorded a CAGR of 5% between 2015 and 2020.
- What are the key trends of next generation IV infusion pumps market?
The current trend speaks of an increasing demand for ambulatory infusion pumps for managing several diseases like cancer and diabetes, that too, in homecare settings.
- What is driving the demand for next generation IV infusion pumps?
Introducing real-time dosing guidance along with automatic drug library that makes way for immediate feedback regarding drug compliance are the factors driving next generation IV infusion pumps.
- What is the market share of top 5 players?
The top 5 players (Becton, Dickinson and Company, Baxter International Inc., Fresenius Kabi AG, B. Braun Melsungen AG, and Smiths Medical) hold close to 50% of the market share.
- What are the top 5 countries driving demand?
The top 5 countries driving demand include the US, UK, Russia, India, and China.
- What is North America’s market Outlook?
North America will continue holding the largest market share, thanks to the US speedily aligning itself to technological advancements.
- At what percentage next generation IV infusion pumps market is going to register growth in Europe?
Europe is expected to witness growth rate of 5% in next generation IV infusion pumps market between 2021 and 2031.
- What is the key market statistics in Korea and Japan?
Korea and Japan will witness steadiness in the next generation IV infusion pumps market between 2021 and 2031.