Improved patient safety, efficient dose administration, and seamless interoperability for advanced infusion delivery are several advantages offered by next-generation IV infusion pumps. Novel utilization in existing treatments and promising discovery of innovation pumps have led to the expansion of the next-generation IV infusion pumps market. These developments improve patient outcome as well as offer clinicians with patient-specific data to take better informed decisions. Moreover, the rising trend of wireless infusion pumps and wider scope of application in home care settings are factors that are expected to drive market growth further.
The global next-generation IV infusion pumps market was valued at over US$ 4 Bn in 2018, and is expected to exhibit a CAGR of 6% during the forecast period (2019–2029).
Key Takeaways of Next-Generation IV Infusion Pumps Market Study
- By product, large volumetric infusion systems hold around 60% revenue share in the next-generation IV infusion pumps market.
- Large volumetric infusion pumps are designed to overcome issues such as size of fluid drops, and are capable of delivering continuous and controlled flow of intravenous fluids, blood products, and whole blood with high level of accuracy.
- By application, the pain management segment contributes a significant share to the next-generation IV infusion pumps market, owing to the availability of smart infusion pumps specially designed for different pain management solutions.
- Attributed to the in-built safety feature for controlled, small, and constant flow of pain medication, the demand for patient-controlled analgesic pumps (PCA) is expected to increase during the forecast period.
- Increasing volume of surgeries performed, rising prevalence of cancer and diabetes, and launch of technologically-advanced products have contributed to the dominance of North America in the global next-generation IV infusion pumps market.
"Consistent advancements and technological developments in next-generation IV infusion pumps are the go-to strategies to gain a competitive advantage. Engineers are investigating numerous innovative solutions to design simplified infusion delivery systems for reduction in potential medication errors”, says a PMR Analyst.
New Product Launches Strategic Focus of Next-Generation IV Infusion Pumps Manufacturers
Continuous upgradation and innovation in next-generation IV infusion pumps are responsible for intense competition among market players. Numerous organizations are focusing on new product approvals for next-generation IV infusion pumps. For example, in June 2019, Ivenix earned FDA clearance for an infusion system designed to make infusion safer and reduce recurring problems associated with infusion pumps. Also, in August 2018, Baxter received CE marking for the Evo IQ infusion system for marketing of the device in the United Kingdom, New Zealand, and Ireland. These winning strategies by leading players are also being followed by regional and local players.
More Valuable Insights on Next-Generation IV Infusion Pumps Market
Persistence Market Research brings a comprehensive research report on forecasted revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2029. The global next-generation IV infusion pumps market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provide compelling insights on the next-generation IV infusion pumps market on the basis of product (large volumetric infusion systems, syringe infusion systems, electronic-ambulatory infusion systems, patient controlled analgesia pumps, disposable elastomeric infusion systems, implantable infusion systems, MRI-compatible IV infusion systems, IV disposables), application (pain management, chemotherapy, clinical nutrition, antibiotic management, others), and end user (hospitals, ambulatory surgical centers, homecare settings, diagnostic centers, others), across five major regions.
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