Patient-controlled analgesia infusion pumps are commonplace in healthcare settings and are widely used to transfer medications, nutrients, and fluids to the patient body at preset intervals in accurate dosages. The infusion of fluids and medication into the patient venous system play a vital role in current therapeutic regimens and are used across the length and breadth of healthcare settings right from inpatient, outpatient, and private clinics to at-home settings. A myriad range of infusion pumps such as peripheral venous catheters, central venous catheters, peripherally inserted central catheters (PICCs), implants and epidural catheters are used as per requirement. The type of delivery or the device used for fluid and medication delivery mainly depends on the condition of the patient receiving the therapy. The adoption of such devices in different application is expected to fuel growth of the infusion pumps market.
Infusion pumps have revolutionized the administration of intravenous medications with potentially game changing programming features such as intermittent and preprogramming, bolus dosing, and standby mode. According to a featured article by Wolters Kluwer Health, Inc., in 2007, around 90% of hospitalized patients in the U.S. received IV medications, most being delivered by an infusion pump. This trend argues favorably for growth of the infusion pumps market in the foreseeable future. In spite of being a precise fluid and medication transferring devices still, 35%-60% of the 700,000 adverse drug events (ADEs) annually reported in the U.S. are related to delivery through infusion pumps, which can further cause morbidity and mortality. This has necessitated extensive focus by players in the global infusion pumps market on R&D to reduce error rates associated with infusion pumps and introduce further advancements in existing products. For instance, according to Qual Saf Health Care’s research paper, in 2009, there were recommendations to use smart infusion devices to overcome the errors in infusion and favor the growth of the global infusion pumps market. Manufacturers have developed devices that have dose error reduction systems (DERS) with dosing limits and clinical advisories under hospital-defined drug libraries. Smart pumps are now being designed with safety software that are drug-specific.
The global infusion pumps market was valued at US$ 5,016.1 million in 2015 and is expected to witness a moderate CAGR of 6.0% during the forecast period (2016 – 2024).
Get PDF Research Brochure for more Professional and Technical Insights:
Reducing error rates is a key focus of major players in the global infusion pumps market
Market players are making major investments in advancements of products used in the infusion pumps devices, owing to rise in number of application and better return on investment. For instance, an update from VertMarkets, Inc., revealed that Baxter is developing a new infusion pump platform, reinvigorating bio-surgery sector. Also, companies are inclined towards product advancements to increase application area of infusion pumps for analgesic applications. According to Journal of Emergency Medical Services, in 2017, there has been suggested the need for an infusion pump system can be an important breakthrough for ketamine delivery, which is to begin with a bolus dose, followed by a drip. Furthermore, factors such as increasing prevalence of chronic pain and rise in population suffering from various types of cancer creates a conducive environment for infusion pumps market growth. Also, rise in prevalence of gastroenterological procedures worldwide are expected to underpin the infusion pumps market growth. In 2016, according to National Cancer Institute, around 1,685,210 new cases of cancer were diagnosed in the U.S., which are projected to lead to around 595,690 fatalities.
Application-specific products an emerging strategy adopted by infusion pumps market players
Well managed and schematic approach towards integration of major players followed by various acquisitions in infusion pumps market is expected to fuel the product advancement and product introduction in the infusion pumps market. According to CareFusion Corporation, in 2013, around 61% of most costly and serious medication errors were related to intravenous infusions in the U.S., which was the major concern of the hospitals to make the system error free and effortless. To address the same, CareFusion Corporation introduced a new system named Alaris System, having Guardrails Suite MX software and combines a single point-of-care unit. This is expected to minimize the infusion errors in the future. As statistics suggest, there were significant number of mergers and acquisition that have added to the development and advancement of new infusion pumps products. For instance:
In 2015, Becton Dickinson acquired CareFusion Corporation – a provider of large volume infusion pump – this acquisition is expected to favor the growth in product portfolio of Becton Dickinson & Company
In 2015, Medtronic – a medical device company with extensive product line – acquired Covidien – a health care products company and global manufacturer of medical devices. This is expected to favor the company’s expansion in terms of geography
Increasing number of research collaborations are expected to improve the time-to-market of highly effective and advanced products.
Browse Global Strategic Business Report:
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
Coherent Market Insights
1001 4th Ave,
Seattle, WA 98154
Visit Blog : http://globalresearchtrends.blogspot.in/