The global next generation infusion pump market is set for significant growth, holding a forecasted market share of USD 5,059.7 million in 2022 and expected to surpass USD 8,509 million by 2032. This growth trajectory indicates a compound annual growth rate (CAGR) of 4.8% during the forecast period from 2022 to 2032.
Next generation infusion pumps are revolutionizing the administration of medications and fluids, enhancing the precision and efficiency of patient care. These advanced devices incorporate innovative technologies that enable healthcare professionals to deliver treatment with improved safety and accuracy, making them a vital component of modern medical practice.
Key drivers contributing to the growth of the next generation infusion pump market include:
- Technological Advancements: The integration of smart technologies, including wireless connectivity, software updates, and automated drug delivery systems, is driving demand for next generation infusion pumps, improving patient outcomes and workflow efficiency.
- Increasing Prevalence of Chronic Diseases: The rising incidence of chronic conditions such as diabetes, cancer, and cardiovascular diseases is increasing the need for effective medication management and infusion therapies, propelling market growth.
- Focus on Patient Safety: Growing emphasis on patient safety and the reduction of medication errors is leading healthcare providers to adopt advanced infusion systems equipped with safety features like dose error reduction systems and real-time monitoring capabilities.
- Rising Demand for Home Healthcare: The shift towards home healthcare solutions is further enhancing the demand for portable and user-friendly infusion pumps, allowing patients to receive treatment in the comfort of their homes.
The technology used in regular infusion pumps hasn’t kept pace with advancements in healthcare industry. According a report published by institute of medicine in 2007, from year 2005 to 2009, 710 deaths and more than 56,000 adverse events were reported to FDA, most amongst medical technologies, adding more than $2 Bn to annual healthcare cost in US. On other hand Next Generation Infusion Pumps provide enough functionality, flexibility, scalability, affordability and ease of use needed to changing needs of healthcare system, indicating robust growth in Next Generation Infusion Pump market over the forecast period.
Next Generation Infusion Pumps attribute high integration between the pump and hospital IT system, reducing errors. Moreover, diverse new technologies like implantable insulin pumps in addition to delivering targeted, consistent medication, increases patient ease as well. The leading market players are focusing on safer operability, minimised chances of product recalls and enhanced product designs, over the forecast period.
Next Generation Infusion Pump Market: Drivers and Restraints
Insulin infusion pumps are dominating the Next Generation Infusion Pump market, however worldwide booming prevalence of diabetes is a key driver for Next Generation Infusion Pump market. Increased R & D initiatives on IV drug administration for malnutrition, cancers, diabetes, AIDS, neurological disorders, gastrointestinal disorders coupled with technological innovation, is anticipated to generate lucrative growth in Next Generation Infusion Pump market.
The regular infusion pump market has observed massive bad press in last few years, for diverse risk and concerns over infusion errors, this restraint however, has opened multiple opportunities for Next Generation Infusion Pump manufacturers. Furthermore, lack of sufficient healthcare infrastructure in developing markets is anticipated to impact negatively on Next Generation Infusion Pump market.
Next Generation Infusion Pump Market: Overview
Next Generation Infusion Pump market is emerging owing to promising discovery of new innovative pumps. Key players in market are focusing on new technologies such as smartphone connected insulin pumps, wearable insulin pumps and implantable insulin pumps, also focusing on accessing secure and immediate access to patient specific infusion pump management information from any mobile device or computer, regardless of Electronic Medical Record integration. Such R&D improvements are making a ground-breaking infusion management platform, indicating transformation in Next generation Infusion Pump Market.
Next Generation Infusion Pump Market: Region-wise Outlook
Geographically, next generation infusion pump market is classified into regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan, Japan, Middle East and Africa. North America and Europe regions are anticipated to contribute maximum market revenue share in Next generation infusion pump market over the forecast period due to availability of advanced healthcare infrastructure and presence of key players in the regions which are expected to surge the demand for next generation infusion pumps during the forecast period in the above mentioned region. Asia Pacific region as well, is anticipated to witness crucial growth due to growing healthcare infrastructure in the region. Increasing number of mid-sized hospitals are identified to be a major driver to the APEJ market growth.
Next Generation Infusion Pump Market: Key Players
The players leading in next generation infusion pump market include Ivenix, Inc, Zyno medical, B. Braun Melsungen AG, Baxter International, Inc.,F. Hoffmann-la Roche Ltd.,Johnson & Johnson (U.S.),Pfizer (Hospira) Inc., Smiths Medical to name a few.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology and applications.
The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil and Rest of Latin America)
- Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg and Rest of Western Europe)
- Eastern Europe (Poland, Russia and Rest of Eastern Europe)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC, S. Africa, and Rest of MEA)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Next Generation Infusion Pump Market: Segmentation
Next Generation Infusion Pump market has been segmented on the basis of application, end user, and region
Based on Application, the Next Generation Infusion Pump market is segmented into the following:
- Oncology
- Analgesia
- Diabetes
- Hematology
- Neonatology
- Gastroenterology
- Autoimmune Diseases
Based on end user, the Next Generation Infusion Pump market is segmented into the following:
- Hospitals
- Ambulatory Surgical Centers (ASCs)
- Clinics
- Others
Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
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