Infusion Pump Software Market To Witness Major Growth In Coming Years
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- The Infusion Pump Software Market is expected to reach USD 1,044 million by 2024 from USD 742 million in 2019, at a CAGR of 7.1%.
Growth in the infusion pump software market is mainly driven by factors such as the increasing incidence of chronic diseases, along with rapid growth in the geriatric population, growing number of surgical procedures performed, rising demand for ambulatory and home care infusion pumps, and technological developments.
The Infusion Pump Software Market is expected to reach USD 1,044 million by 2024 from USD 742 million in 2019, at a CAGR of 7.1%.
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On the basis of type, the infusion pump software market is segmented into Dose error reduction software (DERS), clinical workflow software, interoperability software and other software. The DERS segment held the largest share of the infusion pump software market in 2018 and this segment is also projected to register the highest growth during the forecast period. Increasing number of medication errors using infusion pumps is a major factor driving market growth.
On the basis of indication, the market is segmented into general infusion, pain & anesthesia management, insulin infusion, chemotherapy, enteral infusion, and others. The general infusion segment commanded the largest share of the market in 2018.
- In March 2018, Baxter partnered with First Databank (FDB), US, with the aim of integrating FDB’s Infusion Knowledge, an evidence-based library of IV medications, into Baxter’s Dose IQ Safety Software to help make delivery of infusions safer.
- In August 2017, BS expanded in the US with the launch of BD Institute for Medication Management Excellence in New Jersey, which aims to improve patient safety and outcomes. In collaboration with national experts and IV safety organizations, this new institute would initially focus on enhancing end-to-end IV infusion Safety at the patient's bedside.
Geographically, North America is expected to dominate the global infusion pump software market in 2018, while the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to growing incidences of chronic diseases, increased awareness and accessibility of advanced healthcare facilities, a large population pool, increasing aging population, and rising healthcare spending.
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Top Key Players:-
The major players operating in the infusion pump software market include BD (US), B. Braun (Germany), Baxter (US), ICU Medical (US), and Terumo Medical (Japan). Other players involved in this market include Fresenius Kabi (Germany), Moog (US), F. Hoffmann-La Roche (Switzerland), Ypsomed (Switzerland), Medtronic (Ireland), Smiths Medical (US), and Micrel Medical Devices (Greece).
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