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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Market Segments:-
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.
Recent Developments
- 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.
Regional Analysis:-
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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