Factors such as rising incidence of chronic diseases coupled with the rapid growth in the geriatric population are some of the major factors that are augmenting the growth of infusion pumps software. Additionally, increasing volume of surgical procedures performed and existence of untapped, emerging markets such as India and China with growing adoption of infusion pump software are offering substantial growth opportunities in the Infusion Pump Software Market. As per the OECD stats, in Canada, the number of surgeries performed was 378,448 during 2013 and it increased to 396,218 in 2017. In France, surgeries performed in 2014 was 773,308 and it raised to 863,837 by 2017. This rising trend of the number of surgical procedures performed is indicating that there is a growing opportunity for the infusion pumps in such countries which is ultimately driving the demand for the software used for infusion pump.
Key Market Trends
Dose Error Reduction Software segment Holds Significant Share in Infusion Pump Software Market
- Though the patient safety is the major principle of health care, sometimes medication-related errors do exist and they have a significant impact. In 2017, the World Health Organization itself made it one of the main health challenges of our times to reduce medication errors by 50% within the next 5 years.
- In order to prevent the consequent harm, systems and procedures need to be put in place so that the right patient receives the right medication in the right dose, via the right means and at the right time, Hence, Dose Error Reduction Software (DERS) software is the key for ensuring patient safety as it offers advanced safety features for the infusion pumps and hence, it is estimated to grow significantly owing to the increasing number of medication errors occur while using infusion pumps.
- In August 2019, Baxter received CE marking of the EVO IQ Infusion System. The Evo IQ Infusion System features a scalable platform and user-centric design that includes an advanced drug library and dose error reduction software to promote patient safety.
North America dominate the Global Infusion Pump Software Market
- The current growth of the North America infusion pump software market can be primarily attributed to home healthcare segment and patients and physicians, who are steadily adopting new technologically advanced products for regular treatment of chronic disease conditions.
- On the other side, the market is driven by increased patient awareness, growing prevalence of chronic diseases and increasing number of surgeries performed in the region and need to control escalating healthcare costs, infusion pump software market in the region has been experiencing a significant growth.
- According to the Journal of Infectious Disease Adviser, approximately 27 million surgical procedures are performed in the United States each year.
- In February 2019, Flowonix Medical, Inc. received the United States Food and Drug Administration (FDA) market approval for their Maestro Infusion Pump Software Upgrade for Clinician Programmers.
Competitive Landscape
In Global Infusion Pump Software Market is moderately competitive and the major players are focused on expanding their business in different areas by adopting various market strategies such as partnerships, collaborations, acquisitions and mergers etc. Key developments of the market include in August 2019, B. Braun Medical Inc. collaborated with Guard RFID Solutions Inc.’s, as a part of collaboration, B. Braun Space Infusion pump with DoseTrac Infusion Management Software, which communicates with GuardRFID’s AllGuard RFID software platform providing pump status and availability.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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Methodology
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