The Analysis presents the study of Worldwide Infusion Pump facilitating the regional and country wise analysis covering the strategic analysis of each market player and the market share they hold
Pune, India -- (SBWIRE) -- 12/01/2017 -- Acknowledging its growing popularity and the market growth, Market Research Future, recently published a study report – The Global Infusion Pump Market. Which indicates that the Market is booming and estimated to gain further prominence over the forecast period. Further MRFR asserts that the Market will demonstrate a massive growth by 2023, phenomenally superseding its previous growth records in terms of value with a whooping CAGR during the anticipated period. The global Infusion Pump market is projected to raise up to USD 9.71 Billion at the rate of about 5% from 2017 to 2023.
Market Research Future published new report, titled "Infusion Pump Market -Research Report: Global Forecast to 2023".
Major Players: 3M, B. BRAUN MELSUNGEN AG, Baxter, Becton, Dickinson and Company, Fresenius Kabi AG, ICU Medical, Inc., Smiths Medical, and Terumo Medical Corporation are some of the prominent players at the forefront of competition in the global Infusion Pump market and are profiled in MRFR Analysis.
Infusion Pump Market - Overview
The Infusion Pump Market is growing with the rapid pace; mainly due to the increasing prevalence of chronic and fatal diseases coupled with the growth of burgeoning healthcare sector. With the advent technological advancements; the Infusion Pump industry is widening and gaining more attention worldwide. Also the factors such as prevalence of chronic diseases along with the rising awareness and concerns relating to the health are contributing to the revenue generation and overall growth of the Infusion Pump Market and the markets associated with it.
Accrediting the accruals and the traction the Infusion Pump Market is gaining currently, the Market Research Future, has recently published a meticulous study report accentuating the market insights up till the year 2023 and letting out the potential strategies of industry players after a careful consideration of their past strategic moves. According to the MRFR's analysis; the global Infusion Pump Market is booming and expected to gain further prominence over the forecast period. The Infusion Pump market
Apart from the prevalence of chronic and fatal diseases and technological advancements, factors that predominantly propel the Infusion Pump market growth include; increased use of infusion pumps for the delivery of drugs and other fluids, coupled with the high demand of the infusion systems in the military medical units. Additionally, ascending rate of investments in R&D by the leading market players to bring about further innovations and advancements in the Infusion Pump market are positively influencing the market growth.
On the other hand, patient safety concerns and improper infusion leading to the severe consequences, along with the unmet medical needs in the low income countries are likely to pose a restraints to the Infusion Pump market growth. Nevertheless, advent Infusion system that increasingly allowing hospitals to make the most of the required expertise with tools that enable greater participation throughout the entire infusion process will provide greater impetus to the Infusion Pump market growth.
As medical records become more automated, it is expected that infusion pumps will become increasingly automated as well. As electronic medical records and smart pumps increase their penetration into the developed markets such as US and Europe market, the infusion pump market value is expected to increase.
Infusion Pump Market - Competitive Analysis
Characterized by the presence of several major well-established players, the global Market of Infusion Pump appears to be highly competitive. Players operating in the global Infusion Pump markets are focusing upon optimized situational awareness for customers and ensure their mission success. Well established players increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. These players possess state of art developing labs and strong sales and distribution network which have helped them to gain leadership position in the market. An ever-increasing emphasis has been observed among Infusion Pump industry marketers on inbound lead generation over branding-oriented efforts.
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Industry/ Innovation/ Related News
November 22, 2017 - Repro Med Systems, Inc., dba RMS Medical Products announced FDA developments and organizational changes. The company expressed their gratitude to FDA for recognizing the leading edge concept of a constant pressure infusion system which must include everything in the fluid path to determine the performance consistent with the FDA's definition of Infusion Pump.
March 2017 - The University of Virginia Health System (UVHS) after nine months of preparations, the health system successfully implemented infusion pump interoperability. The smart pumps began to be pre-populated with infusion parameters from the EHR through barcode scanning of the patient, medication and pump. Preliminary data from the first week after implementation showed a greater than 70% compliance rate of EHR associations with the infusion pump in the main hospital. UVHS is also aiming to advance infusion programming, specifically, by integrating their smart pump technology with the EHR. Such interoperability, could prevent programming errors when entering a dose or rate for an infusion and, therefore, reduce medication mistakes.
July 2017 - Innovation Prize for Africa (IPA) culminated with a bang as the African Innovation Foundation (AIF) awarded three more African innovators for their incredible innovations. Electronically Controlled Gravity Feed Infusion Set (ECFG) by Philippa, who bagged the Second Prize of US$ 25 000, is designed to accurately administer intravenous (IV) fluids and drugs by controlling the rate of fluid flow based on feedback from a drop sensor. Erroneous delivery rates can result in serious adverse effects. The ECGF has the potential to save lives by providing accuracy and safety at 8% the cost of a brand new infusion pump.
Infusion Pump Market - Segmentation
The Infusion Pump Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Types: Comprises Volumetric Pump, Syringe Pump, Ambulatory Pump & other.
Segmentation By Application: Comprises Chemotherapy, Diabetes, Gastrointestinal Diseases, Paediatrics, and other.
Segmentation By End User: Comprises Hospitals, Ambulatory Surgical Centers, Homecare, & other.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Volumetric pump accounted for the largest as in 37.1% of market share of the total market in 2016.
Chemotherapy segment accounted for the largest market share of the total market in 2016.
Infusion Pump Market - Regional Analysis
Globally North America is the largest market for Infusion Pump and is expected to commands the largest market share due to advanced technologies are continuously on rise in these countries. North America is expected to reach $3.49 billion by the end of 2023. Europe accounts for the second largest market and is expected to reach nearly $3.11 billion, whereas Asia Pacific with lots of opportunity and continuously growing economies, is expected to be the fastest growing segment with the CAGR of 5.4% during 2017-2023. This rapid growth is majorly due to recent developments in healthcare and improving economies and disposable income per individual. Middle East and Africa with less economic developments and extremely low income accounts for least market share in 2016 but is expected to grow with better infusion treatment in the countries.
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