New York, NY -- (SBWIRE) -- 05/15/2017 -- Next generation IV infusion pump or smart infusion pump is a medical device used to deliver the drug to the patients through intra venous route. These advanced version of infusion pumps are really smart and have various features such as Dose Error Reduction Systems (DERS), integration capability with electronic medical record, auto programming, streamlined data documentation, parallel delivery of more than one medicines, ability to decide and deliver clinical dose automatically, user-friendly operational interface for nurses, home use provisioned, patient controlled analgesic medication administration, integrated bar code identification, better cyber security protective measures and password security etc. The demand of such smart devices has been rising since long time as there were multiple incidences of adverse effects due to medical errors. According to a study, IV pumps are directly involved in 35-60% of the 700,000 adverse drug events that occurring in the United States per year. The smart infusion pumps are enabled with medication safety software designed to connect a hospital's drug information data to infusion devices to monitor, control, and provide reports at the device or system level. Bar code technology integration allows these smart devices to follow the dogma of medication administration, the right drug to the right patient by the right route in the right dose at the right time.

The key factor driving the growth of the global next generation IV infusion pumps is growing incidences of diabetes, obesity and cancers globally. Additionally, their safety and effectiveness in terms of medication errors as compared to their earlier versions, possibility of home-use, user-friendly operational platform have attracted the attention of patients and nurses, which has also contributed to the market growth. Additionally, provisions of information technology (IT) capabilities have modified these devices to handle errors, cyber data security and parallel deliveries of medicines, adding to positive growth of the market. The slow adoption rate of smart pumps is currently limiting the growth of the market. The small size hospitals (having less than 100 beds facility) are not much interested to buy smart pump due to their high price. Moreover, the higher demand of human resources, time required for installation, observing post-installation activities to check the accuracy of the device and requirement of dedicated skilled healthcare and IT professionals further declines the rate of growth of the market. Smart pumps are 3-5 times costlier than their non-smart versions and the post-implementation evaluations have reported mixed results.

Global next generation IV infusion pumps market has been segmented on the basis of type of volume of administering liquid, reservoir, specialty, design, end user and region.

Global next generation IV infusion pumps market is fragmented with the presence of a number of manufacturers. Baxter is the leading manufacturer followed by Cardinal Health and Becton & Dickinson.

Geographically, next generation IV infusion pumps market is segmented into regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan, Japan, Middle East and Africa. North America is currently leading the market as around 50% of hospitals of the region have adopted smart pumps. However, Canada has reported almost one third of the adoption rate of US representing a very sluggish market growth. Presently, 65–75% of large volume pumps and 50–60% of syringe pumps in North America are smart. It is the highest smart pumps adoption rate across the world. The technology uptake rate in Europe is very less as compared to North America even when it has been almost a decade since the smart pumps became available initially in the Europe. Many European hospitals have purchased the smart pumps but only few of them have been successful to establish drug libraries with associated dose limits. The key factors responsible for slow adoption rate in the Europe include lack of standardisation of smart devices, less investment due to insufficient funding by government healthcare regulators, hesitancy to adopt new technology, dearth of stark evidences for effectiveness and insufficient promotion by manufacturers. However, due to rising caseload of cancer & diabetes market of smart infusion pumps in Asia Pacific region is estimated to grow. Huge number of malnourished patients will create a demand for clinical nutrition in these areas which in turn will boost growth of the smart infusion pumps market.

The key players in the global next generation IV infusion pumps market include Baxter, Becton & Dickinson Group, Cardinal Health, Hospira, Ivenix, Zyno Medical, B. Braun Medical, Fresenius Kabi, Sigma International.

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