DUBLIN--(BUSINESS WIRE)--The "Infusion Pump Software Market by Type (DERS, Interoperability, Clinical Workflow), Indication (General Infusion, Pain & Anesthesia Management, Insulin Infusion), End User (Hospitals, Ambulatory Care Settings) - Global Forecasts to 2024" report has been added to ResearchAndMarkets.com's offering.
The global infusion pump software market is projected to reach 1,044 million by 2024 from USD 742 million in 2019 at a CAGR of 7.1%.
Growth in the infusion pump software market can be attributed to factors such as 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. However, frequent product recalls of infusion pumps may restrain the market to a certain extent.
"The DERS segment is expected to hold the largest market share during the forecast period."
On the basis of type, the global infusion pump software market has been segmented into Dose error reduction software (DERS), clinical workflow software, interoperability software and other software. The DERS segment is expected to hold the largest market share during the forecast period. DERS is offered as a part of the drug library incorporated in the infusion pump. This software aids in preventing incorrect dosage of medicine by alerting the clinician via alarm. Subsequently, increasing number of reported medication errors using infusion pumps is a major factor boosting this market growth.
"The insulin infusion segment is expected to grow at the highest rate during the forecast period."
On the basis of indication, the infusion pump software market is segmented into general infusion, pain & anesthesia management, insulin infusion, chemotherapy, enteral infusion, and others. The general infusion segment is expected to take the largest share of this market. The high growth of this segment can be attributed to factors such as the ease and safety offered by infusion pumps software for delivery of medication.
"The Home care settings segment is expected to grow at the highest rate during the forecast period."
On the basis of end user, the infusion pump software market is segmented into hospitals, ambulatory care settings, home care settings, and academic & research institutes. The home care settings segment is expected to grow at the highest rate during the forecast period. The high growth of this segment can be attributed to factors such as increasing preference for treatment at one's convenience and the advantage of home infusion being highly cost effective.
"The Asia Pacific infusion pump software market is expected to grow at the highest rate during the forecast period."
Geographically, the infusion pump software market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World. The Asia Pacific market is expected to grow at the highest rate during the forecast period. The high growth in this region can be attributed to the a large population pool, increasing aging population, growing incidences of chronic diseases, increased awareness and accessibility of advanced healthcare facilities, and rising healthcare spending.
Market Dynamics
Market Drivers
- Increasing Incidence of Chronic Diseases and Rapid Growth in Geriatric Population
- Growing Number of Surgical Procedures Performed
- Rising Demand for Ambulatory and Home Care Infusion Pumps
- Technological Developments
Market Restraints
- Frequent Product Recalls of Infusion Pumps
Market Opportunities
- Untapped Emerging Markets
- Growing Adoption of Specialty Infusion Systems
Challenges
- Increasing Incidence of Medication Errors and Lack of Wireless Connectivity in Most Hospitals
Companies Mentioned
- B. Braun Melsungen AG (B. Braun)
- Baxter International Inc. (Baxter)
- Becton, Dickinson and Company (BD)
- Fresenius Kabi
- ICU Medical, Inc. (ICU Medical)
- Medtronic Plc (Medtronic)
- Micrel Medical Devices
- Moog Inc. (Moog)
- Roche Diagnostics (A Division of F. Hoffmann- La Roche Ltd.)
- Smiths Medical (A Division of Smiths Group Plc)
- Terumo Corporation
- Ypsomed AG (Ypsomed)
For more information about this report visit https://www.researchandmarkets.com/r/esvxro
