The Next Generation Infusion Pump Market is poised for significant growth, driven by advancements in medical technology, according to a recent analysis by Future Market Insights (FMI), a leading market research firm. The market is expected to register a robust Compound Annual Growth Rate (CAGR) of 4.8% from 2022 to 2032, translating to a projected market valuation of approximately US$8,509 million by 2032. This represents a substantial increase from US$5,059.7 million in 2022, highlighting the promising future of this dynamic market.
Distinguishing itself by seamlessly integrating advanced information technology with user-friendly interfaces, Next Generation Infusion Pumps are at the forefront of innovation. These state-of-the-art devices feature an advanced pumping system with an inclined design, measuring flow to enhance both patient safety and workflow efficiency. The intuitive user interface, resembling that of a smartphone, plays a pivotal role in reducing programming errors and interpretation, enabling end users to save time and minimize pump interactions.
Healthcare professionals widely embrace Next Generation Infusion Pumps due to their heightened efficacy and emphasis on patient safety. In an industry where precision and reliability are paramount, these innovative devices are set to redefine the landscape.
The technology employed in conventional infusion pumps has lagged behind the rapid advancements in the healthcare sector. A report published by the Institute of Medicine in 2007 revealed alarming statistics, citing 710 deaths and over 56,000 adverse events reported to the FDA between 2005 and 2009. This placed infusion pumps among the leading contributors to medical technology-related incidents, adding more than $2 billion to annual healthcare costs in the US.
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Next Generation Infusion Pumps attribute high integration between the pump and hospital IT system, reducing errors. Moreover, diverse new technologies like implantable insulin pumps in addition to delivering targeted, consistent medication, increase patient ease as well. The leading market players are focusing on safer operability, minimized chances of product recalls, and enhanced product designs, over the forecast period.
Global Next Generation Infusion Pump Industry: Drivers and Restraints
Insulin infusion pumps are dominating the Next Generation Infusion Pump market, however, the worldwide booming prevalence of diabetes is a key driver for the Global Next Generation Infusion Pump Industry. Increased R&D initiatives on IV drug administration for malnutrition, cancers, diabetes, AIDS, neurological disorders, and gastrointestinal disorders coupled with technological innovation, are anticipated to generate lucrative growth in the Global Next Generation Infusion Pump Industry.
The regular infusion pump market has observed massive bad press in the last few years, for diverse risks and concerns over infusion errors, this restraint, however, has opened multiple opportunities for Next Generation Infusion Pump manufacturers. Furthermore, the lack of sufficient healthcare infrastructure in developing markets is anticipated to impact negatively on the Global Next Generation Infusion Pump Industry.
Next Generation Infusion Pump Market: Overview
Next Generation Infusion Pump market is emerging owing to the promising discovery of new innovative pumps. Key players in the market are focusing on new technologies such as smartphone-connected insulin pumps, wearable insulin pumps, and implantable insulin pumps, also focusing on accessing secure and immediate access to patient-specific infusion pump management information from any mobile device or computer, regardless of Electronic Medical Record integration. Such R&D improvements are making a ground-breaking infusion management platform, indicating transformation in Next next-generation Infusion Pump Market.
Next Generation Infusion Pump Industry: Region-wise Outlook
Geographically, the next-generation infusion pump market is classified into regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan, Japan, Middle East and Africa. North America and Europe regions are anticipated to contribute the maximum market revenue share in Next generation infusion pump market over the forecast period due to the availability of advanced healthcare infrastructure and the presence of key players in the regions which are expected to surge the demand for next-generation infusion pumps during the forecast period in the above-mentioned region. Asia Pacific region as well, is anticipated to witness crucial growth due to growing healthcare infrastructure in the region. An increasing number of mid-sized hospitals is identified to be a major driver of the APEJ market growth.
Next Generation Infusion Pump Market: Key Players
The players leading in the Global Next Generation Infusion Pump Industry include Ivenix, Inc., Zyno Medical, B. Braun Melsungen AG, Baxter International, Inc., F. Hoffmann-la Roche Ltd., Johnson & Johnson (U.S.), Pfizer (Hospira) Inc., and Smiths Medical to name a few.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology, and applications.
The report covers an exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition and companies involved
- Technology
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, and the Rest of Latin America)
- Western Europe (Germany, Italy, France, UK, Spain, Nordic countries, Belgium, Netherlands, Luxembourg, and the Rest of Western Europe)
- Eastern Europe (Poland, Russia and Rest of Eastern Europe)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC, S. Africa, and Rest of MEA)
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Next Generation Infusion Pump Market: Segmentation
Next Generation Infusion Pump market has been segmented based on application, end user, and region
Based on Application
- Oncology
- Analgesia
- Diabetes
- Hematology
- Neonatology
- Gastroenterology
- Autoimmune Diseases
Based on end users
- Hospitals
- Ambulatory Surgical Centers (ASCs)
- Clinics
- Others
Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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