December 07, 2016
Wellesley, Mass., Dec 07, 2016 – In recent years, the use of infusion pumps has increased, creating intense demand for smart insulin pumps, chemotherapy pumps, patient controlled analgesia pumps and various other types of infusion devices. BCC Research reveals in its new report that the global market for infusion pumps and devices should achieve solid growth from 2016 to 2021.
The global market for infusion pumps and devices should reach $19.6 billion in 2016 and nearly $25.8 billion by 2021, growing at a five-year compound annual growth rate (CAGR) of 5.6%. The general infusion pumps and devices market should grow from $12.7 billion in 2016 to $17.1 billion by 2021, reflecting a five-year CAGR of 6.1%. The specialty infusion pumps and devices market should total $6.9 billion and $8.7 billion in 2016 and 2021, respectively, at a five-year CAGR of 4.6%.
Technological advancements, device miniaturization, and demand for user friendly and portable devices are driving market growth. The increase in diseases such as diabetes, thalassemia, and neurological disorders is compelling governments to focus on the healthcare industry, spurring research and development (R&D) spending, along with increasing competition, and emerging technologies. Technological advancements, new product launches, and changing lifestyles will influence market growth in the foreseeable future.
Market players are focusing on development of advanced and smart infusion devices. Smart pump systems, the latest innovation in the market, incorporate software that can alert users to potential errors. The devices are more accurate and deliver medicine over a wide range of rates, warn of conditions such as occlusions and empty containers, and provide protection against inadvertent free-flow when the pump tubing is removed from the device.
Despite these safeguards, inaccurate programming of general-purpose infusion pumps has caused some associated problems. Despite the advances in infusion pump technology, the Food and Drug Administration (FDA) continues to receive reports related to programming and administration errors.
"Increased regulation of medical devices by the U.S. Food and Drug Administration (FDA) and other regulatory bodies has pressured manufacturers to develop safe and sensitive instruments,” says BCC Research analyst Shalini S. Dewan. "Due to an increased number of infusion errors, the U.S. government has imposed reimbursement restrictions on infusion pumps and this initiative is aimed at controlling overall healthcare costs."
Infusion Pumps and Devices: Technologies and Global Markets (HLC071C) analyzes the market for infusion pumps used for continuous or intermittent administration of medications (including antibiotics), nutrients, and analgesics. The report also examines the medical, scientific, technological, social, and economic issues associated with this market. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
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Infusion Pumps and Devices: Technologies and Global Markets( HLC071C )
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