Infusion Pumps: A Global Strategic Business Report
San Jose, CA (PRWEB) November 21, 2011
Follow us on LinkedIn – Steady growth is expected for the infusion pumps market. Expansion of the fringe end of the market will stem from the continuous introduction of newer and improved devices incorporated with enhanced safety features, and options. Manufacturers are presently focused on boosting equipment reliability through the development of new software incorporated with wireless enhancements, safety alarms, and operating logs that would bring down medication error rates, and would provide improved quality of care to patients. Revenues from implantable infusion pumps, particularly low cost constant-flow pumps; syringe pumps; nerve block pumps, and electronic pain management pumps are expected to increase considerably. Growth in these segments is and will be driven largely by developments in chemotherapy drugs, shift towards alternate care, increased installation base, cost effective devices, and equipment upgradation. In addition, spurt in demand for low end syringe pumps, due to low cost easy to use models, and portability factor, will continue to drive growth in the syringe pump sector. Furthermore, the insulin infusion pumps segment has also been recording immense growth by virtue of the astronomical rise in the number of diabetics. Sales, in the diabetes treatment category are largely driven by cutting edge innovations such as, smart insulin pumps incorporated with glucose monitors and meters and easy to apply pump sets.
The prevalence of chronic health conditions including obesity, diabetes, cancer and neurological disorders, is increasing by the day in developed countries, and even more so in developing economies. This, together with increasing expenditure within the healthcare industry, is triggering the demand for medication delivery systems such as ambulatory and insulin infusion pumps. Today, most patients prefer shorter hospital stays, and the onus is shifting towards treatments at home and alternate healthcare sites, thereby fuelling the demand for advanced drug delivery systems. The functionality of modern infusion pumps is therefore, transcending beyond the primary function of safe and effective drug delivery, to information tracking, collection, analysis and dissemination. Customized and integrated Medication Management System and devices such as Programmable Pumps or Smart Pumps, Computerized Prescriber Order Entry (CPOE), Dose-calculation and Error Reduction Software (DERS), Patient-Controlled Systems (PCS) and Bar-Coded Medication Administration are poised to be the biggest revenue generators for the industry in the near term.
Despite the bright future, an important fact for consideration is that intravenous medications are associated with about 60% of adverse errors in drug administration. Such errors/complications pose a serious threat to the health and even life of the patient, thereby translating to billions of dollars in additional healthcare costs. Over 55,000 cases of complications related to infusion pumps were reported in the United States within the past 5 years. The industry witnessed a setback due to the large number of recalls in recent years, with healthcare bodies such as the USFDA clamping stringent regulations for new product launches in the segment. The rising concerns over infusion errors, and the spate of recent recalls has thrown the spotlight on device safety and reliability, with manufacturers focusing on equipment redesign to meet safety standards, and regulations.
The United States continues to reign as the single largest worldwide both in terms of sales revenues and volumes, as stated by the new research report on Infusion Pumps. Despite heavy inroads made by developing economies and a relative market saturation, the US market is likely to continue making a strong case with the rising popularity of homecare, and robust appetite for innovative technology and device replacement. However, the rapidly growing economies of Asia are forecast to be the hubs of demand for infusion devices, given the improving lifestyle condition, high incidence of obesity, heart disease, chronic diseases, and the fast expansion of healthcare institutions. Asia and other developing markets in Latin America, Eastern Europe, and Middle East, are forecast to forge ahead at a strong CAGR of about 7.7% through the analysis period. By product segment, General Purpose Infusion Pumps, comprising of major categories such as large volume infusion pumps and syringe infusion pumps dominates the global scenario in terms of sheer size. Given the increasing number of diabetic population worldwide, the market for Insulin Infusion Pumps hold immense growth potential and is slated to expand at a robust pace of about 7.8% in the future.
The market is highly competitive, with industry leaders retaining market share through continuous product innovation and aggressive pricing, while smaller players resort to product bundling in a bid to sustain revenues. Key market participants profiled in the report include Animas Corporation, Baxa Corporation, Baxter Healthcare Corporation, B. Braun Melsungen AG, CareFusion Corporation, Codman & Shurtleff Inc., DJO Incorporated, Excelsior Medical, Hospira Inc., I-Flow Corporation, Insulet Corporation, LMA International, Medtronic Inc., Moog Inc., Curlin Medical Inc., Nipro Medical Corporation, Roche Holdings AG, Smiths Medical and Stryker Instruments.
The research report titled “Infusion Pumps: A Global Strategic Business Report” announced by Global Industry Analysts Inc., offers a panoramic view of the infusion pumps industry through an insightful analysis of the latest market trends, concise coverage of relevant industry events, and reviews of the international competitive landscape. In-depth analytics in value (US$) and volume (units) terms are appended featuring major markets including US, Canada, Japan, Europe and Rest of World, as well as the broad product segments, namely General Purpose Infusion Pumps (Large Volume Infusion Pumps, Portable (Ambulatory) Infusion Pumps, and Syringe Infusion Pumps); and Specialty Infusion Pumps (Implantable Infusion Pumps and Insulin Infusion Pumps). The study also provides historic data for an insight into market evolution over the period 2003 through 2008.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Infusion_Pumps_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
Web Site: http://www.StrategyR.com/