Transformed Interoperable Smart Pumps Improve Patient Compliance and Market Potential
-- Frost & Sullivan: Half the US hospitals using smart pumps signifies assured growth of the US infusion pumps market
MOUNTAIN VIEW, California, Oct. 1, 2013 /PRNewswire/ -- Advancements in pump technology, especially in terms of specialized functionalities such as infusion rate detection and dosage mismatch alerts, sustain the mature, replacement-intensive infusion pumps market in the U.S. In particular, the ambulatory and insulin pump segments are poised for significant growth despite reimbursement restrictions and government initiatives to lower overall healthcare costs.
New analysis from Frost & Sullivan's (http://www.medtech.frost.com) Strategic Analysis of the US Infusion Pumps Market research finds the market earned revenue of $3.17 billion in 2012 and estimates this to reach $4.29 billion in 2019. The analysis covers general infusion pumps (volumetric, syringe, ambulatory, enteral pumps and infusion pump accessories) and insulin infusion pumps.
For more information on this research, please email Jennifer Carson, Corporate Communications, at jennifer.carson@frost.com, with your full name, company name, job title, telephone number, company email address, company website, city, state and country.
"Since current smart pumps failed to make meaningful improvements in patient safety due to a lack of additional interfaces and software capabilities, market participants are looking to develop wireless, user-friendly smart pumps to enhance patient compliance and facilitate homecare use," said Frost & Sullivan Healthcare Research Analyst Swathi Allada. "This widens the scope of the infusion pumps market in the U.S."
However, the safety and efficacy of these new technologies are a concern owing to the alarming increase in errors and product recalls, prompting several hospitals to postpone purchases. In addition, the launch of advanced infusion pumps is delayed as regulatory authorities, including the Food and Drug Administration (FDA), take stringent steps to assess the safety parameters of infusion pumps.
The FDA is expected to mandate manufacturers to submit design validations prior to premarket approval. In response, several manufacturers are focusing on product redesign to meet international standards for reliability and risk management.
Building devices with novel software and smart capabilities integrated with electronic medical records, safety alarms and operational logs will reduce medication rates and infusion errors. In fact, with more than half the hospitals in the U.S. using smart pumps, the market is ripe for interoperability.
"Further, vendors must provide multi-disciplinary training on the use of infusion pumps and offer consistent support services to hospitals, including on-site maintenance and trouble-shooting," concluded Allada. "Spreading awareness through promotional campaigns and forming alliances with pharmaceutical companies to create better targeted, compliant solutions will enable manufacturers to capitalize on the large yet untapped market potential."
Strategic Analysis of the US Infusion Pumps Market is part of Frost & Sullivan's Advanced Medical Technologies Growth Partnership Service program, which also includes: Western European Infusion Pumps Market, Western European Endoscopy Devices Market, and U.S. Sterilization Equipment and Sterilants Market. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
Connect with Frost & Sullivan on social media, including Twitter, Facebook, SlideShare and LinkedIn, for the latest news and updates.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Contact Us: Start the discussion
Subscribe: Newsletter on "the next big thing"
Register: Gain access to visionary innovation
Strategic Analysis of the US Infusion Pumps Market
NCAF-54
Contact:
Jennifer Carson
Corporate Communications – North America
P: +1.210.477.2450
F: +1.210.348.1003
E: jennifer.carson@frost.com
LinkedIn: Transform Health Group
Twitter: @frost_sullivan
Facebook: Frost & Sullivan
http://www.frost.com
Share this article