Global Smart Syringe Pumps Market 2019-2023 | 9% CAGR Projection over the Next Five Years | Technavio
The global smart syringe pumps market is expected to post a CAGR of nearly 9% during the forecast period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global smart syringe pumps market from 2019-2023. (Graphic: Business Wire)
Refurbished smart syringe pumps can be resold without the need for approvals. These products are affordable and do not alter product specifications as in the case of remanufactured products. Hence, there is an increased demand for refurbished syringe pumps among end-users such as hospitals, clinics, and ASCs. Online sites such as LabX and PacMedParts also provide refurbished syringe pumps. This is expected to drive the growth of the global smart syringe pumps market during the forecast period.
This market research report on the global smart syringe pumps market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period.
In this report, Technavio highlights the development of wireless smart syringe pumps as one of the key emerging trends in the global smart syringe pumps market.
Global smart syringe pumps market: Development of wireless smart syringe pumps
Wireless smart syringe pumps offer the flexibility of downloading information and provde bi-directional communication from server-to-pump and pump-to-server. The server to pump communication enables the remote handling of syringe pumps, and the pump-to-server allows the pump to update all information to the server. Smith Group has already introduced Medfusion 4000 Wireless Syringe Infusion Pump that works with PharmaGuard infusion software. This smart syringe pump can reprogram, including drug library and update firmware by itself for critical care and neonatal and pediatric intensive care patients. This trend towards the development of wireless smart syringe pumps is expected to boost the market's growth during the forecast period.
"The increased adoption of smart syringe pumps in hospitals, specialty clinics, and ASCs has encouraged many vendors to offer more advanced pumps. IRadmed offers 3860+ MRI IV Infusion Pump, which is a non-magnetic infusion pump used to deliver medication throughout the magnetic resonance imaging (MRI) cycle. Similarly, Alaris Syringe module by BD works with Guardrails Suite MX software to deliver precise drug dosage rates. The advent of such technologically advanced smart syringe pumps will fuel the market's growth", says an analyst at Technavio.
Global smart syringe pumps market: Segmentation analysis
This market report segments the global smart syringe pumps market by product (consumables and systems), application (oncology, diabetes, gastroenterology, anesthesia, critical care, and pain management, and others) and geography (Asia, Europe, North America, and ROW).
North America led the market in 2018 with a market share of 38%, followed by Europe, Asia, and ROW respectively. The dominance of North America can be attributed to the increasing geriatric population and the prevalence of chronic diseases such as diabetes and cancer. Also, factors such as the presence of extensive healthcare insurance coverage, the increasing R&D expenditure of vendors, and the high adoption of technologically advanced products are collectively responsible for the high market share of this region.
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