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, Calif., 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.
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"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.
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Strategic Analysis of the US Infusion Pumps Market
Corporate Communications – North America
SOURCE Frost & Sullivan
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