The global next generation infusion pump market is expected to reach US$ 5059.7 million in 2022 and US$ 8509 million by 2032, with a CAGR of 4.8% during the forecast period (2022-2032).
Next Generation Infusion Pumps are combination of intuitive user interface, simplicity, state of the art information technology.
They are inclined with advanced pumping system which measures flow to improve workflow efficiency and patient safety. Its smartphone like user interface is designed to diminish interpretation and programming errors empowering end user to save time and reduction in pump interactions. Next Generation Infusion Pumps are largely accepted by healthcare professionals because they provide more patient safety and efficacy. The technology used in regular infusion pumps hasn’t kept pace with advancements in healthcare industry.
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According a report published by institute of medicine in 2007, from year 2005 to 2009, 710 deaths and more than 56,000 adverse events were reported to FDA, most amongst medical technologies, adding more than $2 Bn to annual healthcare cost in US. On other hand Next Generation Infusion Pumps provide enough functionality, flexibility, scalability, affordability and ease of use needed to changing needs of healthcare system, indicating robust growth in Next Generation Infusion Pump market over the forecast period. Next Generation Infusion Pumps attribute high integration between the pump and hospital IT system, reducing errors.
Moreover, diverse new technologies like implantable insulin pumps in addition to delivering targeted, consistent medication, increases patient ease as well. The leading market players are focusing on safer operability, minimised chances of product recalls and enhanced product designs, over the forecast period.Next Generation Infusion Pump Market: Drivers and Restraints
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Insulin infusion pumps are dominating the Next Generation Infusion Pump market, however worldwide booming prevalence of diabetes is a key driver for Next Generation Infusion Pump market. Increased R & D initiatives on IV drug administration for malnutrition, cancers, diabetes, AIDS, neurological disorders, gastrointestinal disorders coupled with technological innovation, is anticipated to generate lucrative growth in Next Generation Infusion Pump market.
The regular infusion pump market has observed massive bad press in last few years, for diverse risk and concerns over infusion errors, this restraint however, has opened multiple opportunities for Next Generation Infusion Pump manufacturers. Furthermore, lack of sufficient healthcare infrastructure in developing markets is anticipated to impact negatively on Next Generation Infusion Pump market.
Next Generation Infusion Pump Market: Overview
Next Generation Infusion Pump market is emerging owing to promising discovery of new innovative pumps. Key players in market are focusing on new technologies such as smartphone connected insulin pumps, wearable insulin pumps and implantable insulin pumps, also focusing on accessing secure and immediate access to patient specific infusion pump management information from any mobile device or computer, regardless of Electronic Medical Record integration. Such R&D improvements are making a ground-breaking infusion management platform, indicating transformation in Next generation Infusion Pump Market.
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Next Generation Infusion Pump Market: Region-wise Outlook
Geographically, next generation infusion pump market is classified into regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan, Japan, Middle East and Africa. North America and Europe regions are anticipated to contribute maximum market revenue share in Next generation infusion pump market over the forecast period due to availability of advanced healthcare infrastructure and presence of key players in the regions which are expected to surge the demand for next generation infusion pumps during the forecast period in the above mentioned region. Asia Pacific region as well, is anticipated to witness crucial growth due to growing healthcare infrastructure in the region. Increasing number of mid-sized hospitals are identified to be a major driver to the APEJ market growth.
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