Pump Technology and Market Potential Expected To Advance in the Coming YearsOctober 25, 2013
October 25, 2013
Despite reimbursement margins and government plans to lower healthcare costs in general, advancements in pump technology are poised for considerable growth. The infusion pumps market earned revenue of $3.17 billion in 2012 and is anticipated to reach $4.29 billion by 2019, according to Frost and Sullivan’s “Strategic Analysis of the US Infusion Pump Market.” General infusion pumps and insulin infusion pumps are covered in the analysis.
Research Analyst Swathi Allada states that market participants are looking to manufacture wireless, user-friendly smart pumps to improve patient compliance and facilitate homecare use since existing smart pumps failed to make significant developments in patient safety due to a lack of supplementary interfaces and software potential. "This widens the scope of the infusion pumps market in the U.S," he added.
However, because of the strict steps taken by regulatory authorities in the assessment of safety parameters of infusion pumps, these newer pumps are delayed from launch. One such requirement would be the Food and Drug Administration’s design validation submission before premarket approval. Because of this, a number of manufacturers are focusing on product revamps in order to meet global standards for dependability and risk management.
Manufacturing devices with smart capabilities and novel software integrated with operational logs, stored electronic medical records, and safety alarms will lessen infusion errors and medication raters. In fact, the market is ripe for interoperability with over 50% of the hospitals in the US using smart pumps. "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,” concludes Allada.
With the rapid advancement of infusion pump systems, it becomes even more important for medical practitioners to ensure their equipment is up-to-date, properly-serviced and is in good working condition in order to avoid health risks to their patients.
AIV offers replacement parts and services to most leading infusion pumps. To learn more about these parts and services, visit http://www.aiv-inc.com/iv-infusion-pump-replacement-parts.html
About the Author
AIV CatalogRequest Your Printed or Electronic Copy Today!
Be Part of Our
Healthcare technology management professionals are a vital link in hospital operations, and we proudly support the national, state, and local associations with ongoing support and resources.Get Biomed Resources
Why buy from AIV
AIV strives to provide you cost effective options to service equipment. We offer flexible solutions to best suit your needs.