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Infusion Pump Software Market Worth $1,044 Million by 2024 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 4, 2019 /PRNewswire/ -- According to the new market research report "Infusion Pump Software Market by Type (DERS, Interoperability, Clinical Workflow), Indication (General Infusion, Pain & Anesthesia Management, Insulin Infusion), End User (Hospitals, Ambulatory Care Settings) - Global Forecasts to 2024", published by MarketsandMarkets™, the global Infusion Pump Software Market is expected to reach USD 1,044 million by 2024 from USD 742 million in 2019, at a CAGR of 7.1%.
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Growth in the Infusion Pump Software Market is mainly driven by factors such as the increasing incidence of chronic diseases, along with rapid growth in the geriatric population, growing number of surgical procedures performed, rising demand for ambulatory and home care infusion pumps, and technological developments.
The DERS segment is expected to account for the largest share of the infusion pump software type market in 2019
On the basis of type, the Infusion Pump Software Market is segmented into Dose error reduction software (DERS), clinical workflow software, interoperability software and other software. The DERS segment held the largest share of the Infusion Pump Software Market in 2018 and this segment is also projected to register the highest growth during the forecast period. Increasing number of medication errors using infusion pumps is a major factor driving market growth. The various automated safety features offered by this software also supporting the adoption of DERS in infusion pumps.
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Insulin Infusion segment is expected to grow at the highest CAGR in the global Infusion Pump Software Market during the forecast period
On the basis of indication, the market is segmented into general infusion, pain & anesthesia management, insulin infusion, chemotherapy, enteral infusion, and others. The general infusion segment commanded the largest share of the market in 2018. However, the insulin infusion market is projected to register the highest CAGR owing to a significant increase in the prevalence of diabetes worldwide and the pump's ease of use for prolonged insulin infusion.
North America is expected to dominate the Infusion Pump Software Market during the forecast period
Geographically, North America is expected to dominate the global Infusion Pump Software Market in 2018, while the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to growing incidences of chronic diseases, increased awareness and accessibility of advanced healthcare facilities, a large population pool, increasing aging population, and rising healthcare spending.
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The major players operating in the Infusion Pump Software Market include BD (US), B. Braun (Germany), Baxter (US), ICU Medical (US), and Terumo Medical (Japan). Other players involved in this market include Fresenius Kabi (Germany), Moog (US), F. Hoffmann-La Roche (Switzerland), Ypsomed (Switzerland), Medtronic (Ireland), Smiths Medical (US), and Micrel Medical Devices (Greece).
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