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Infusion Pump Software Market: Evolution

The current generation of infusion pumps is current equipped with software to control the entire pumping mechanism, with the dual objective of safety and ease-of-use. From the elementary function of calculating the rate of infusion, the infusion pump software is programmed to compare that with the required and allowed dosing regimens, and when to give alerts on dosing errors. A range of safety parameters are controlled by software. The role of infusion pump software in safely delivering medication, fluids, and nutrients to the target population. In intravenous infusion pumps, software is comprised of drug libraries and dose error reduction systems (DERSs).

Oddly enough, there have been instances where occurrence of a software error has compromised on patient safety. The past few years have witnessed few adverse drug events and medication administration errors, arising mainly out of complexity of the device-user interface. Incomplete and incorrect programming - viewed as major errors - thus has become a major avenue for software developers in the medical device manufacturing industry. The drive for continuous product improvements in infusion pump software market thus stems mainly from this trend.

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Infusion Pump Software Market: Drivers, Current Prospects, Lucrative Avenues

The growing demand for smart infusion pumps is a key driver for the growth of the infusion pump software market. Over the past few years, the need for addressing IV medication safety has become more pressing than ever. The urgency arose largely due to the infusion pump software in health technology hazards.

On the other hand, the growing number of skilled engineers who are undertaking rigorous software development process has improved the reliability and safety of products in the infusion pump software market. Several prototypes are used to test the software under real-world conditions, propelling R&D investments. The adoption of model-based approaches is a key underpinning for new avenues in the infusion pump software market.

Industry players in the infusion pump market are toiling to gather quality evidence on the safety implications associated with different infusion pumps. The efforts will tellingly unlock new revenue streams for technology companies catering to the demand for software for medical devices. Collaborations between academia and industry have kicked in new opportunities for software developers refine model-based engineering methods and verification techniques.

Infusion Pump Software Market: Competition Landscape and Key Developments

The increasing pace of innovation in recent years in smart pumps is a key driver for trends in the infusion pump software market. Top vendors are reiterating the benefits of static analysis tools for model-based approaches, especially for enabling coders to overcome myriad insidious software errors. Another area witnessing research funding is regulators supporting various generic infusion pump projects. A number of smart pump manufacturers are keen on funding hardware and software development efforts, as patient safety in infusion devices has become a key imperative notably for managing chronic diseases.

Some of the key players in the infusion pump software market are B. Braun, Baxter International Inc., ICU Medical, Fresenius Kabi, Shimadzu, Agilent Technologies, and Thermo Fisher Scientific Inc.

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Infusion Pump Software Market: Regional Landscape

North America is one of the prominent markets. A vibrant regulatory framework in countries such as the U.S. has contributed to the expanding revenue prospects. The U.S. FDA oversight on software development process and system-level testing has greatly favored the pace of innovations in the North America infusion pump software market. Asia Pacific is emerging as a potentially lucrative region in the global infusion pump software market. Rise in adoption of smart infusion pumps in various clinical settings notably in acute care has stimulated product developments in the market over the past few years. Healthcare providers have become increasingly cautious about the patient safety in the use of these devices. Advancements made in healthcare infrastructure in Asian nations are also contributing to the growth of the regional market.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Infusion Pump Software Market