Smart Infusion Pump Market: Introduction
- Smart infusion pumps are medical devices used to control and deliver doses of medication by intravenous route. These devices enable physicians to deliver the correct dose without constant supervision. It allows doctors and nurses to treat patients with minimal exposure to infection.
- Different types of smart infusion pump are used in the treatment of cancer, diabetes, pain management, and other purpose
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Key Drivers of Global Smart Infusion Pump Market
- Increase in incidence of chronic pain, diabetes, and cancer is projected to boost the growth of the global smart infusion pump market. According to the International Diabetes Federation, globally, around 463 million adults were living with diabetes in 2019 and the number is anticipated to rise to 700 million by 2045. According to WHO report 2018, cancer is the second leading cause of death across the world and was responsible for 9.6 million deaths in 2018. Globally, about 1 in 6 deaths is due to cancer.
- Additionally, increase in incidence of chronic pain is expected to fuel the growth of the global smart infusion pump market. According to the Centers for Disease Control and Prevention, 1 in 5 people in the U.S. suffer from chronic pain. Moreover, launch of new devices by major manufacturers and technological advancements are likely to accelerate the growth of the global smart infusion pump market.
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Insulin Infusion Pumps Segment to Witness Significant Growth
- In terms of product type, the global smart infusion pump market can be categorized into insulin infusion pumps, parenteral feeding infusion pumps, patient-controlled analgesia (PCA) infusion pumps, and others
- The insulin infusion pumps segment accounted for the largest share of the global smart infusion pump market in 2019. Increase in use of insulin infusion pumps in diabetes treatment and rise in number of patients with diabetes are projected to drive the segment. According to the International Diabetes Federation, 1 in 5 people above 65 years old has diabetes.
Hospitals to be Most Promising Segment
- Based on end-user, the global smart infusion pump market can be classified into hospitals, ambulatory surgical centers, specialty clinics, and others
- The hospitals segment held the largest market share in terms of revenue in 2019 and the trend is anticipated to continue during the forecast period. Availability of most of the smart infusion pumps in hospitals and increase in demand for smart infusion pumps in newly set up hospitals drive the segment.
North America to Dominate Global Smart Infusion Pump Market
- In terms of region, the global smart infusion pump market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global smart infusion pump market in 2019 and the trend is projected to continue during the forecast period. The region’s dominance can be attributed to increase in people with diabetes, cancer, and chronic pain, favorable reimbursements for different pumps under the Medicare Durable Medical Equipment (DME) scheme presence of major players, and well-established health care system.
- The smart infusion pump market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period owing to increase in adoption of new products and rise in demand for smart infusion pump in emerging countries such as India and China
Key Players Operating in Global Smart Infusion Pump Market
The global smart infusion pump market was highly fragmented in 2019. Key players operating in the global market are:
- Fresenius Kabi AG
- Q Core Medical Ltd.
- Becton, Dickinson and Company
- Micrel Medical Devices SA
- Baxter International, Inc.
- Smiths Medical
- F. Hoffmann-La Roche Ltd.
- B. Braun Medical Inc.
Global Smart Infusion Pump Market: Research Scope
Smart Infusion Pump Market, by Product Type
- Insulin Infusion Pumps
- Parenteral Feeding Infusion Pumps
- Patient-Controlled Analgesia (PCA) Infusion Pumps
Global Smart Infusion Pump Market, by End-user
- Ambulatory Surgical Centers
- Specialty Clinics
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
- 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.
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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.
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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?
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