Infusion Pump Software Market Forecasts to 2028 – Global Analysis By Type (Clinical Workflow Software, Dose Error Reduction Software (DERS) and Interoperability Software), Indication (Insulin Infusion, Chemotherapy and Pain & Anesthesia Management), Appli

Infusion Pump Software Market Forecasts to 2028 – Global Analysis By Type (Clinical Workflow Software, Dose Error Reduction Software (DERS) and Interoperability Software), Indication (Insulin Infusion, Chemotherapy and Pain & Anesthesia Management), Application, End User and By Geography

According to Stratistics MRC, the Global Infusion Pump Software Market is accounted for $963.5 million in 2022 and is expected to reach $1,624.9 million by 2028 growing at a CAGR of 9.1% during the forecast period. A group of pumps called infusion pumps are used to transport substances like medications and nutrition. Software controls the rates at which the fluids are transferred. The software also controls the pumping mechanism to maintain the pace and the user interface, among other crucial tasks like safety. These pumps are outside equipment. The pump moves these fluids through arterial, intravenous, and subcutaneous pathways. This rising trend of the number of surgical procedures performed is indicating that there is a growing opportunity for the infusion pumps in such countries which is ultimately driving the demand for the software used for infusion pump.

According to the Journal of Infectious Disease Adviser, approximately 27 million surgical procedures are performed in the United States each year.

Market Dynamics:

Driver:

Growing research and development activities

Growing research and development efforts are being made to create home-based infusion solutions as a result of the rising prevalence of chronic illnesses and the rising expense of hospital-based infusion therapies. For instance, an increasing number of people with diabetes, cancer, and neurological illnesses are in need of long-term care, preferably at home. Furthermore, the necessity for long-term care therapies among an ageing population is fuelling the development of new products aimed at home-based infusion therapies.

Restraint:

Stringent Regulations

Regulations governing the manufacture and use of pumps are becoming more onerous, which slows down the approval process for new devices. This aspect is projected to slow market expansion. Additionally, a growing number of product recalls brought on by manufacturing mistakes are limiting market expansion. For example, recalled the Vigilant Agilia drug library and the Volume MC Agilia infusion pump in August 2019 due to infusion alarm, low priority keep vein open (KVO), and multiple software errors.

Opportunity:

Growing demand for ambulatory pumps

An important tool for medication administration in a variety of medical settings is the ambulatory pump. They are essential in giving patients analgesics, chemotherapy, TPN infusions, and other treatments in hospitals and at home. The market for portable pumps is projected to rise in the near future due to the move towards site of care management of chronic illnesses in industrialised nations in order to reduce the financial constraints associated with hospital-based management.

Threat:

The frequency of pharmaceutical mistakes is rising, yet most hospitals lack wireless access

Unit, multiples of ten, computation, and push-button errors are some of the most typical infusion problems. When programming infusion pumps, decimal entry mistakes can have fatal consequence to address these issues and advance the present smart pumps to a new level of intelligent infusion systems, wireless connection of infusion pumps with the Barcoded Medication Administration (BCMA) system, the Hospital Information System (HIS), and the Electronic Medical Record (EMR) is necessary. The market for infusion pumps faces a substantial obstacle from the lack of compatibility between smart infusion devices and hospital information systems in most hospitals as a result of poor wireless connectivity and limited hospital spending.

Covid-19 Impact

The COVID-19 pandemic's effects and the uncertainty surrounding its longevity have caused a significant increase in the industry's growth rate. The rise in COVID-19 testing in 2020 is mostly to blame for this. However, there was a reduction in output as a result of the COVID-19 epidemic due to labour shortages and supply chain interruptions. Important parties are continuing to modify their tactics in response to the fast shifting circumstances. The healthcare sector is expected to see severe long-term effects from COVID-19. Prioritised healthcare reforms would need to be implemented by nations and significant stakeholders until the issue is resolved.

The insulin infusion segment is expected to be the largest during the forecast period

The insulin infusion segment is estimated to have a lucrative growth, due to increase at a noticeably high growth rate, maintaining its dominance. This is due to an increase in the number of type 1 diabetes patients worldwide and the development of promising technology in the area of insulin pumps. In the upcoming years, expanding PCA pump uses in pain treatment are projected to increase product demand globally.

The hospitals segment is expected to have the highest CAGR during the forecast period

The hospitals segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the most expensive infusion devices, huge patient population using these facilities, and availability of skilled staff to operate the pump, the hospitals sector held the greatest share of the market. However, due to the rising use of ambulatory pumps and growing demand for site of care management to lower cost burden, the home care settings segment.

Region with highest share:

North America is projected to hold the highest market share during the forecast period owing to the home healthcare industry, patients, and doctors are largely to blame for the present expansion of the North American infusion pump software market as they consistently embrace new, cutting-edge solutions for the routine management of chronic medical conditions. Infusion pump software has seen significant growth in the region due to increased patient awareness, the rising prevalence of chronic diseases, and an increase in the number of surgeries performed there, and the need to rein in rising healthcare costs.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to some of the factors include the rise in the prevalence of chronic diseases like diabetes and cancer, expanding healthcare infrastructure, growing GDP, an increase in disposable income, and rising awareness of the accessibility of advanced therapies in the Asia Pacific region. However, the market in these regions will grow as major firms focus more on expanding their footprint.

Key players in the market

Some of the key players profiled in the Infusion Pump Software Market include Baxter International, Becton, Dickinson and Company, B. Braun Medical Inc., FLOWONIX MEDICAL INC, Medtronic, Merck KGaA, Smiths Medical, Q Core Medical Ltd, Fresenius Kabi, ICU Medical Inc., Roche Diagnostics, Agilent Technologies, Terumo Medical, Micrel Medical Devices, Ypsomed and F. Hoffmann-La Roche

Key Developments:

In May 2023, Baxter Signs Definitive Agreement to Divest its BioPharma Solutions Business to Advent International and Warburg Pincus for $4.25 Billion.

In April 2023, Baxter Launches Zosyn Premix in US, Zosyn premix is indicated for the treatment of multiple infections caused by susceptible bacteria and is available in Baxter’s proprietary single-dose Galaxy containers.

Types Covered:
• Clinical Workflow Software
• Dose Error Reduction Software (DERS)
• Interoperability Software

Indications Covered:
• Insulin Infusion
• Chemotherapy
• Pain & Anesthesia Management
• General Infusion
• Enteral Infusion

Applications Covered:
• Oncology
• Diabetes
• Pain Management
• Other Applications

End Users Covered:
• Ambulatory Centers Settings
• Home Healthcare Settings
• Hospitals
• Academic & Research Institutes

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements