Global Infusion Therapy Devices Market 2019-2023| Increasing Use of Infusion Therapy Devices in Home Care Settings to Boost Growth| Technavio
The global infusion therapy devices market is expected to post a CAGR of 6% during the period 2019-2023, according to the latest market research report by Technavio.
Home-based treatment using medical devices such as infusion therapy devices is increasing due to the growing prevalence of chronic diseases such as cancer. Home infusion therapy devices enable safe, accurate, and precise drug delivery and help reduce the need for lengthy hospital stays and additional healthcare costs. Moreover, the growing trend of wireless and remote programming capabilities in home care infusion pumps that allow clinicians and pharmacists to determine and monitor the medication dosing parameters mitigate the need for frequent hospital visits. Thus, the increasing use of infusion therapy devices in home care settings is spurring the growth of the global infusion therapy devices market.
As per Technavio, the emergence of smart infusion therapy devices will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global infusion therapy devices market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global infusion therapy devices market: Emergence of smart infusion therapy devices
Smart infusion therapy devices are drug delivery devices that are used in combination with drug libraries and software programs to ensure the precise and accurate delivery of medication. The use of smart infusion therapy devices also helps to prevent errors resulting from incorrect dosing or administration rate of medication. Moreover, advances in smart technology have led to the development of wireless smart therapy devices that can be managed and monitored remotely. Wireless devices can also provide bi-directional communication from the server to the pump and from the pump to the server, facilitating the transfer of hospital-specific drug libraries as well as the configuration of wireless/network operating parameters to pumps from a remote location. Thus, with such benefits, the emergence of smart infusion therapy devices will drive the growth of the market during the forecast period.
"Apart from the emergence of smart infusion therapy devices, technological advances have led to the development of non-magnetic infusion pumps, micro-infusion pumps, customized infusion pumps, and multi-channel infusion pumps. For instance, micro-infusion pumps are miniature infusion pumps used for the administration of low drug volumes at controlled infusion rates under patient mobility. They are used for the continuous administration of medications such as chemotherapy drugs and analgesics. Therefore, with such technological advances, the market for infusion therapy devices is expected to grow significantly during the coming years," says a senior analyst at Technavio.
Global infusion therapy devices market: Segmentation analysis
This market research report segments the global infusion therapy devices market by product (accessories and consumables, and pumps) and geographical regions (North America, Europe, Asia, and ROW).
The North American region led the market in 2018, followed by Europe, Asia, and ROW, respectively. However, during the forecast period, the Asian region is expected to register the highest incremental growth due to the rise in healthcare expenditure, the growing prevalence of chronic illness, and the increase in the geriatric population.
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Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Vendor Landscape
- Vendors covered
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