Infusion Pump Software Market is Expected to Reach $527.6 Million by 2026

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OVERVIEW

Infusion Pump Software Market is valued at USD XX million in 2019 and is expected to reach USD 527.6 million by the end of 2026.

Bizlytik analysts forecast the global Infusion Pump Software market to grow at a CAGR of 7.8% during the forecast period, according to their latest market research report.

Infusion pumps are controlled by software that administers user interface, controls the pumping mechanism to maintain the prescribed infusion rate and performs safety functions. The purpose of Infusion pump software is to make the device safer and easier to use. Infusion pump software can help reduce IV medication errors, track and measure system performance improve the overall quality of patient care and help increase compliance with national safety standards.

The rise in the incidence of diabetes among the global population is one of the primary factors that influence the rapid software integration among insulin pump devices. According to the CDC, approximately 7% of France’s adult population, which is 45 million have diabetes. According to international diabetes federation, in 2017, there were over 7,476,800 cases of diabetes in Germany. Prevalence of diabetes in adults has increased to 12.2%. According to the World Health Organization (WHO), in 2016, almost 10% of adults in China which is about 110 million people have diabetes. The prevalence of diabetes in China is 10.9%. The increasing geriatric population has also increased sales of insulin pumps, in turn increasing the implementation of associated software. According to a report published by the World Population Ageing in 2017, the global population aged 60 years or over numbered 962 million in 2017. The number of elderly persons is expected to double again by 2050 when it is projected to reach nearly 2.1 billion. Furthermore, in 2030, older persons are expected to outnumber children under age 10 (1.41 billion versus 1.35 billion). Therefore, the rising prevalence of diabetes and increasing geriatric population would ensure the further sale of insulin pumps, incorporating extensive software adoption in such products.

Drug Error Reduction Software (DERS), Interoperability and Clinical Workflow are covered in the Type segment of the market scope, and the Application segment is categorized into Hospitals and Ambulatory Care. The report covers value of the global market by Type, and Application.

The market value of Drug Error Reduction Software (DERS) was USD XX Million in 2019, and it is expected to reach USD XX Million by 2026, growing at a CAGR of 8.1% during 2020-2026. The increasing launch of new Infusion Pump Software, the partnership between companies to develop Infusion Pump Software and market, and regulatory approval of Infusion Pump Software with infusion pump would propel the growth of the segment.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration at the global Infusion Pump Software Value figures. While North America is further categorized into enhancing United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

North America Infusion Pump Software market was USD XX Million in 2019, and it is predicted to reach USD XX Million by 2026, growing at a CAGR of 7.8% during the forecast period. The rising incidence of diabetes, increasing launch of new Infusion Pump Software, the partnership between companies to develop Infusion Pump Software and market, and regulatory approval of Infusion Pump Software with infusion pump would improve the growth prospects of the market.
Major players operating in the Infusion Pump Software industry include BD, ICU Medical, B. Braun, Moog, Baxter, Medtronic, Fresenius Kabi, Terumo Medical, Ypsomed, Smiths Medical, Micrel Medical Devices.

Regulatory approval of Infusion Pump Software, increasing launch of new software, the partnership between companies to develop and market new Software, and competitive advancement between companies to grow their market share for Infusion Pump Software are some of the key strategies adopted by the top companies.