Global Infusion Therapy Devices Market 2019-2023
May 20, 2019 | Business WireEstimated reading time: 2 minutes
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.
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.
Suggested Items
Mycronic Releases Interim Report January–March 2024
04/18/2024 | MycronicNet sales increased 39 percent to SEK 1,692 (1,219) million. Based on constant exchange rates, net sales increased 42 percent.
Real Time with... IPC APEX EXPO 2024: Exploring Silicone Solutions with R&D Director of CHT
04/17/2024 | Real Time with...IPC APEX EXPOIn this interview, Gerry Ellis, the R&D director for CHT, discusses the product range offered by his company. He explains the challenges in creating base formulations, the drive to make products more user-friendly, and the various application techniques involved. Ellis also highlights the key market segments and the significance of providing efficient solutions to customers.
Gartner Forecasts Worldwide IT Spending to Grow 8% in 2024
04/17/2024 | Gartner, Inc.Worldwide IT spending is expected to total $5.06 trillion in 2024, an increase of 8% from 2023, according to the latest forecast by Gartner, Inc. This is an increase from the previous quarter’s forecast of 6.8% growth and puts worldwide IT spending on track to surpass $8 trillion well before the end of the decade.
Catching Up With Chasom Electronics
04/16/2024 | Dan Beaulieu, D.B. Management GroupI recently met with Chasom Electronics’ founding director Anil Kumar. Chasom offers a unique menu of services for companies looking to extend their technology capabilities on a short- or long-term basis. Read on to learn about this very unique service company.
Cicor Records Solid Growth in Q1
04/16/2024 | CicorThe Cicor Group continued to grow in the first three months of the year. Quarterly sales increased by 11.8% to CHF 107.3 million compared to the first quarter of the previous year (Q1/2023: CHF 96.0 million).