Press release

Global Smart Syringe Pumps Market 2019-2023 | 9% CAGR Projection over the Next Five Years | Technavio

Sponsored by Businesswire

The global smart syringe pumps market is expected to post a CAGR of
nearly 9% during the forecast period 2019-2023, according to the latest
market research report by Technavio.

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Technavio has published a new market research report on the global smart syringe pumps market from 2 ...

Technavio has published a new market research report on the global smart syringe pumps market from 2019-2023. (Graphic: Business Wire)

Refurbished smart syringe pumps can be resold without the need for
approvals. These products are affordable and do not alter product
specifications as in the case of remanufactured products. Hence, there
is an increased demand for refurbished syringe pumps among end-users
such as hospitals, clinics, and ASCs. Online sites such as LabX and
PacMedParts also provide refurbished syringe pumps. This is expected to
drive the growth of the global smart syringe pumps market during the
forecast period.

This market research report on the global
smart syringe pumps market 2019-2023
also provides an
analysis of the most important trends expected to impact the market
outlook during the forecast period.

In this report, Technavio highlights the development of wireless smart
syringe pumps as one of the key emerging trends in the global smart
syringe pumps market.

Global smart syringe pumps market: Development
of wireless smart syringe pumps

Wireless smart syringe pumps offer the flexibility of downloading
information and provide bi-directional communication from server-to-pump
and pump-to-server. The server to pump communication enables the remote
handling of syringe pumps, and the pump-to-server allows the pump to
update all information to the server. Smith Group has already introduced
Medfusion 4000 Wireless Syringe Infusion Pump that works with
PharmaGuard infusion software. This smart syringe pump can reprogram,
including drug library and update firmware by itself for critical care
and neonatal and pediatric intensive care patients. This trend towards
the development of wireless smart syringe pumps is expected to boost the
market’s growth during the forecast period.

The increased adoption of smart syringe pumps in hospitals,
specialty clinics, and ASCs has encouraged many vendors to offer more
advanced pumps. IRadmed offers 3860+ MRI IV Infusion Pump, which is a
non-magnetic infusion pump used to deliver medication throughout the
magnetic resonance imaging (MRI) cycle. Similarly, Alaris Syringe module
by BD works with Guardrails Suite MX software to deliver precise drug
dosage rates. The advent of such technologically advanced smart syringe
pumps will fuel the market’s growth
”, says an analyst at Technavio.

Global smart syringe pumps market: Segmentation

This market report segments the global smart syringe pumps market by
product (consumables and systems), application (oncology, diabetes,
gastroenterology, anesthesia, critical care, and pain management, and
others) and geography (Asia, Europe, North America, and ROW).

North America led the market in 2018 with a market share of 38%,
followed by Europe, Asia, and ROW respectively. The dominance of North
America can be attributed to the increasing geriatric population and the
prevalence of chronic diseases such as diabetes and cancer. Also,
factors such as the presence of extensive healthcare insurance coverage,
the increasing R&D expenditure of vendors, and the high adoption of
technologically advanced products are collectively responsible for the
high market share of this region.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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