Integration of DERS to Influence Growth of Infusion Pump Software Market
Focus on patient safety has always been a priority for healthcare institutions. However, errors related to medication are impacting the patient safety and success quotient. According to World Health Organization (WHO), medication errors amount to US$ 42 Bn worldwide, accounting for 1% of the health expenditure globally. Moreover, in March 2017, WHO launched the “Global Patient Safety Challenge on Medication Safety” initiative to reduce errors in medical systems by 50% in the next five years globally. In this backdrop, medical facilities and healthcare institutions are integrating advanced technologies in their medical services, such as infusion pump software. In addition, pervasive technology solutions have penetrated almost every industry, including healthcare.
The advent of DERS (Dose Error Reduction Software) has transformed the infusion pump software market, it being an apt solution to avoid medication errors. Procedures and systems should be monitored in order to avoid harm to patients along with giving them required dosage and right medication at right time. Integration of DERS in infusion pumps warns users regarding incorrect medication, errors in calculations and misprogramming which can result in over or under delivery of drugs, fluids or electrolytes. DERS incorporated infusion pumps, also known as smart infusion pumps, are expected to witness high adoption across hospitals on the back of their error reduction capabilities. Companies also have focused on introducing systems with DERS. For instance, Baxter’s infusion pump – EVO IQ – is incorporated with DERS to promote safety of patients. This aspect continues to influence the growth of the infusion pump software market.
FDA Approvals to Influence Infusion Pump Software Market Growth
FDA has been involved in monitoring efficacy of various medical devices worldwide in a bid to promote optimum healthcare medication and support patient success. For infusion pump software, Quality System Regulation of FDA is in place to ensure software safety and reduce operational errors. That said, it becomes mandatory for medical device manufacturers to gain FDA clearance on their products as usable in healthcare facilities. Approvals given by FDA to commercialize infusion pump software are expected to influence the market’s growth as companies focus on developing the software on FDA guidelines. Recently, in January 2021, Eitan Medical received FDA clearance for its Sapphire infusion pump software.
Emergence of Cost-Effective Alternatives and Product Recalls to Challenge Infusion Pump Software Market Growth
Infusion pumps have been an effective medium for delivery of electrolytes and other fluids in the human body. However, high price of infusion pumps is seen as a major challenge in medium to small scale healthcare facilities. Against this backdrop, development of substitutes and alternatives has been witnessed. For instance, use of IV bags to carry out intravenous therapy is gaining significant traction. As compared to infusion pumps, cost of IV bag is US$ 1, as against US$2000 for its counterpart. With reduced price and ease in availability of IV bags, demand of infusion pumps is likely to get hampered, in turn questioning the growth of the infusion pump software market. Moreover, infusion pump software recalls are also posing growth restraints. Although technology and software can improve patient safety by preprogramming and automating few precise processes, there are certain risks impacting safety, such as software malfunction or incorrect programming. For instance, Baxter issued its infusion pump software recall owing to software defect that led to mismatched drug data in drug libraries causing under or over medication infusion and delayed therapy. Overall, 61 devices were recalled after initiating the process on 7th July 2021.
North America to Cement its Dominance in the Infusion Pump Software Market
Developed countries in North America are expected to showcase high growth potential with respect to use of infusion pump software. This can be attributed towards significantly increasing home healthcare and a higher inclination towards integration of technology in medical devices sector. Also, growing number of surgical procedures coupled with high patient safety quotient plays a vital role in the adoption of infusion pump software in a bid to reduce healthcare expenditure and promote patient success. According to Journal of Infectious Diseases, around 27 million surgeries are being performed every year in the United States. In addition, rising incidences of chronic diseases have also promoted the use of infusion pumps, in turn fuelling the growth of the infusion pump software market in this region. For instance, CDC analysis shows that cases of Norovirus, which causes diarrhea, are rising in the country, accounting for over 70,000 hospitalizations and 600 deaths.
Infusion Pump Software Market Competition Analysis
Few of the key players in the infusion pump software market are Baxter, Becton, Dickinson and Company, Smiths Medical, B. Braun Medical Inc., Flowonix Medical Inc., Fresenius Kabi, Terumo Medical, Moog, Ypsomed, ICU Medical and Medtronic.
Key Elements Included In The Study: Global Infusion Pump Software Market
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