According to Technavio Research Report “Global Chemotherapy Infusion Pumps Market by product (LVPs and syringe pumps, and elastomeric pumps) and geography (North America, Europe, Asia, and ROW) is witnessed to grow USD 68.39 million, at a CAGR of more than 6% from 2019 to 2023.
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LVPs and syringe pump product segment will garner the highest share
LVPs are widely used in hospital facilities to deliver continuous and specific amounts of fluids at various flow rates. Moreover, companies are launching innovative, cost-effective, and safe products in the market, which will boost the use of LVPs. Modern syringe pumps are programmed for high accuracy and improved control. Vendors are focusing on developing syringe pumps that can be connected to a computer to record infusion history. Thus, the adoption of these products is high, and the segment is expected to witness the highest chemotherapy infusion pumps market share during the forecast period.
Advent of smart infusion pumps for chemotherapy administration
Errors in medication dosage is a major issue which can lead to complications and death of patients. Therefore, the use of smart infusion pumps is increasing as it can help to minimize such errors. These pumps are integrated with dose error reduction software, which helps to ensure safe chemotherapy intervention in hospitals and homecare settings. As a result, the adoption of smart chemotherapy infusion pumps is growing significantly, which is encouraging companies to launch innovative products in the market. Therefore, the global chemotherapy infusion pumps market is anticipated to witness surging growth during the next few years.
With the aim to increase precision and efficiencies of drug administration in patients, hospitals and healthcare settings such as oncology care centers are increasingly using LVPs and syringe pumps. Moreover, the increasing number of cancer cases across the world is significantly increasing the demand for chemotherapy infusion pumps. Thus, the rising demand for chemotherapy infusion pumps, along with the new product launches by vendors will boost the LVPs and syringe pumps segment growth during the forecast period, says a senior research analyst at Technavio.
Chemotherapy infusion pumps to witness fastest adoption in Asia
The chemotherapy infusion pumps market in Asia is increasing significantly due to the increasing focus of vendors on expanding their market presence in the region. Moreover, the high unmet need for quality healthcare and the increasing initiatives by governments to improve the medical infrastructure are expected to make Asia the fastest growing geographic segment in the chemotherapy infusion pumps market during the forecast period.
Few Major Players for the Chemotherapy Infusion Pumps market are:
- B. Braun Melsungen AG
- Baxter International Inc.
- Becton Dickinson and Co.
- ICU Medical Inc.
- Smiths Group Plc
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