The global smart syringe pumps market size was valued at US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).
Smart syringe pumps are used to give intravenous treatments to patients. These pumps are used in hospitals to regulate and provide pharmaceutical doses. Because they can be programmed to work this way without continual oversight, they let medical professionals treat patients with a low risk of contracting an infection.
Technological advancements, product launches of smart syringe pumps, and rising healthcare expenditures drive the global market.
Increasing advantages of smart syringe pumps drive market growth
The rising chronic disease such as diabetes and cancer drive the market in the forecast period. As per the article published in the International Journal Of Innovative Research In Technology in 2022, one of the fundamental requirements of a treatment requiring exact flow control is the regulated distribution of fluids, such as nutrition and drugs, into a patient's body. A nurse or hospital personnel may experience fluctuations when using manual liquid medicine administration methods. Syringe pumps are currently employed in all countries for medical and scientific purposes. A syringe pump is a tiny infusion pump used in chemical, biological, and other types of research, as well as for the controlled administration of small doses of pharmaceuticals or medications to patients. Syringe pumps have the potential to be integrated with the internet of things (IoT) due to the development of communication technologies, particularly IoT.
In addition, Terumo Europe NV offers Terufusion Syringe Pump (Smart), which offers accurate syringe pumps for safe use with no extra burden on the healthcare professional. The company combined state-of-the-art technologies with ease of use to facilitate improved patient outcomes.
The disadvantages of smart syringe pumps will hamper the growth of the market
However, disadvantages of smart syringe pumps include the volume of syringe used limits the fluid dispensing volume, excessive resistance may lead to the build-up of pressure and eventual failure of the syringe pump, and the flow rate during the transient period cannot be known without flow sensors.
The appearance of COVID-19 positively impacted the global smart syringe pump market. The effects of COVID-19 on patients’ organs heighten the need for these pumps — made by companies including Becton Dickinson, B. Braun, Baxter, ICU Medical and Ivenix. The pumps’ medication administration sets and the extended tubing allow them to operate in hallways to reduce nurses’ exposure to COVID-19. Some patients even need multiple pumps.
Healthcare providers, hospitals, and pump manufacturers are all bracing for the possibility that the pumps and their accessories may go into more widespread shortage as the virus spreads across the United States and the world. Becton Dickinson B. Braun, Baxter, ICU Medical and Ivenix each reported their efforts to monitor and target inventory and boost production of pumps, administration sets and extended tubing to ECRI and ISMP.
Melsungen, Germany-based B. Braun, for instance, suggested ECRI has increased infusion set production for necessary items and added long extension sets to its inventory. BD said it had ceased automatic shipments of its Alaris infusion sets to target shipments to highest-need areas. None of the companies reported shortages of pumps, infusion sets, or extended tubing.
The drug delivery segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)
The drug delivery segment accounts for the largest market share. The medication process in anesthesia is unique in that the anesthesiologist prescribes, dispenses, prepares, administers and documents all medications and fluids.
The key players are offering the products. For instance, World Precision Instruments offers a microinjection syringe pump with a graphic display on the SMARTouch touchscreen controller that offers an intelligent, easy-to-use interface controlling up to four microliter syringe pumps. Some popular features include the splash-proof touch screen, user-configurable mounting bar, and dual-mode motor drive. It is compativle with all UMP, UMP2 and UMP3 micro syringe pumps. An optional foot switch is available. It has a 5-digit display.
Tecan Trading AG offers the Cavro XC Pump that automates pipetting, diluting and dispensing with excellent accuracy and precision, from <5 μl to 5 ml, using a variety of syringes. For improved liquid handling accuracy and process security, its stepper motor-driven ball screw is directly coupled to a linear encoder with a temperature compensation circuit.
North America region holds the largest market share of the global smart syringe pumps market
North America dominates the market for smart syringe pumps and is anticipated to show a similar trend over the forecast period. The market is driven by factors such as advanced healthcare infrastructure: the increasing chronic diseases, active regional key players, and easy availability of products in the region.
ICU Medical offers Medfusion 4000 Wireless Syringe Infusion Pump; the Pharmguard Infusion Management Software closes the CQI loop by providing customizable and actionable reports. PharmGuard Toolbox Medication Safety Software helps reduce pump programming errors by encouraging the use of drug libraries with hard and soft limits.
In addition, B. Braun Medical Inc., a leader in infusion therapy and pain management, announced its Infusomat Space Large Volume Pump and was awarded 2021 Best in KLAS for Traditional Smart Pumps.
The smart syringe pumps market is a moderately competitive presence of local and global companies. Some of the key players contributing to the market's growth are Cardinal Health, Baxter Healthcare Corporation, Hospira Inc., B. Braun Melsungen, Sigma International, Terumo Europe NV, Becton, Dickinson and Company, Medtronic, Smiths Group, Unilife Corporation, Revolutions Medical Corporation, and Retractable Technologies, among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, contributing to the growth of the smart syringe pumps market globally.
Baxter Healthcare Corporation
The company has been in business for 90 years at the crucial crossroads where life-saving and life-sustaining innovations meet the healthcare professionals who make it happen. Baxter's employees globally are currently building upon the company's long history of medical accomplishments to develop the next generation of revolutionary healthcare technologies, with products, digital health solutions, and therapies accessible in more than 100 countries.
Novum IQ Syringe Infusion Pump: To improve the security and effectiveness of medicine delivery and management, the Novum IQ Syringe Infusion Pump provides an option for the infusion therapy that connects with cutting-edge digital health systems.
The global smart syringe pumps market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.