Infusion Pump Software Market Growth: FDA Approvals Driving Innovation
In an era where patient safety is paramount, healthcare institutions are grappling with the impact of medication errors, which cost a staggering $42 billion globally, according to the World Health Organization (WHO). In response, WHO launched the “Global Patient Safety Challenge on Medication Safety” initiative in March 2017, with the goal of reducing medication errors by 50% worldwide within the next five years.
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In this evolving healthcare landscape, advanced technologies are being embraced to enhance patient safety, and one such innovation making waves is DERS (Dose Error Reduction Software). DERS has ushered in a transformation in the infusion pump software market by offering a potent solution to mitigate medication errors. By monitoring procedures and systems, DERS helps ensure patients receive the correct medication, dosage, and timing while safeguarding against incorrect medication, calculation errors, and misprogramming that can lead to over- or under-dosing of drugs, fluids, or electrolytes.
Smart infusion pumps incorporating DERS are witnessing widespread adoption in hospitals due to their error-reduction capabilities. Companies like Baxter have made patient safety a priority by integrating DERS into their infusion pump software, as exemplified by the EVO IQ infusion pump. This focus on safety continues to propel the growth of the infusion pump software market.
FDA Approvals Drive Market Growth
The U.S. Food and Drug Administration (FDA) plays a pivotal role in monitoring the efficacy of medical devices globally, aiming to enhance healthcare medication and support patient success. For infusion pump software, the FDA’s Quality System Regulation ensures software safety and minimizes operational errors. Consequently, medical device manufacturers are compelled to obtain FDA clearance for their products for use in healthcare facilities. FDA approvals have a significant impact on the market’s growth as companies strive to develop software that adheres to FDA guidelines. A recent example is Eitan Medical, which received FDA clearance for its Sapphire infusion pump software in January 2021.
Challenges to Growth
Despite the promising prospects, the infusion pump software market faces challenges. The high cost of infusion pumps is a major hurdle for medium to small healthcare facilities. Cheaper alternatives such as IV bags, costing just $1 compared to $2000 for infusion pumps, are gaining traction. The availability and affordability of IV bags are diverting demand away from infusion pumps, potentially impeding market growth. Additionally, product recalls due to software malfunctions or incorrect programming pose safety concerns. Baxter’s recall of infusion pump software due to a software defect that led to mismatched drug data underscores the importance of addressing such risks.
North America’s Dominance
North America, particularly developed countries, is poised for significant growth in the infusion pump software market. The region’s rising trend of home healthcare, a penchant for technology integration in medical devices, increasing surgical procedures, and a strong emphasis on patient safety are driving the adoption of infusion pump software. The United States, with approximately 27 million surgeries performed annually and a surge in chronic diseases, is a key contributor to the market’s growth.
Key players in the infusion pump software market include Baxter, Becton, Dickinson and Company, Smiths Medical, B. Braun Medical Inc., Flowonix Medical Inc., Fresenius Kabi, Terumo Medical, Moog, Ypsomed, ICU Medical, and Medtronic.
As the infusion pump software market continues to evolve, these developments signify a significant step towards enhancing patient safety and improving healthcare outcomes.
Global Industry Analysis (2018 – 2021) – Growth Trends and Market Forecast (2022 – 2029) https://www.fairfieldmarketresearch.com/report/infusion-pump-software-market
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