Becton, Dickinson and Company (BD) and B. Braun (Germany) are the Major Players in the Infusion Pump Software Market
The global infusion pump software analysis market is projected to reach USD 1,044 million by 2024 from USD 742 million in 2019, at a CAGR of 7.1%. Growth in the infusion pump software analysis market can be attributed to factors such as technological advancements, the availability of reimbursement for home care infusion therapy, rising demand for ambulatory infusion pumps, growing prevalence of chronic diseases, increasing geriatric population, and steady rise in surgical procedural volumes. On the other hand, frequent product recalls of infusion pumps, and increasing incidences of medication errors and lack of wireless connectivity in most hospitals are expected to limit market growth to a certain extent during the forecast period.
The major players in the infusion pump software analysis market include Becton, Dickinson and Company (BD) (US), B. Braun (Germany), Baxter (US), ICU Medical (US), Terumo Medical (Japan), Fresenius Kabi (Germany), Moog (US), F. Hoffmann-La Roche (Switzerland), Ypsomed (Switzerland), Medtronic (Ireland), Smiths Medical (US), and Micrel Medical Devices (Greece). The analysis of market developments between 2016 and 2018 showed that market players adopted growth strategies such as product launches & approvals, expansions, partnerships, agreements, and collaborations and other developments to strengthen their product portfolios and maintain a competitive position in the infusion pump software analysis market.
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Becton, Dickinson and Company (BD) held the dominant position in the infusion pump software market. This can be attributed to the extensive product portfolio of its software platform for infusion pumps, including asset management, billing, EMR interoperability, clinical workflow and dose management. The increase in the revenue of the Medication Management Solutions segment (offering infusion pumps and software) was led by growth in the installations of dispensing and infusion systems and their software. BD has a strong presence in the US, the largest regional market for infusion pumps software. The firm strives to maintain its leading position by engaging in inorganic and organic growth strategies such as product launches, acquisitions, collaborations, and expansions. For instance, in 2018, the firm collaborated with Allscripts Healthcare Solutions, Inc., US, with the aim of integrating B. Braun’s Space Infusion Pump Systems with Allscripts Sunrise HER for improving patient safety and efficiency through the bi-directional interface capability.
B. Braun was the second-largest player in the infusion pump software market. . The company holds a strong geographical footprint with its presence in over 64 countries around the world spanning North America, Europe, APAC, the Middle East & Africa, and South America. B. Braun sell their products and services through direct sales with the assistance of customer-service professionals, e-commerce, and third-party distributors. The firm has close to 263 consolidated companies across the globe. In 2017, sale of its hospital care division which offers infusion pumps, dedicated and non-dedicated accessories grew by 4.1% compared to 2016. B. Braun focuses on strengthening its position in the market by engaging into expansions and collaborations. For instance, the company expanded the production for large volume infusion systems in the countries of Spain, Indonesia, Malaysia, and the US.
Baxter was the third largest player in the infusion pump software analysis market in 2018. The strong foothold of the company in this market can be attributed to its versatile portfolio of infusion pump software, right from DERS to asset management, which are offered via its Medication Delivery division. The company has a strong global presence with sales networks in more than 100 countries of the world. In 2018, the company partnered with First Databank (FDB), US, with the aim of integrating FDB’s Infusion Knowledge, an evidence-based library of IV medications, with Baxter’s Dose IQ Safety Software to help make delivery of infusions safer. The company strives to strengthen its market position by undertaking product launches, collaborations, partnerships and other developments
Related Reports:
Infusion Pump Software Market by Type (DERS, Interoperability, Clinical Workflow), Indication (General Infusion, Pain & Anesthesia Management, Insulin Infusion), End User (Hospitals, Ambulatory Care Settings) - Global Forecasts to 2024
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