Devices & Diagnostics, Hospitals

Smart pump medical device technology to be worth more than $4 billion by 2019

The infusion or “smart” pumps market will grow more than a billion dollars from its […]

The infusion or “smart” pumps market will grow more than a billion dollars from its 2012 value–$3.17 billion–to its 2019 worth–$4.26 billion, according to a report from Frost & Sullivan. Even taking reimbursement issues into account, ambulatory and insulin pumps should see significant growth over the next several years, according to new research from Frost and Sullivan. Because more than half of U.S. hospitals use smart pumps, the report calls the market “ripe for interoperability.” This potential for interoperability plus advances such as infusion rate detection and dosage mismatch alerts will sustain the “replacement-intensive” market, according to the F&S analysis.

“Since current smart pumps failed to make meaningful improvements in patient safety due to a lack of additional interfaces and software capabilities, market participants are looking to develop wireless, user-friendly smart pumps to enhance patient compliance and facilitate homecare use,” Frost & Sullivan Healthcare Research Analyst Swathi Allada said. “This widens the scope of the infusion pumps market in the U.S.”

Other highlights from the report:

The FDA is expected to mandate manufacturers to submit design validations prior to premarket approval. In response, several manufacturers are focusing on product redesign to meet international standards for reliability and risk management.

Building devices with novel software and smart capabilities integrated with electronic medical records, safety alarms and operational logs will reduce medication rates and infusion errors.

However, the safety and efficacy of these new (infusion pump) technologies are a concern owing to the alarming increase in errors and product recalls, prompting several hospitals to postpone purchases.

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