Global Smart Syringe Pumps Market 2019-2023
About this market
The growing number of surgical procedures and technological advances will foster market growth during the forecast period. Due to the rising incidence of several diseases, the number of surgical procedures performed annually has increased over the last decade. Smart syringe pumps are used as an important therapeutic tool to deliver medications continuously during critical care and pain management conditions. Therefore, the growing number of outpatient surgeries and the increasing chronic disease conditions contribute to the growth of the global smart syringe pumps market during the forecast period. Technavio’s analysts have predicted that the smart syringe pumps market will register a CAGR of close to 9% by 2023.
Increasing aging and chronic illness population
One of the growth drivers of the global smart syringe pumps market is the increasing aging and chronic illness population. There is a high demand for smart syringe pumps to provide continuous medication for chronically critically ill patients, which drives the demand for the market.
The high cost of smart syringe pumps
One of the challenges in the growth of the global smart syringe pumps market is the high cost of smart syringe pumps. The high initial costs of smart syringe pumps and their steep maintenance costs make it inaccessible and unaffordable by many hospitals and primary healthcare centers.
For the detailed list of factors that will drive and challenge the growth of the smart syringe pumps market during 2019-2023, view our report.
The market appears to be moderately concentrated with the presence of a few market players. Market players are expanding their businesses in emerging economies such as India, China, and Brazil to enhance their product and service portfolio with low manufacturing and labor cost benefits. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Smart Syringe Pumps Market 2019-2023
Technavio recognizes the following companies as the key players in the global smart syringe pumps market: B. Braun Melsungen AG, Baxter, BD, IRadimed Corporation, Smiths Group plc, and TERUMO CORPORATION.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the advent of microinfusion and non-magnetic syringe pumps.”
According to the report, one of the major drivers for this market is the growing number of surgical procedures and technological advances.
Further, the report states that one of the major factors hindering the growth of this market is the lack of cybersecurity in wireless smart syringe pumps.
B. Braun Melsungen AG
Smiths Group plc
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook