Wireless Syringe Pumps a Key Trend in Global Syringe Pump Market

The global smart syringe pumps market is projected to grow at a CAGR of close to 9% during the forecast period 2019-2023, driven primarily by the increased demand for refurbished syringe pumps among end-users and the development of wireless smart syringe pumps.

These are the latest findings of Technavio Research, (London, UK), a global technology research and advisory company.

Refurbished smart syringe pumps can be resold without the need for approvals. They are also affordable and do not alter product specifications as in the case of remanufactured products. This is leading to increased demand for refurbished syringe pumps among end-users such as hospitals, clinics, and ASCs. Refurbished smart syringe pumps are also being sold through online sites. This is expected to drive the growth of the global smart syringe pumps market during the forecast period.

The development of wireless smart syringe pumps is one of the key emerging trends in the global smart syringe pumps market. Wireless smart syringe pumps offer the flexibility of downloading information and provide bi-directional communication from server-to-pump and pump-to-server. The server to pump communication enables the remote handling of syringe pumps, and the pump-to-server allows the pump to update all information to the server. This trend of the development of wireless smart syringe pumps is expected to boost the market’s growth during the forecast period.

Geographically, North America led the global smart syringe pumps market in 2018 with a share of 38%, followed by Europe, Asia, and ROW, respectively. North America’s dominant market position can be attributed to the increasing geriatric population and the prevalence of chronic diseases such as diabetes and cancer in the region. Moreover, the presence of extensive healthcare insurance coverage, increasing R&D expenditure of vendors, and high adoption of technologically advanced products also contribute to the high share of the North American smart syringe pumps market.

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