The Global Patient-controlled Analgesic Pumps Market size is expected to reach $614. 5 Million by 2027, rising at a market growth of 9. 6% CAGR during the forecast period. Patient-controlled analgesia (PCA) pumps are considered as the devices that are effective & helpful for patients in controlling their pain through the regulation of the amount of medication utilized in pain management.
New York, May 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Patient-Controlled Analgesic Pumps Market By Type, By Application, By End-use, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06075911/?utm_source=GNW
Using a pain medication syringe, PCA pumps give a small amount of prescribed medication at a consistent flow rate to the patient. In addition to it, Patient-controlled analgesia pumps are considered to be a computerized pump that has syringes for pain medication and is directly attached to the intravenous line of a patient. Mostly, it is utilized for post-operative management and provides an extra convenience to those patients facing problems to take medicines orally.
COVID 19 Impact
Patient-controlled pumps provide numerous benefits over traditional methods as they offer superior patient management & care. Moreover, the demand for patient-controlled analgesia (PCA) would be fueled due to the increasing shift towards the home healthcare setting because of COVID-19 pandemic. Though, the year 2020 had witnessed a very low number of surgeries during the second and third quarters, the overall impact of COVID-19 caused a severe dip in the growth of the global PCA pumps market in the same year.
Based on Type, the market is segmented into Electronic and Mechanical. In 2020, Mechanical emerged as the second-highest revenue contributor in the global PCA pumps market, hence creating new growth avenues. Healthcare professionals as well as patients highly prefer mechanical patient-controlled analgesic pumps as they offer various benefits. Zero programming errors, small size, simple portability, and low cost are some of the major benefits of mechanical PCA pumps.
Based on Application, the market is segmented into Oncology, Diabetes, Hematology, Gastroenterology and Others. The diabetes segment would showcase a prominent growth rate over the forecast period. PCA pumps are effective for diabetic patients in reducing pain. The demand for PCA pumps is anticipated to increase with a sharp rise in the occurrences of diabetes around the world, thereby bolstering the segment growth.
Based on End-use, the market is segmented into Hospitals, Specialty Clinics and Ambulatory Surgical Centers. Based on the end-use, the global PCA pumps market was dominated by the hospitals segment by obtaining the largest revenue share in 2020. Hospital is the main faculties in which patient-controlled analgesic therapy is used. The growth of the segment is likely to be boosted due to the high availability of advanced and smart patient-controlled analgesic pumps in hospitals combined with the growing demand for upgraded PCA pumps in recently established hospitals, particularly in emerging economies.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Among all regions, North America emerged as the dominating region in the global patient-controlled analgesic pumps market by procuring the maximum market share in 2020. The region would show a similar trend even during the forecast period. The growth of the regional market would be boosted by the growing occurrences of diabetes, cancer, accidental injuries, and other diseases associated with pain management.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Abbott Laboratories and Fresenius SE & Co. KGaA are the major forerunners in the Patient-controlled Analgesic Pumps Market. Companies such as Baxter International, Inc., Becton, Dickinson and Company, and ICU Medical, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Smiths Group PLC, Fresenius SE & Co. KGaA, B. Braun Melsungen AG, Baxter International, Inc., Becton, Dickinson and Company, Terumo Corporation, Abbott Laboratories, Avante Health Solutions, ICU Medical, Inc., and Ace Medical Co., Ltd.
Strategies deployed in Patient-controlled Analgesic Pumps Market
May-2021: Smiths Medical entered into a partnership with Ivenix, a medical technology company. The partnership aims to offer a comprehensive suite of infusion management solutions to fulfil healthcare requirements over the continuum of care. This partnership also includes a strategic investment from Smiths Medical that unify two innovators with a common objective of revolutionizing infusion management to enhance patient safety and fulfil the requirements of healthcare providers at present and in future.
Apr-2021: BD submitted a 510(k) premarket notification to the U.S. Food and Drug Administration (FDA) for the BD Alaris System. This system is a broadly utilized infusion pump in acute care hospitals all over the United States.
Nov-2020: Terumo Corporation signed an agreement with Diabeloop, a pioneer in therapeutic AI. This agreement aims to jointly develop with exclusive distribution rights in Japan of an automated insulin delivery (AID) solution. The Diabeloop-developed system would combine Terumo’s advanced insulin patch pump and strengthen its position in diabetes innovation & Diabeloop is improving its interoperability strategy.
Nov-2020: Baxter Canada got the Health Canada marketing authorization for its new Novum IQ Infusion Platform. The Novum IQ is built on the company’s years of experience at the patient bedside and continued its innovation in medication delivery and management.
Sep-2020: Terumo Corporation got CE Mark for the MEDISAFE WITHTM insulin pump system. MEDISAFE WITH is developed to be wearable and lightweight for patient freedom & comfort. This system is compact & handy-sized that includes two parts, which also includes a detachable pump and patch. The Insulin is administered subcutaneously via a cannula fixed to the patch.
Jun-2020: Abbott signed an agreement with Tandem Diabetes Care, a public US medical device manufacturer. This agreement aims to develop and commercialize integrated diabetes solutions, which integrate Abbott’s continuous glucose monitoring (CGM) technology with Tandem’s advanced insulin delivery systems to offer more options for the customers to manage their diabetes.
May-2020: Baxter International received CE marking and regulatory approval from Australia’s Therapeutic Goods Administration (TGA) for the Evo IQ Syringe Infusion System. This system is utilized to provide small volumes of medications & other fluids to the patients in a controlled manner.
Feb-2020: Abbott formed a partnership with Insulet Corporation, an innovative medical device company. This partnership focuses on integrating Abbott’s glucose-sensing technology with Insulet’s next-generation tubeless system, the Omnipod Horizon Automated Insulin Delivery (AID) System, to provide customized automated insulin delivery and care for people having diabetes.
Jan-2020: ICU Medical expanded its geographical footprints by investing a $13.2 million investment at its Costa Rica manufacturing facility. Under this investment, the $1.2 million investment made in 4,000 solar panels would enable ICU Medical to produce 6% of the company’s monthly energy consumption.
Sep-2019: Baxter International signed an agreement to acquire Cheetah Medical, a leading provider of non-invasive hemodynamic monitoring technologies. This acquisition will strengthen Baxter’s longstanding leadership in infusion systems and intravenous (IV) solutions, expand its knowledge in fluid management, and maintain its robust presence in critical care and IV therapy.
May-2018: Baxter International received the U.S. Food and Drug Administration (FDA) clearance of the Spectrum IQ Infusion System with Dose IQ Safety Software. This system is the first-of-its-kind developed especially for bi-directional electronic medical records (EMR) integration with the exclusive features to make sure that correct medications and fluids are given to the patient.
Dec-2017: ICU Medical collaborated with Cerner, an American supplier of health information technology services, devices, and hardware. Under this collaboration, Sheridan Memorial Hospital in Sheridan, Wyoming, integrated ICU Medical’s LifeCare PCA 7.0 infusion system with Cerner Millennium, Cerner’s core electronic health record (EHR) solution. It was the first time a patient-controlled analgesia (PCA) pump has combined with Sheridan Memorial via Cerner’s EHR technology.
Aug-2017: Smiths Medical got the FDA 510(k) clearance on the CADD-Solis ambulatory infusion pump with wireless communication. This system assists hospitals to increase efficiencies, decrease costs and enhance patient outcomes.
Apr-2017: BD completed the acquisition of Caesarea Medical Electronics (CME), a global infusion pump systems manufacturer. This acquisition aimed to expand BD’s infusion portfolio to add home, ambulatory, and speciality acute care infusion pumps.
Apr-2017: Avante Health Solutions came into partnership with Transtate Equipment Company. The partnership enables Transtate to be a part of an integrated team, providing a wide range of industry-best solutions without sacrificing the quality its users have and would expect.
Feb-2017: ICU Medical took over the Hospira Infusion Systems (HIS) business from Pfizer. The Hospira Infusion Systems business included solutions, I.V. pumps, and devices, which, when integrated with the company’s prevailing businesses, positioned ICU Medical to be one of the leading pure-play infusion therapy organizations.
Scope of the Study
Market Segments covered in the Report:
By End Use
• Specialty Clinics
• Ambulatory Surgical Centers
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Smiths Group PLC
• Fresenius SE & Co. KGaA
• B. Braun Melsungen AG
• Baxter International, Inc.
• Becton, Dickinson and Company
• Terumo Corporation
• Abbott Laboratories
• Avante Health Solutions
• ICU Medical, Inc.
• Ace Medical Co., Ltd.
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06075911/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001