Drive for Cost-Effective Treatment of Patients Will Support Infusion Pump Market Growth In Europe
Infusion Pumps that Help Reduce Overall Treatment Costs will be Readily Adopted, According to Millennium Research Group
TORONTO, May 1, 2013 /PRNewswire/ — According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the European market for infusion pumps will see modest growth as health care facilities increasingly adopt devices that help lower the costs associated with longer patient stays and complications.
The European debt crisis is placing increasing pressure on facilities to reduce operating costs, particularly expenses that may arise following procedures.
“Hospitals are focusing more heavily on the overall cost of treating patients,” said MRG Senior Analyst Lexie Code. “This means examining the additional costs associated with postoperative hospital stays and complications, rather than solely on the cost of the initial treatments. Infusion pumps that allow for better patient pain management and subsequent shorter hospital stays will therefore be readily adopted among European hospitals.”
Furthermore, patients are increasingly receiving treatment in nonhospital settings, especially for chronic conditions where in-hospital treatments are seldom cost-effective. Given the opportunity, many patients prefer to be treated in less formal settings, such as their homes. These factors will help drive sales of infusion pumps commonly used in nonhospital settings, including disposable and electronic ambulatory pumps.
Hospitals are also placing an increased focus on infusion pumps with enhanced safety features in order to reduce medication errors, which can be costly for facilities. For example, CareFusion has actively promoted the safety features of its products, especially in the United Kingdom, and this strategy has contributed to significant market share gains. Infusion pumps with safety features are more expensive than standard pumps, and increased adoption of these devices will boost company revenues and help offset aggregate price declines in Europe.
Millennium Research Group’s European Markets for Infusion Pumps 2013 report includes unit, average selling price and revenue information, along with market drivers and limiters and a competitive landscape for insulin pumps, volumetric pumps, disposable ambulatory pumps, electronic ambulatory pumps and syringe pumps sold in France, Germany, Italy, Spain and the United Kingdom.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack(TM) projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
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SOURCE Millennium Research Group