The Elastomeric Infusion Pumps Market is estimated to be valued at US$ 387.42 Mn in 2023 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Elastomeric infusion pumps are medical devices used for controlled delivery of medications such as antibiotics, chemotherapy drugs, IV nutrition, and analgesics. They are portable, lightweight disposable devices used for home healthcare to deliver accurate volume-based and time-based injections. They find wide applications in hospitals, clinics, home care settings and other medical facilities.
Market Dynamics:
The elastomeric infusion pumps market is driven by increasing demand for home healthcare devices and rising prevalence of chronic diseases. The rising geriatric population is also a major factor augmenting the growth of elastomeric infusion pumps market. According to the United Nations report, number of people aged 60 years and above is expected to grow at a rate of 3% annually to reach 2.1 billion by 2050. Furthermore, advancements in elastomeric pump technology in terms of lightweight and portability features make them suitable for home healthcare thereby boosting the market growth during the forecast period.
SWOT Analysis
Strength:
1. Elastomeric infusion pumps are compact, portable and lightweight allowing patients to be mobile.
2. They are more affordable than electronic infusion pumps requiring no batteries or charging.
3. Programming and settings can easily be adjusted according to changing patient needs.
Weakness:
1. The fluid flow rate cannot be as precisely controlled as electronic pumps and may result in irregular drug delivery.
2. As manually powered devices, elastomeric pumps have limited battery backup or wear indicators unlike electronic pumps.
Opportunity:
1. Growing demand for ambulatory and home healthcare is driving the use of wearable drug delivery devices like elastomeric pumps for chronic disease management.
2. Increasing cases of cancer and rising chemotherapy treatments provide opportunities for elastomeric pumps use for pain management and IV drug delivery.
Threats:
1. Rapid technological advancements are making electronic infusion systems more compact and affordable reducing the cost advantage of elastomeric pumps.
2. Stringent regulations pertaining to medical device safety can increase compliance requirements and costs for elastomeric pump manufacturers.
Key Takeaways
The Global Elastomeric Infusion Pumps Market is expected to witness high growth, exhibiting CAGR of 9.2% over the forecast period, due to increasing prevalence of chronic diseases requiring continuous drug delivery and rising focus on home healthcare.
Regional analysis
North America dominates the global elastomeric infusion pumps market accounting for over 35% share, led by the US owing to the high healthcare expenditure and presence of major players in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period due to growing medical tourism, increasing healthcare infrastructure and rising medical costs in countries such as China and India.
Key players
Key players operating in the Elastomeric Infusion Pumps market are B. Braun Melsungen AG, Fresenius Kabi, Leventon, S.A.U, Ambu A/S, Baxter International Inc., Halyard Health, and Nipro Corporation. Fresenius Kabi holds the largest market share globally due to its diverse product portfolio and international presence.
