Elastomeric Infusion Pumps Market Estimated To Witness High Growth Owing To Rising Prevalence Of Chronic Diseases
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 designed for continuous or intermittent delivery of medications such as antibiotics, chemotherapy drugs, analgesics, total parenteral nutrition, and others. Elastomeric pumps offer several advantages over electronic pumps such as portability, ease of use, and low cost. They are primarily used for patients requiring long-term home infusion therapy and intravenous antibiotic treatment.
Market Dynamics:
Rising prevalence of chronic diseases such as cancer, diabetes and others is expected to drive the growth of the elastomeric infusion pumps market over the forecast period. According to the American Cancer Society, cancer incidence in the U.S. is estimated to reach approximately 1.9 million new cases in 2023. Chemotherapy drugs are one of the main treatment options, which often require IV administration at home via elastomeric infusion pumps. Favourable reimbursement policies for home healthcare treatment in developed countries are also boosting adoption of elastomeric pumps as they allow for continuous treatment in the comfort of patient homes, thereby reducing healthcare costs.
SWOT Analysis :
Strength: Elastomeric infusion pumps allow for precise drug delivery at a controlled rate without battery power or electrical components. They are portable and can be worn discreetly under clothes, thus increasing patient compliance to treatment. Their simple design makes them easy to operate and maintain with minimal training required.
Weakness: Elastomeric pumps have limited programming options and are not able to accommodate changes in flow rate during infusion. Malfunctions related to cracking or breakage of tubing components can cause inaccurate drug delivery.
Opportunity: Rising incidence of chronic diseases such as cancer and diabetes that require long-term drug infusion presents an opportunity for growth of the elastomeric pumps market. Growing health awareness and improving access to healthcare in developing regions also provide potential opportunities.
Threats: Technological advancements in electronic infusion pumps threaten the dominant market share of elastomeric pumps. Strict regulatory frameworks and quality standards for medical devices also present challenges.
Key Takeaways :
The Global Elastomeric Infusion Pumps Market Demand is expected to witness high growth, exhibiting CAGR of 9.2% over the forecast period, due to increasing incidence of chronic diseases requiring long-term drug infusion therapy. Rapid growth in the home healthcare sector further supports market expansion.
Regional analysis :
North America dominates the global market due to supportive reimbursement policies and advanced healthcare infrastructure. Asia Pacific exhibits the fastest growth owing to rising healthcare investments, growing medical tourism industry, and increasing patient affordability in the region. Countries such as China, Japan and India are expected to drive the Asia Pacific market.
Key players :
Key players operating in the elastomeric infusion pumps market include B. Braun Melsungen AG, Fresenius Kabi, Leventon, S.A.U, Ambu, Baxter International Inc., Halyard Health, and Nipro Corporation. The market is highly competitive with players focusing on new product launches, geographical expansion and mergers & acquisitions to gain market share.
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