Rising Demand for Home Healthcare
The global U.S. Elastomeric Infusion Pumps Market is estimated to be valued at US$ 288.59 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis:
Strength: Elastomeric infusion pumps are lightweight, portable and flexible which makes them an easy choice for long term medication delivery. They offer low cost alternatives to electrically powered infusion devices and do not require batteries which reduces operational expenses. Their simple design requires minimal training to operate and maintain.
Weakness: Elastomeric infusion pumps have limited functionalities compared to electronic pumps. They cannot be remotely monitored and have fixed preset delivery rates which restricts dosage control and customization. Their flow rates may decrease over time affecting accuracy of medication delivery.
Opportunity: Rising incidence of chronic diseases like cancer and diabetes is driving the need for long term medication management at home. Elastomeric pumps are well suited for home care settings and can help reduce healthcare costs. An aging population will further boost demand. Growing adoption of ambulatory and outpatient care will create new opportunities.
Threats: Advancement in technologies has made electronic pumps more precise and functional. Their continuous monitoring capabilities and programmable flow rates give them an edge over elastomeric pumps. This is a major threat. Stringent regulatory frameworks regarding product approval and quality standards can delay new product launches.
Key Takeaways:
The Global U.S. Elastomeric Infusion Pumps Market Demand is estimated to be valued at US$ 288.59 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030.
The U.S. elastomeric infusion pumps market is expected to witness moderate growth over the forecast period supported by increasing prevalence of chronic diseases and shift towards home healthcare. North America currently dominates the market due to rapid adoption of new technologies and strong healthcare infrastructure. Growing geriatric population, favorable reimbursement policies for home medical equipment and rising focus on cost reduction will further aid regional growth.
Key players operating in the U.S. Elastomeric Infusion Pumps market are B. Braun Melsungen AG, Baxter International Inc., Werfen, Ambu A/S, Avanos Medical Inc., NIPRO, and Progressive Medical, Inc. These companies have strong geographical presence and offer a wide range of elastomeric infusion devices targetingvarious therapeutic applications. Strategic collaborations with regional distributors help them expand access. Players are making efforts to develop more accurate and customizable devices with longer shelf life to gain market share in the competitive landscape.
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