July 25, 2024

Growing Demand For Pain Management Solutions Is Anticipated To Open Up The New Avenue For Elastomeric Infusion Pumps Market

Market Overview:

Elastomeric infusion pumps are medical devices that are used to deliver fluids, drugs, nutritions, blood and other infusion solutions in a controlled manner to patients. They are commonly used for subcutaneous, intravenous, arterial or epidural delivery depending on the clinical need. These pumps have elastic inner chambers made from special medical grade silicone that squeeze and release the medications or fluids through a catheter or tubing at a specific flow rate. The flow rate can be customized as per the individual prescription and treatment needs. They provide significant advantages over traditional infusion methods by offering portability, flexibility and reduced risk of infection.

Market Dynamics:

The growth of the Elastomeric Infusion Pumps Market is majorly driven by rising prevalence of chronic diseases that require long-term pain management and administration of drugs. According to WHO, cancer burden alone is expected to grow to 27 million new cancer cases and 16.3 million cancer deaths by 2040. This is expected drive the demand for ambulatory drug delivery solution like elastomeric pumps. Moreover, increasing adoption of ambulatory infusion therapies and home healthcare has also propelled the market growth, as home infusion offers significant cost benefits over hospitalization. However, product recalls and technical issues with elastomeric pumps continue to hamper the market performance. New product approvals and entry of market players are also fueling the competition. For instance, in 2021, Baxter International Inc received FDA approval for its Liberty 240 elastomeric pump, which provides accurate and consistent dosing for neonatal and pediatric patients.

Segment Analysis

The global elastomeric infusion pumps market is dominated by continuous volumetric pumps which accounted for around 60% share in 2022. Continuous volumetric pumps offer high precision and control over fluid administration making them ideal for administration of critical care drugs and chemotherapy drugs where accurate dosing is essential.

PEST Analysis

Political: Regulations regarding medical device safety and efficacy set by regulatory bodies like US FDA and EU MDR influence R&D and approval of new elastomeric infusion pumps.

Economic: Rising healthcare spending globally is driving demand for advanced drug delivery methods like elastomeric pumps for home care and ambulatory settings.

Social: Growing preference for ambulatory pumps due to their portability is a key trend shaping demand.

Technological: Continuous technological advancements are allowing pumps to offer enhanced features such as improved drug libraries, dose error reduction systems, alarms and connectivity options.

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 prevalence of chronic diseases and rapid expansion of home care services. The North America region dominates the market with around 45% share due to large patient population and favorable reimbursement policies for home infusion therapies in the region.

Regional analysis:

Asia Pacific is expected to witness fastest growth during the forecast period rising healthcare expenditure and increasing focus on expanding home healthcare facilities to reduce burden on hospitals.

Key players operating in the elastomeric infusion pumps market are B. Braun Melsungen AG, Fresenius Kabi, Leventon, S.A.U, Ambu, Baxter International Inc., Halyard Health, and Nipro Corporation. Some key players are focusing on partnerships with regional players and developing versatile pumps with advanced technological features to consolidate their market share.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

About Author - Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.  LinkedIn Profile

About Author - Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.  LinkedIn Profile

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