Elastomeric infusion pumps provide potent and cost effective drug delivery solutions for ambulatory patients and will therefore grow at highest pace owing to rising demand for ambulatory care services. Elastomeric infusion pumps are medical devices that deliver medications, nutrients, or other fluids into a patient's body in controlled amounts and at specific rates. They are made from flexible silicone or elastic rubber tubing and come prefilled by the manufacturer. Their advantages include portability and convenience of use for patients not requiring continual nursing care. They allow for continuous subcutaneous infusion of drugs for conditions like chronic pain, multiple sclerosis and diabetes management.
The Global Elastomeric Infusion Pumps Market is estimated to be valued at US$ 446.31 Billion in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Elastomeric Infusion Pumps are Sika AG, BASF SE, Fosroc International Limited, Saint-Gobain Weber, The Euclid Chemical Company, Dayton Superior Corporation, WR Meadows, Specified Technologies Inc, TCC Materials and EMSEAL Joint Systems Ltd. The increasing prevalence of chronic diseases coupled with rising geriatric population prone to such conditions is driving the demand for ambulatory drug delivery. Elastomeric Infusion Pumps Market Share are a preferred option owing to convenience and cost effectiveness. Technological advancements include app-assisted pumps for remote monitoring and integration with Electronic Health Records for better patient outcomes.
Market Trends
The elastomeric infusion pumps market is witnessing rising demand for specialty drug delivery. Complex conditions like cancer require precise and tailored drug delivery protocols which elastomeric pumps can provide. Another key trend is the growing preference for wearable pumps which can be discreetly concealed under clothing for portability and convenience. Manufacturers are focusing on miniaturization and extended battery lives to tap into this emerging segment.
Market Opportunities
Growing healthcare expenditure in developing regions provides significant opportunities. Favorable regulations and reimbursement schemes will help penetrate price-sensitive markets. Expanding indications for continuous subcutaneous therapies also open new application areas. Partnerships with pharmacies, homecare agencies will help address the post-marketing needs of an aging population dependent on ambulatory drug delivery.
Impact of COVID-19 on Elastomeric Infusion Pumps Market
The COVID-19 pandemic negatively impacted the growth of the elastomeric infusion pumps market in the initial months. Disruptions in manufacturing and supply chain processes hampered the production and distribution of infusion pumps during lockdowns. This adversely affected the market sales in 2020. However, with the increasing number of COVID-19 cases globally, demand for infusion pumps grew significantly from 2021 as they played a crucial role in administering fluids and medications to infected patients. The rising need for portability and ambulatory care amid physical distancing also drove the utilization of elastomeric devices. Though production constraints persisted occasionally, major manufacturers ramped up their capacities and fulfilled the surging demand. Consequently, the market is expected to recover fully and exhibit substantial growth rates in the forthcoming years. Medical device companies will need to focus on ensuring seamless supply during crises while exploring alternative suppliers and transport routes to minimize future disruptions.
North America accounts for the largest value share in the elastomeric infusion pumps market owing to advanced healthcare infrastructure, high healthcare expenditure, and presence of major industry players in the region. Within North America, the United States holds the leading position and contributes over 80% of the regional revenues. The increasing prevalence of chronic conditions requiring long-term drug therapies and rising demand for portable infusion devices are fueling the market expansion in the country. Moreover, efforts by government bodies to enhance patient care through innovative products also boost the US market. Asia Pacific displays the fastest growth and is emerging as a lucrative market for elastomeric infusion pumps. Surging geriatric population, growing medical tourism, rising economic prosperity, and increasing focus of global companies on tapping opportunities in Asia drive the regional market.
The elastomeric infusion pumps market in Europe is concentrated in Western nations including Germany, United Kingdom, France, and Italy. Advanced healthcare systems and availability of reimbursements for infusion devices have propelled the European market. On the other hand, Latin America and Middle East and Africa offer immense untapped prospects for market players. Initiatives toward improving access to lifesaving treatments present attractive opportunities for market expansion in these regions.
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About Author:
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. (https://www.linkedin.com/in/money-singh-590844163)
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