SEATTLE--(BUSINESS WIRE)--The global elastomeric infusion pumps market was valued at US$ 780.2 million in 2018, and is projected to exhibit a CAGR of 8.3 % over the forecast period (2019-2027).
Elastomeric infusion pumps are used in intravenous drug delivery in hospitals, nursing homes, long-term care units, and home settings. These pumps are a single use device for a continuous infusion and do not require electricity or battery to operate.
The global elastomeric infusion pumps market is estimated to account for US$ 1,595.0 Mn in terms of value by the end of 2027.
Increasing prevalence of cancer is expected to boost growth of the global elastomeric infusion pumps market. For instance, according to The International Agency for Research on Cancer (IARC), around 18.1 million new cases and 9.6 million deaths were registered in 2018 worldwide.
High healthcare expenditure and increasing health awareness is also expected to boost growth of the global elastomeric infusion pumps market over the forecast period. For instance, according to the National Health Expenditure report, people in the U.S. spent over US$ 1 trillion on healthcare in 2018.
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Key players in the market can focus on development and launch of specific infusion pumps such as ambulatory, insulin, and patient-controlled analgesia (PCA) pumps. These pumps are used for drugs transfusion in the treatment of diabetes and chronic pain.
Moreover, increasing prevalence of chronic pain and diabetes is also expected to offer lucrative growth opportunities for market players. For instance, according to a report by the Centers of Disease Control and Prevention published in September 2018, in 2016, an estimated 20.4% of U.S. adults suffered from chronic pain and 8.0% of U.S. adults had high-impact chronic pain.
However, increasing user errors during the use of elastomeric infusion pumps is expected to hinder growth of the global elastomeric infusion pumps market. Such scenario can be addressed by creation of centralized equipment libraries for effective management of devices.
Continuous Rate Elastomeric Pumps segment in the global elastomeric infusion pumps market was valued at US$ 515.1 Mn in 2018 and is expected to reach US$ 1,095.1 Mn by 2024 at a CAGR of 8.8% between 2019 and 2027. Major driver attributing to the growth of the segment during the forecast period constitutes of increasing technological advancement for development of new products.
The demand for home infusion therapy is increasing in the recent past. The approach utilizes catheters and needles for the management and treatment of various diseases such as diabetes, gastrointestinal diseases, cancer, acute infections, cystic fibrosis, and dehydration.
Key players in the market are offering pump repair services to expand their service portfolio. For instance, InfuSystem Holdings, Inc., a leading provider of infusion pumps offers repair services for products under warranty.
Global Elastomeric Infusion Pumps Market: Competitive Landscape
Major players operating in the global elastomeric infusion pumps market include, B. Braun Melsungen AG, CareFusion Corporation, Fresenius Kabi AG, Terumo Corporation, Medtronic Plc., Baxter International Inc., Smiths Medical, MOOG Inc., Johnson & Johnson Private Ltd., and Hospira, Inc.
Key players in the market are focused on adopting collaboration and partnership strategies to enhance their market share. For instance, in August 2019, InfuSystem Holdings, Inc. announced a new service partnership with Eitan Group, a provider of advanced infusion therapy solutions.
Key players in the market are also focused on launching servicing tools for infusion pumps. For instance, in November 2019, Eitan Group lunched ‘FasTestPM’, a preventative maintenance servicing tool for Sapphire Line of Infusion Pumps.
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Taxonomy (Scope, segments)
Scope of the report
Elastomeric infusion pumps Market, By Product Type:
- Variable Rate Elastomeric Pumps
- Continuous Rate Elastomeric Pumps
Elastomeric infusion pumps Market, By Treatment:
- Pain Management
Elastomeric infusion pumps Market, By End User:
- Ambulatory Surgical Centers
- Home Care Settings
Elastomeric infusion pumps Market, By Region:
- Rest of Latin America
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Middle East
- South Africa
- Central Africa
- North Africa
- North America
- Company Profiles