by The global Elastomeric Infusion Pumps Market is estimated to be valued at US$1,067.8 million in 2022 and is expected to exhibit a CAGR of 9.2% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights. Elastomeric infusion pumps are reliable, cost-effective, portable, and easy-to-use medical devices that play a vital role in delivering medications, fluids, and other essential substances to patients. These pumps find extensive applications in pain management, chemotherapy, and antibiotic administration, among others. The growing need for efficient healthcare delivery systems and the rising prevalence of chronic diseases are major factors expected to drive the demand for elastomeric infusion pumps.
Market Key Trends:
One key trend driving the growth of the Elastomeric Infusion Pumps Market is the increasing adoption of ambulatory infusion therapy. Ambulatory infusion therapy allows patients to receive medications and fluids outside the hospital setting, promoting mobility and enhancing the quality of life. This trend is gaining traction due to the growing preference for home healthcare services, cost-effectiveness, reduced hospital stays, and the convenience it offers to individuals requiring long-term infusion therapy. For instance, the adoption of elastomeric infusion pumps for pain management in cancer patients undergoing palliative care at home is rapidly increasing, enabling them to receive continuous pain relief without the need for frequent hospital visits.
Porter’s Analysis:
– Threat of new entrants: The Elastomeric Infusion Pumps Market is characterized by a high barrier to entry due to the stringent regulatory requirements and the need for extensive research and development. Established companies have a strong hold on the market, making it difficult for new entrants to gain significant market share.
– Bargaining power of buyers: The buyers in this market mainly include healthcare providers and hospitals. The high demand for elastomeric infusion pumps and the specialized nature of these devices give buyers a moderate bargaining power, enabling them to negotiate better pricing and terms.
– Bargaining power of suppliers: The suppliers in this market primarily consist of manufacturers and distributors of elastomeric infusion pumps. As the market is highly consolidated, suppliers have a higher bargaining power, setting the terms and influencing the overall market dynamics.
– Threat of new substitutes: While there are alternative methods of delivering medications and fluids, such as conventional infusion pumps and oral medications, the advantages offered by elastomeric infusion pumps, including cost-effectiveness and portability, act as a significant deterrent for the widespread adoption of substitutes.
– Competitive rivalry: The Elastomeric Infusion Pumps Market is moderately competitive, with key players such as B. Braun Melsungen AG, Fresenius Kabi, Leventon, S.A.U, Ambu A/S, Baxter International Inc., Halyard Health, and Nipro Corporation dominating the market. These companies focus on product innovation, mergers and acquisitions, and strategic partnerships to reinforce their market position.
Key Takeaways:
– Market Size: The global Elastomeric Infusion Pumps Market Insights is expected to witness high growth, exhibiting a CAGR of 9.2% over the forecast period, driven by increasing demand for efficient healthcare delivery systems and rising prevalence of chronic diseases.
– Regional Analysis: North America is anticipated to dominate the market, driven by advanced healthcare infrastructure and a higher adoption rate of ambulatory infusion therapy. However, Asia Pacific is expected to witness the fastest growth due to the growing geriatric population, increasing healthcare expenditure, and rising awareness about the benefits of elastomeric infusion pumps.
– Key Players: Key players operating in the global Elastomeric Infusion Pumps Market include B. Braun Melsungen AG, Fresenius Kabi, Leventon, S.A.U, Ambu A/S, Baxter International Inc., Halyard Health, and Nipro Corporation. These players focus on product innovation, strategic collaborations, and geographical expansion to maintain a competitive edge.
In the global Elastomeric Infusion Pumps Market holds promising growth prospects driven by the advantages these pumps offer in delivering medications and fluids in healthcare settings. The increasing adoption of ambulatory infusion therapy and the growing prevalence of chronic diseases are key trends fueling market growth. As the market evolves, key players continue to innovate and collaborate to cater to the growing demand, ensuring efficient and convenient healthcare delivery worldwide.
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, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
