Elastomeric Infusion Pumps Market is Anticipated to Witness High Growth Owing to Increasing Adoption for Targeted Drug Delivery
Elastomeric Infusion Pumps Market is Anticipated to Witness High Growth Owing to Increasing Adoption for Targeted Drug Delivery
Blog Article
The elastomeric infusion pumps market has been gaining significant traction in the recent years primarily due to increasing adoption of these infusion pumps for targeted drug delivery. Elastomeric infusion pumps are medical devices that deliver medications, such as antibiotics, chemotherapy drugs, hormones, or analgesics through a catheter or needle at a specific controlled rate. They offer advantages such as flexibility, light weight, ease of use and transportation, and cost-effectiveness. With rising prevalence of chronic diseases such as cancer and diabetes requiring long-term medication through infusion, the adoption of elastomeric pumps for continuous drug infusion has increased substantially. Moreover, features including precision in drug delivery, consistency of drug dosing, and portability have made these devices a preferable option for both in-hospital and ambulatory care settings.
The Global elastomeric infusion pumps market is estimated to be valued at US$ 446.31 Bn 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. These players are focusing on new product launches and geographical expansion to strengthen their market presence.
Some key opportunities in the Elastomeric Infusion Pumps Market Share include emerging economies with large patient pools and rising healthcare expenditures presenting lucrative growth prospects. Moreover, advancements in wearable and remote-controlled elastomeric pumps are expected to further drive the adoption.
On the global front, companies are exploring opportunities in Asia Pacific and Latin American markets owing to growing medical device demand and improving healthcare infrastructure in these regions. Additionally, partnerships with local distributors help established global players to expand in foreign territories.
Market drivers
Increasing incidence of chronic diseases necessitating long-term infusion therapy is a major market driver. As per estimates by WHO, cancer burden is expected to grow by 70% in the next two decades owing to aging population and lifestyle changes. Similarly, around 463 million adults worldwide were living with diabetes in 2019 according to International Diabetes Federation (IDF). This rising chronic disease prevalence will propel the demand for elastomeric pumps for long-term medication management.
Market restraints
Safety concerns regarding accidental drug delivery due to mechanical failures in elastomeric pumps is a key restraint. Device recalls due improper functioning pose risks to patients. Stringent regulatory guidelines for product approval also delay market entry of new players. High costs associated with hospital grade pumps in comparison to alternative options discourage widespread adoption.
Segment Analysis
The elastomeric infusion pumps market is dominated by the ambulatory elastomeric pumps segment, accounting for over 60% share in 2024. Ambulatory elastomeric pumps find widespread adoption for chronic pain management, chemotherapy and other long-term drug delivery applications. Their small, lightweight and portable design allows for convenient home use. These pumps provide consistent drug delivery at economical costs without the need for electricity or battery replacement. Hence, they remain the preferred choice for continuous subcutaneous drug infusion across homecare settings.
Global Analysis
North America accounted for the largest share of over 35% in the global elastomeric infusion pumps market in 2024. This is attributed to the rising geriatric population prone to chronic diseases, growing availability of home healthcare facilities and favorable reimbursements in the US and Canada. Europe was the second largest regional market led by countries like Germany, UK and France. However, Asia Pacific region is expected to witness the fastest CAGR during the forecast periodowing to increasing healthcare expenditure, rising acceptance of advanced drug delivery methods and expansion of healthcare infrastructure across China, India and South Korea.
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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)