Elastomeric infusion pumps are portable, light-weight medical devices used for controlled delivery of medications such as antibiotics, analgesics, chemotherapy drugs, nutrition, and others into a patient's body in controlled amounts. These durable and flexible pumps offer advantages over traditional infusion pumps such as enhanced mobility and freedom of movement for patients. The growing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases has significantly increased the requirement of long-term medication, thus propelling the demand for elastomeric infusion pumps across hospitals and home healthcare 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, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The expanding demand from hospitals is expected to provide new opportunities for growth of the elastomeric infusion pumps market. Hospitals account for the largest application segment in the market due to increasing number of surgical procedures performed annually globally. Moreover, rising geriatric population suffering from chronic diseases is resulting in higher number of hospital admissions, thus propelling the demand for elastomeric infusion pumps from hospitals. According to estimates, over 8 million inpatient surgeries are performed annually in the U.S. alone. This expanding demand from hospitals is expected to drive the global elastomeric infusion pumps market during the forecast period.
Porter's Analysis
Threat of new entrants: Low capital requirements and threat of regulation prevents new entrants in the elastomeric infusion pumps market. The market is also dominated by few major players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative product options. However, product quality and relation with existing vendors also influences purchasing decisions.
Bargaining power of suppliers: A few major suppliers exist for key components like motors and tubing used in elastomeric infusion pumps. This grants them higher negotiating power.
Threat of new substitutes: Continuous technological advancements can pose threat from alternate route delivery modes like insulin pens and patches. However, compatibility with existing treatment algorithms provide pumps an edge.
Competitive rivalry: Major players compete on performance, features and pricing leading to continuous product innovations. Regional presence also influences competition level.
SWOT Analysis
Strengths: Constant flow rate delivery, portable design and compatibility with disposable cassettes are key strengths. Reservoir bag construction offers sustained medication supply.
Weaknesses: Higher costs compared to alternative routes. Need for technical skills to operate and maintain the devices.
Opportunities: Rising diabetes and cancer prevalence rates along with reimbursements available present opportunities for market expansion. Home healthcare is another emerging area.
Threats: Low awareness in developing regions, healthcare reforms and stringent regulatory environment pose threats. Alternative delivery routes can gain traction.
Key Takeaways
The global elastomeric infusion pumps market growth is expected to witness high growth. 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.
The market in North America region currently dominates due to favorable reimbursement policies and awareness levels regarding continuous subcutaneous drug delivery among patients and providers. The Asia Pacific region is expected fastest growing market due rising healthcare investments and prevalence of chronic diseases.
Key players operating in the elastomeric infusion pumps market 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. Major players are focusing on new product launches with advanced features and geographic expansion strategies to strengthen their market presence. Partnerships with medical device companies and healthcare providers is another area of focus.
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