The global elastomeric infusion pumps market has been witnessing significant growth due to increased demand from the healthcare industry. The market is expected to expand at a CAGR of 5.8% for the forecast period of 2016 to 2024. By the end of 2024, the global elastomeric infusion pumps market is expected to value US$644 mn. These infusion pumps have major applications in the administering of drugs and anesthesia post and pre-surgery respectively. This has resulted in a considerable boom in the elastomeric infusion pumps market.
Rising Demand from Home Care Settings and Ambulatory Surgical Centers Boosting Market
Elastomeric infusion pumps are widely used in healthcare before and after surgeries. But a bigger growth opportunity for the market is home care settings and ambulatory surgical centers, both of which have been witnessing an increase in demand. A considerable percentage of the global population cannot afford surgical treatments in hospitals and therefore, prefer getting the procedures done in ambulatory surgical centers. Ambulatory centers are also capable of handling surgeries in cases of emergency, leading to a rise in the demand for elastomeric infusion pumps.
Home care settings have also been witnessing a steady consumption of elastomeric infusion pumps due to the frequent need to administer drugs to geriatrics and those suffering from chronic illnesses. Patients choosing to rehabilitate at home require regular doses of various drugs through intravenous means for a quick impact of the drugs. This has resulted in an upsurge in the demand for elastomeric infusion pumps.
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Increasing Number of Surgeries Furthering Demand for Elastomeric Infusion Pumps
Surgeries are not affordable to all and although researchers are looking for topical solutions, it is an immensely gradual process. But with insurance companies providing quick and easy reimbursement facilities, the ability to opt for surgeries has increased significantly, leading to a rise in the number of surgeries being conducted globally. This is especially true in the regions of Asia Pacific and MEA, where a substantial rise in the demand for elastomeric infusion pumps is being witnessed.
Favorable reimbursement scenarios have also enabled patients to get their dosage administered under proper supervision, such as in hospitals and clinics. This has led to an increase in the demand for elastomeric infusion pumps in these settings as well. Chemotherapy drugs, anesthesia, and pain medication are the most common drugs administered through elastomeric infusion pumps.
Strict Regulations, Frequent Product Recalls Hurting Market
Elastomeric infusion pumps are used to control drug flow. A constant and accurate flow is of utmost importance, else it could prove to be fatal for the patient. Regulatory authorities have strict norms pertaining to the manufacturing of elastomeric infusion pumps for the same reason. This has resulted in several pumps being recalled by manufacturers as they did not comply with the standards set by the regulatory bodies. This has turned out to be a major restraint for the global elastomeric infusion pumps market.
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Some of the key players in the global elastomeric infusion pumps market are Braun Melsungen AG., Baxter International Inc., Halyard Health, Inc., Ambu A/S, Fresenius Kabi AG, Nipro Corporation, Coopdech, Woo Young Medical Co., and Leventon S.A.U.