Elastomeric Infusion Pumps Market is Expected to Reach Approximately US$ 2,100 Mn in Terms of Value by the End of 2030 - Persistence Market Research
NEW YORK, May 30, 2019 /PRNewswire/ -- Elastomeric infusion pumps market have gained significant popularity over the years. Constant innovations and advancement in products, increased awareness about elastomeric infusion pumps for various disease applications, and the availability of funding & support from governments for the R&D of elastomeric infusion pumps are among the most important factors that are estimated to fuel the growth of the elastomeric infusion pumps during the forecast period. According to the latest research by PMR, the global elastomeric infusion pumps market is estimated to account for approximately US$ 2,100 Million in terms of value by the end of 2030. The elastomeric infusion pumps market report also projects significant growth potential with an estimated average Y-o-Y growth rate of nearly 9% during the forecast period.
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User-friendly and Lightweight Features Remain Key Sales Boosters for Elastomeric Infusion Pumps
Elastomeric infusion pumps being lightweight and most economical in nature are witnessing high adoption rates across hospitals and home care settings. Elastomeric infusion pumps are easy to operate and can be controlled by patients and licensed caregivers. Hospitals are increasingly focusing on improving the levels of safety and comfort of patient, primarily to rate themselves higher on the excellence scale and garner better market shares. For this purpose, they are recruiting highly trained staff in ORs, PACUs, ICUs, etc., who are vigilant about maintaining drug administration protocols. The growing importance of better pain management as an attribute to measure the sense of wellbeing of a patient has a direct impact on the financial health of a hospital, which is boosting the number of orders for elastomeric infusion pumps.
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The extended adoption of elastomeric infusion pumps for the administration of chemotherapy drugs at ambulatory care centres and home care settings under the guidance of licensed caregivers is also likely to fuel the growth of the elastomeric infusion pumps market over the forecast period. Reduction in the wastage of chemotherapy drugs when used with properly tested elastomeric infusion pumps is boosting the popularity of the latter among oncology and haematology pharmacists and technicians. Elastomeric infusion pumps also find wide acceptance among patients owing to a significant reduction of treatment costs.
The manufacturers of elastomeric infusion pumps are gradually focusing on bundling associated accessories and IV drugs to increase market penetration. In this regard, reliance on direct sales visits is increasing in economies such as China and India. Visits by direct sales personnel result in opportunities for the training of staff for the administration of drugs to patients using elastomeric infusion pumps. This creates goodwill on the part of the manufacturer and the probability of repeat orders from end customers.
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Attractive pricing and effective margin bargaining strategies are also expected to boost the sales of elastomeric infusion pumps in the future. Increasing demand for post-operative early discharge from hospitals is also expected to propel the demand for wearable disposable ambulatory elastomeric infusion pumps in developed markets. These elastomeric infusion pumps are primarily used for delivering pain management drugs. Moreover, these services are widely used by elderly individuals who wish to be treated in the comfort of their respective homes/residences.
Key Manufacturers Focused on Applications in Chemotherapy
Increasing number of manufacturers of elastomeric infusion pumps are positioning their products for an increasing number of applications in addition to post- and pre-operative pain management. Moreover, companies are marketing elastomeric infusion pumps through sales representative, brochures, case studies, etc. to enable increased product penetration for different application segments such as chemotherapy and chelation therapy. For instance, Baxter has positioned its elastomeric infusion pumps for chelation therapy & chemotherapy, while Halyard has niche positioned its leading product ON-Q Pain Relief System for postoperative pain management and home pump C-Series for chemotherapy and other protocols.
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PMR has segmented the global market for elastomeric infusion pumps on treatment type, distribution channel, product type, and region. By treatment type, the elastomeric infusion pumps market is segmented into antibiotic/antiviral, pain management, chemotherapy, and others. The others sub-segment of the treatment type segment is sub-classified into nutrition intake and chelation therapy. By product type, the elastomeric infusion pumps is divided into variable rate elastomeric infusion pumps and continuous rate elastomeric infusion pumps. By distribution channel type, the elastomeric infusion pumps market is segmented into clinics, ambulatory surgical centres, hospitals, home care settings, and others. By region, the elastomeric infusion pumps market is segment into Latin America, Europe, North America, APAC, and Middle East & Africa.
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