Elastomeric infusion pumps have a major application in healthcare for its use in administration of drugs to patients post admission to the hospital and/or post-operation. The use of elastomeric pumps is critical as it helps in maintaining the flow of drugs to the patient. In case of failure, the result could be fatal for the patient making elastomeric pumps and its proper functioning critical. The demand for elastomeric pumps is witnessing positive growth owing to the rise in the healthcare spending by people and the increase in number of surgeries being conducted. The global elastomeric infusion pumps market is estimated to value US$644 mn at the end of 2024 at a moderate 5.8% CAGR.
Rise in Demand for Disposable Pumps Driving Global Elastomeric Infusion Pumps Market
The healthcare sector is witnessing prominent growth in the number of surgeries being conducted. Elastomeric infusion pumps are employed post-surgery to administer the required drugs and pain killers to the patients. This is a major factor driving the global elastomeric infusion pumps market. The home care segment and ambulatory surgical centers are on the rise in the global market. These segments have high demand for elastomeric infusion pumps for its disposable nature.
The rise in the amount of hospitalization cases is also a major factor driving the global elastomeric infusion pumps market owing to the rise in disposable incomes. Insurance reimbursements are also touted to be the reason for the rise in hospitalization as people are able to afford the treatment and causes less stress on their out of pocket spending.
Frequent Product Recalls Hampering Global Elastomeric Infusion Pumps Market
Elastomeric infusion pumps are undergoing heavy research and development procedure to improve the efficiency and to rid-off the flaws, if any. Strict regulations from the authorities over the design and functioning of elastomeric infusion pumps are imposed owing to safety of the patients. Frequent quality control checks are being conducted on the elastomeric infusion pumps resulting in product recalls over manufacturing defects or non-compliance of regulations. These factors are hampering the global elastomeric infusion pumps market and is a major restraint.
Substantial Investment Expected from Companies in Global Elastomeric Infusion Pumps Market
International harmonization is expected to come in with standard regulations to be applied to all manufacturers across the globe. This is expected to drive the global elastomeric infusion pumps market with companies investing in the research and development to manufacture safer and more efficient products. Flawed elastomeric infusion pumps have adversarial effects on the safety of the patient which is the leading cause of the global regulatory standards to be imposed on the global elastomeric infusion pumps market.
Major players in the global elastomeric infusion pumps market include Fresenius Kabi AGm, Baxter International Inc., Woo Young Medical Co., Coopdech, Leventon S.A.U, Braun Melsungen AG., Ambu A/S, Nipro Corporation, and Halyard Health, Inc. With the global regulations coming into effect, numerous local players are expected to foray into the lucrative elastomeric infusion pumps market resulting in increased competition and drop in the prices of infusion pumps.
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