The global elastomeric pumps market is projected to expand at a CAGR of 5.8% during the forecast period in terms of value. The global elastomeric pumps market value is expected to increase to US$ 644.0 million by the end of 2024.
“Global Elastomeric Infusion Pumps Market: Asia Pacific to Witness Highest Growth by 2024, Growth is expected to be driven by Favorable Reimbursement Policies for Infusion Therapy in Homecare Settings over the Forecast Period.”
The market is segmented based on product type, treatment type, end users, and regions. Based on product type, the market has been segmented into continuous rate elastomeric pumps and variable rate elastomeric pumps. Variable rate elastomeric pumps segment is expected to grow at the fastest CAGR over the forecast period, driven by increasing adoption of patient-controlled analgesia (PCA) elastomeric pumps, i.e. elastomeric pumps with a bolus. The segment is expected to register a significant CAGR of 6.9% during the forecast period. Whereas continuous rate elastomeric pumps segment is anticipated to grow at CAGR of 5.1% over the forecast period.
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The market has been segmented based on different types of treatment such as pain management, antiviral/antibiotic, chemotherapy, and chelation therapy (iron chelation for thalassemia patients) to provide deeper insight into the pattern of demand for elastomeric infusion pumps. The pain management segment is expected to expand at the highest CAGR of 6.7% over the forecast period.
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Based on end users, the market has been segmented into hospitals, ambulatory surgical centres, home care, clinics and, others (long-term care units, elderly care units). The hospitals segment is anticipated to account for the highest demand for elastomeric infusion pumps over the forecast period, registering a CAGR of 6.6% due to cost attainment models adopted by the hospitals, increasing the demand for disposable ambulatory home infusion therapy. Secondly, better reimbursement options for home infusion in developed economies, is expected to push demand for elastomeric infusion pumps in home care segment over the forecast period.
A key trend in elastomeric infusion pumps market is the development of better designs for pumps ensuring greater patient safety. In addition, it has been noted that the market is fragmented with few established brands and many regional and local players in global elastomeric pumps market.
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This report assesses trends, that drive growth of each segment on the global as well as regional levels, and offers potential takeaways, that could prove substantially useful to start-up and other medical device manufacturing companies who wish to enter the market. North America is expected to dominate the elastomeric infusion pumps market with the maximum market share in 2016. North America and Western Europe collectively, have been expected to account for more than 65% of the total elastomeric infusion pump market share in terms of value in 2016. Among emerging markets, Asia Pacific is estimated to exhibit the highest CAGR of 7.1% over the forecast period, due to increase in the regional and local players.