Press release
Elastomeric Infusion Pumps Market 2024: Innovations in Portable Medical Infusion Solutions
Elastomeric Infusion Pumps Market Innovations
According to The Business Research Company's, The elastomeric infusion pumps market size has grown strongly in recent years. It will grow from $0.98 billion in 2023 to $1.07 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to a high incidence of chronic conditions, a rise in surgical interventions, a rising aging population, greater awareness and education, and rising government programs and funding.
The elastomeric infusion pumps market size is expected to see strong growth in the next few years. It will grow to $1.53 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to the growing prevalence of chronic diseases, rise in the elderly population, rising number of surgical interventions, and rising healthcare expenditure. Major trends in the forecast period include smart infusion pumps with IoT integration, incorporation of advanced anti-free-flow mechanisms, ergonomic and user-friendly designs, extended battery life, and eco-friendly materials, advances in microengineering and materials science.
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Market Drivers and Trends:
The growing rate of hospitalized patients is expected to propel the growth of the elastomeric infusion pump market going forward. Hospitalized patients are people who are admitted to a hospital for medical treatment and care, which require ongoing monitoring and specific interventions. Advances in medical technology have made more complex and effective treatments available, leading to increased hospital admissions for surgeries and procedures. Elastomeric infusion pumps allow patients to continue receiving necessary medications, such as antibiotics, pain management, or chemotherapy, at home rather than in the hospital. This enables early discharge, freeing up hospital beds for other patients and reducing hospital occupancy rates. For instance, in December 2023, according to a report published by the National Health Service (NHS), a UK-based government department, there were 408,700 hospital admissions in 2022-2023, reflecting a 5% increase from 389,800 hospital admissions in 2021-2022 in England. Therefore, the growing rate of hospitalized patients will drive the elastomeric infusion pump market.
Major companies operating in the elastomeric infusion pump market are developing portable chemotherapy infusion pumps to provide more reliable and user-friendly infusion systems and enhance precision in drug delivery. Chemotherapy portable infusion pumps are devices that deliver chemotherapy drugs in a controlled manner, allowing patients to receive continuous or intermittent treatment outside of a hospital setting. For instance, in March 2022, Shanghai MicroPort Lifesciences Co. Ltd., a China-based medical device company, launched AutoEx. The AutoEx is designed for the continuous or intermittent infusion of chemotherapy drugs, facilitating precise drug delivery to patients with malignancies. It features a dual CPU control system and a disposable pump infusion unit that includes two fluid reservoir bags, allowing automatic switching between them to ensure uninterrupted medication delivery. This design enhances patient comfort and reduces the need for healthcare professionals to intervene manually. AutoEx in the traditional sense, operates within the same therapeutic space of elastomeric infusion pump.
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Major Key Players of the Market:
Baxter International Inc., Medline Industries, B. Braun Melsungen AG, Nipro Corporation, Avanos Medical Inc., Vygon SAS, pfm medical gmbh, Integrated Medical Systems Inc., Preferred Medical, Leventon S.A.U, Tuoren Medical, Eitan Medical, PROMECON GmbH, Epic Medical, Promecon Medical, Ace Medical Devices, Gamastech, Adria Med, Heka Healthcare, Beijing KellyMed Co. Ltd
Elastomeric Infusion Pumps Market 2024 Key Insights:
• The elastomeric infusion pumps market is expected to grow to $1.53 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%.
• Rising Hospitalization Rates Drives Growth In The Elastomeric Infusion Pumps Market
• Advancements In Elastomeric Infusion Pumps For Enhanced Drug Delivery
• North America was the largest region in the elastomeric infusion pump market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elastomeric infusion pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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