According to the latest report published by Credence Research, Inc. “Elastomeric Infusion Pumps Market – (Pump Type – Continuous Rate Pumps, Variable Rate Pumps; Application Type – Pain Management, Infection Management, Cytostatic Treatment, Others; Usage Area – Hospitals and Clinics, Ambulatory Care and Home Care); Market Growth, Future Prospects and Competitive Analysis, 2017-2025” the market was valued at USD 405.7 Mn in 2016, and is expected to reach USD 706.2 Mn by 2025, expanding at a CAGR of 6.5% from 2017 to 2025.
Browse the full report Elastomeric Infusion Pumps Market: Market Growth, Future Prospects and Competitive Analysis, 2017-2025 at http://www.credenceresearch.com/report/elastomeric-infusion-pumps-market
Elastomeric infusion pumps are disposable medical devices used for administration of liquid drugs such as analgesics, antibiotics, chemotherapy medications etc. Elastomeric infusion pumps have received significant acceptance to provide medications, especially postoperative analgesics in the recent years. These devices provide advanced advantages and benefits over conventional electronic pumps in features such as feasibility, portability, and lesser scope for human errors. The two major types of elastomeric infusion pumps are continuous rate pumps, and variable rate pumps, in which continuous rate pumps accounted for the largest market share in 2016. The key factors driving the continuous rate pumps market are due to its wide usage in treatment, products have been evolved over the period of time and currently provide efficient performance, and its rising application in the cancer treatment. However, during the forecast period 2017 – 2025, variable rate pumps were observed as the fastest growing segment in the overall market.
In terms of application, the elastomeric infusion pumps is segmented into pain management, infection management, cytostatic treatment, chelation therapy. Major application of infusion pump is for postoperative analgesia for pain management. Pain management occupies the largest share in the application segment of elastomeric infusion market. Elastomeric infusion pumps are developed to administer both anaesthetics and analgesics directly to the lesion or inflamed tissue. It acts as a superior analgesic and less complication are observed as compared to dosage of opioids. Cytostatic treatment held the second largest segment since infusion pump therapy proves more effective and well tolerated in patient for cancer therapy. Based on the type of usage areas, the global elastomeric infusion pumps market is segmented into hospitals and clinics, ambulatory care centers and home care. Among the considered usage areas, hospitals and clinics currently dominate the global elastomeric infusion pumps market. Higher affordability, greater awareness in hospital staff, and potential of elastomeric infusion pumps in reducing manpower and treatment costs in the long run greatly contribute to the dominance of hospitals and clinics in the market. Ambulatory care and home care settings are observed to be the most attrative usage area segments for elastomeric infusion pumps.
In the base year 2016, North America was observed as the largest market for elastomeric infusion pumps followed by Europe. In North America and Europe there is an increase in the chronic diseases like gastrointestinal complications, abdominal hernia’s, etc. According to research carried out by Agency for Healthcare Research & Quality, in year 2012 there were 36.5 million hospital stays in the United States with an average length of stay of 4.5 days and an average cost of US$ 10,400 per stay. The high rate of hospitalization has increased the number of surgeries which has a positive impact on the growth of elastomeric infusion pumps market. Asia-Pacific and Middle East and Africa are potential market due to high prevalence of chronic diseases requiring surgical procedure but less disease awareness. According to OECD Health Data 2012, China, Malaysia, and Japan were three top Asian countries where around 120-135 per 1000 population were discharged after overnight stay or more in hospital.
Market Competition Assessment:
The elastomeric infusion pumps market currently possesses large number of companies having their products marketed. The companies have untapped opportunities in the developing regions of Asia Pacific and Latin America. The companies include Haylard Health, Nipro Corporation, Baxter, B. Braun Melsungen, Woo Young Medical and others.
Key Market Movements:
– Steady Increase in Prevalence of Chronic Diseases and Surgical Procedures Volume
– Growing burden on hospitals due to increasing hospital admissions worldwide has posed as a significant concern for healthcare facilities globally.
– Domestic governments are stressing on reducing hospital admissions by encouraging treatments in outpatient settings and providing home care solutions.