Global Elastomer Infusion Pump Market Expected to Reach $745 Million by 2026

According to a new report published by Allied Market Research, titled, "Elastomer Infusion Pump Market by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global elastomer infusion pump market size was valued at $534 million in 2018, and is projected to reach $745 million by 2026, growing at a CAGR of 4.2% from 2019 to 2026.

Elastomer infusion pumps are disposable medical devices that are used for administration of intravenous (IV) drugs such as antibiotics, analgesics, chemotherapy, and other medications. These devices use energy in an elastic membrane (inside the pump) to provide the force for drug delivery. In addition, it provides advantages over conventional electronic pumps in features such as portability, feasibility, and lesser scope for human errors. However, pump failure can have a significant impact on patient safety, making it required for pumps to be operated by a trained professional. The two major types of elastomer infusion pumps are continuous rate pumps, and variable rate pumps.

The major factors that boost the growth of the global elastomer infusion pump market are increase in demand for elastomer infusion pumps, rise in prevalence of chronic diseases, increase in number of surgeries, surge in preference for long-term home healthcare, technological development of novel elastomeric infusion pumps, rise in burden on hospitals to reduce healthcare costs, and rise in availability of elastomer infusion pumps. In addition, factors such as longer storage and stability of the drug, reduced cost, portability and reduce risk of introduction of an infection, are expected to further influence the growth of the elastomer infusion pumps market. However, low income and lack of proper medical attention in the developing countries hamper the growth of the elastomer infusion pump market.

Based on product, the elastomer infusion pump market is categorized into continuous rate pumps, and variable rate pumps. Presently, continuous rate pumps dominates the global market, and is anticipated to continue this trend during the forecast period. The key factors that drive the elastomer infusion pump market growth are rise in demand for continuous rate elastomeric pumps, wide usage of continuous rate pumps in chronic disease treatment, increase in adoption of elastomer infusion pump for post-operative pain management, and increase in application in cancer treatment are majorly driving the growth of this segment.

By application, the global elastomer infusion pump market is segmented into pain management, infection management, chemotherapy, and others. Pain management is the major shareholder in the global elastomer infusion pump market owing to rise in number of orthopedic procedures & surgeries, increase in use of elastomer infusion pumps for administration of analgesic drugs, and less complications are observed as compared to opioids dosage are the key drivers of the pain management segment.

Key Findings of the Study

• Depending on product, the continuous rate pumps segment held 57.22% share in the global market in 2018.
• On the basis of application, the pain management segment held the largest elastomer infusion pump market share in 2018 and is expected to remain dominant throughout the forecast period. 
• According to end user, the home care segment exhibits fastest growth and is expected to grow at a CAGR of 5.3% from 2019 to 2026. 
• Based on region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 5.9% during the forecast period.

In 2018, North America accounted for the major share in the elastomer infusion pump market, and is expected to continue this trend during the forecast period, owing to availability of well-developed infrastructure, higher number of R&D activities with large presence of key players, rise in demand for elastomers infusion pumps, surge in prevalence of chronic diseases, and increase in non-government & government initiatives to promote healthcare. However, Asia-Pacific is expected to register the highest growth in the future owing to improvement in healthcare infrastructure, and technological advancements in the field of healthcare, and the developing R&D sector.