Global Elastomeric Infusion Pumps Market, by Product Type (Variable Rate Elastomeric Pumps, Continuous Rate Elastomeric Pumps), by Treatment (Pain Management, Antibiotic/Antiviral, Chemotherapy, Others), by End User (Ambulatory Surgical Centers, Clinics, Home Care Settings, Hospitals, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 1,067.8 Million in 2022 and is expected to exhibit a CAGR of 9.2 % during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Elastomeric infusion pumps are cheaper and have fewer adverse effects compared to electronic pumps, which increases their adoption in ambulatory chemotherapy infusion centers. Moreover, as elastomeric infusion pumps do not require electricity to operate, the risk for free flow of medication to patients is eliminated. Such advantages of elastomeric infusion pumps over their electric counterparts is also expected to boost growth of market.
Global Elastomeric Infusion Pumps Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
The COVID-19 pandemic had a negative impact on the elastomeric infusion pumps market, owing to the decrease in number of surgical procedures conducted in hospitals during COVID-19.
Global Elastomeric Infusion Pumps Market: Key Developments
On November 11, 2020, Baxter, a company involved in manufacturing innovative technology for medication delivery, announced that the company received first regulatory approval for New Novum IQ Infusion Platform, which will enable the company to design and provide personalized drug delivery therapy.
Browse 38 Market Data Tables and 40 Figures spread through 196 Pages and in-depth TOC on “Global Elastomeric Infusion Pumps Market”- Forecast to 2030, Global Elastomeric Infusion Pumps Market, by Product Type (Variable Rate Elastomeric Pumps, Continuous Rate Elastomeric Pumps), By Treatment (Pain Management, Antibiotic/Antiviral, Chemotherapy, Others), By End User (Ambulatory Surgical Centers, Clinics, Home Care Settings, Hospitals, Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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The increasing incidence of chronic diseases such as cardiovascular diseases is expected to increase demand for elastomeric infusion pumps for administering drugs to the patients, which is expected to drive growth of the elastomeric infusion pumps market over the forecast period. For instance, according to the Centers for Disease Control and Prevention Report published on September 2020, heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the U.S., and one person dies every 36 seconds in the U.S. from cardiovascular disease.
Key Takeaways of the Global Elastomeric Infusion Pumps Market: