July 19, 2024
U.S. Elastomeric Infusion Pumps Market

Growing U.S. Elastomeric Infusion Pumps Market is Driven by Rising Demand for Portable Drug Delivery Systems

Elastomeric infusion pumps are portable, lightweight drug delivery devices that are used to administer medications such as antibiotics, analgesics, chemotherapy drugs, and other medications in a continuous manner. They provide several advantages over conventional infusion pumps such as continuous drug administration with precise dosing, minimal risk of drug incompatibility, and ease of use for ambulatory patients. The growing prevalence of chronic diseases such as cancer and diabetes in the United States has significantly increased the demand for continuous subcutaneous drug infusion therapy. Furthermore, the rise in home healthcare and ambulatory care services has augmented the adoption of portable elastomeric infusion pumps for self-administration of drugs by patients.

The global U.S. Elastomeric Infusion Pumps Market is estimated to be valued at US$ 288.59 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

Technological advancements in elastomeric infusion pumps with integrated safety features such as adjustable flow rates, customizable programming protocols, alerts and notifications, and smart connectivity via Bluetooth and Wi-Fi have increased their demand significantly over conventional pumps. Growing focus of manufacturers on development of next-generation elastomeric pumps with digital features and cloud-based connectivity is expected to further aid the market growth. However, availability of alternative drug delivery methods such as wearable and patch pumps may challenge the adoption of elastomeric pumps to some extent over the forecast period.

Porter’s Analysis:

  • Threat of new entrants: Low barriers to entry can attract new competitors in the market. However, high R&D and capital costs for manufacturing deter new companies.
  • Bargaining power of buyers: Buyers have moderate bargaining power over suppliers due to availability of substitutes. However, brand loyalty increases switching costs.
  • Bargaining power of suppliers: Suppliers have moderate bargaining power due to concentration of suppliers and need for regulatory approvals.
  • Threat of new substitutes: Threat from new substitutes is low as elastomeric pumps offer ease of use over traditional methods.
  • Competitive rivalry: The market is competitive due to presence of few large players. Companies focus on new product innovations and geographic expansion to gain market share.

Key Takeaways:

The U.S. Elastomeric Infusion Pumps Market Growth is expected to witness high over the forecast period supported by growing prevalence of chronic diseases. The global U.S. Elastomeric Infusion Pumps Market is estimated to be valued at US$ 288.59 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030.

The Western region dominates the market currently due to increasing adoption. However, the Southern region is expected to witness fastest growth due to expanding healthcare infrastructure and rising medical tourism.

Key players: Key players operating in the U.S. elastomeric infusion pumps market are B. Braun Melsungen AG, Baxter International Inc., Werfen, Ambu A/S, Avanos Medical Inc., NIPRO, and Progressive Medical, Inc. B. Braun captures highest market share through product launches and strategic partnerships with hospitals.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it