Market Trends of Global Elastomeric Infusion Pumps
This section covers the major market trends shaping the Elastomeric Infusion Pumps Market according to our research experts:
Chemotherapy Segment Expects to Register a High CAGR During the Forecast Period
The chemotherapy segment is expected to witness a significant growth in the elastomeric infusion pumps market over the forecast period owing to the factors such as the rising incidences and prevalence of various types of cancer, the surge in preference for long-term home healthcare, and the increase in adoption of elastomer infusion pumps in ambulatory chemotherapy and analgesic infusion centers.
For instance, according to the January 2022 update by Breastcancer.org, about 1 in 8 United States women (about 13%) will develop invasive breast cancer throughout their lifetime. In addition, in 2022, an estimated 287,850 new cases of invasive breast cancer are expected to be diagnosed in women in the United States as compared to an estimated 276,480 new breast cancer cases occurred in 2020. As per the same source, 300 114 new cancer cases in males were reported in Brazil in 2020, out of which 97 278 cases were of prostate cancer. Thus, the rising burden of cancers among the population is expected to increase the demand for delivering chemotherapy, immunotherapy, and targeted therapy to treat cancer, which is anticipated to increase the demand for elastomeric pumps, thereby propelling market growth.
In addition, as per an article published by the BioMedical Central Journal of Pharmaceutical Health Care and services, in January 2021, titled 'Impact of air temperature and drug concentration on liquid emission from elastomeric pumps', the use of elastomeric pumps (EPs), for delivering antibiotics, analgesics, and anticancer drugs, enables quantitative and continuous medication administration without the need for electronic control. Also, the chemotherapy regimens FOLFOX, FOLFIRI, and FOLFIRINOX for colorectal and pancreatic cancers, respectively, call for administering 5-fluorouracil (5-FU) continuously for 46 hours. In addition, as per the same source, the recent developments in cancer chemotherapy have been observed to lessen the patient burden and increase treatment satisfaction when patients switch from inpatient to outpatient care even elastomeric infusion pumps are found useful for patients treated at home as they enable continuous administration of drugs. This increase the adoption of elastomeric infusion pumps for accurate and continuous delivery of drugs in cancer patients, which is expected to propel the market growth over the forecast period.
Moreover, several elastomeric pumps are available for administering chemotherapy and other medications. For instance, Leventon's DOSI-FUSER is an outpatient single-use continuous infusion pump that consists of an elastomeric balloon placed inside a rigid and transparent reservoir, and an infusion line provided with a capillary device and a Luer-Lock connector that connects to the Patient. It is mainly indicated for the administration of chemotherapy, analgesia, and antibiotic therapy.
Therefore, owing to the aforementioned factors, the studied market is expected to grow over the forecast period.
North America Dominates the Market and Expects to do Same Over the Forecast Period
North America dominated the elastomeric infusion pumps market and is expected to continue throughout the forecast period. The factors attributing to the market growth are the increasing incidence of chronic diseases and a growing number of surgical procedures.
The rising number of chronic diseases such as cardiovascular, cancer, diabetes, and others also contribute to the market growth. For instance, according to 2022 statistics published by American Heart Association, the prevalence rate of heart failure in the United States is 6 million, which is 1.8% of the total population, in 2021. Additionally, as per 2022 statistics published by the International Diabetes Federation, in the 10th edition of 2021, 2,974.0 thousand people were living with diabetes in 2021 in Canada. In addition, as per the same source, this number is projected to reach 3,288.2 thousand by 2030 and 3,468.5 thousand by 2045. Therefore, high blood sugar caused by diabetes can damage the nerves that control the heart and blood vessels, leading to a variety of cardiovascular diseases like coronary artery disease and stroke, which can narrow the arteries and necessitate coronary artery bypass grafting. Thus, the rising burden of chronic disease among the population raises the need to deliver continuous medication to the patients which is expected to increase the demand for volumetric infusion pumps or continuous rate elastomeric infusion pumps, which in turn is anticipated to boost the market growth over the forecast period.
In addition, the rising geriatric population who are more prone to develop chronic diseases and other related disorders increases the need for hospitalization or home care drug infusion which is also expected to fuel the market growth. For instance, according to the 2022 statistics published by the United Nations Population Fund, in Canada, a large proportion of the living population is aged 15-64 and accounts for 65% in 2022. In addition, as per the same source, 19% of the population is aged 65 years and above in 2022.
Furthermore, the presence of well-developed healthcare infrastructure, rising healthcare spending in the region, and escalating adoption of advanced technology in infusion pumps contributed to the growth of the market in this region are also contributing to the growth of the market in the region. For instance, according to the Organization for Economic Co-operation and Development (OECD), in June 2022, United States healthcare spending was 17.8% of the total gross domestic product (GDP) of the country, in 2021. Additionally, as per the data published by the Centers for Medicare & Medicaid Services, in March 2022, titled 'CMS Office of the Actuary Releases 2021-2030 Projections of National Health Expenditures', it has been observed that the annual growth in national health spending is expected to average 5.1% over 2021-2030. In addition, the National Health Spending in 2020 was USD 4.1 trillion and it is projected to reach USD 6.8 trillion by 2030. Thus, rising healthcare spending in the region is expected to increase the company's activities for developing advanced products, thereby fueling the market growth.
Moreover, the rising company activities in developing products, increasing product approvals, and escalating adoption of advanced technology in infusion pumps are expected to increase the demand for volumetric infusion pumps which in turn is anticipated to propel the market growth over the forecast period. For instance, In April 2020, the United States Food and Drug Administration granted Emergency Use Authorization (EUA) to Braun's Perfusor Space Syringe Infusion Pump, Infusomat Space Volumetric Infusion Pump, and Outlook ES Pump systems for use in the tracheal delivery of continuous nebulized medications into a nebulizer to treat patients of all ages with or suspected of having the Coronavirus Disease 2019 (COVID-19) and to reduce the exposure of healthcare providers (HCP) to such patients.
Therefore, owing to the aforementioned factors, the studied market is expected to grow over the forecast period.
