New York, USA, Nov. 23, 2020 (GLOBE NEWSWIRE) -- According to a latest report published by Research Dive, the intrathecal drug delivery system market is predicted to harbor significant market share of $1,662.0 million by 2027, from considerable revenue of $975.1 million in 2019, with a healthy CAGR of 7.2% in the 2020-2027 forecast period.
The inclusive report mentions several aspects such as the market dynamics, current scene of the market, growth aspects, restraints, challenges, and opportunities in the analyzed forecast period. The report also includes the market CAGR and revenue estimates; thus making it simple for the new participants to gain adequate knowledge of the market.
Market Dynamics
The intrathecal drug delivery system market is predicted to grow due to augmented demand for a better version of analgesia and the intrathecal drug delivery system itself. Moreover, cancer treatment drugs such as opioids can have adverse reactions on the body and may lead to pneumonia and sedation. However, with the use of intrathecal drug delivery system such complicated issues can be averted. These all aspects are majorly driving the market in the forecast period.
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On the other hand, market is threatened due to complications related to mechanical systems, pharmacological, surgical, and patients themselves. However, opting for IT therapy and preferring prospective trials will create lucrative opportunities for the market in the forecast period.
The report classifies the market into segments based on product type, application, and regional analysis.
Externalized and Connected to a Pump Sub-Segment to Generate Maximum Revenue
Increased requirements for intrathecal drug delivery system for treating cancer related pain and minimum costs is predicted to enhance the growth of this market in forecast period. The externalized and connected to a pump sub-segment is anticipated to harbor revenue of $1,358.6 million by 2027, from a notable market size of $801.9 million in 2019.
Spasticity Management Application Segment to be the Most Lucrative
The spasticity management sub-segment is expected to garner substantial revenue of $1,140.2 million by 2027. The requirement of drugs depends on the body condition of the patients suffering from spasticity; hence in this case drug delivery is monitored by utilizing well programmed systems. This factor is responsible for the market growth in the forecast period.
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Regional Outlook
The North American intrathecal drug delivery system market is accounted to generate revenue of $695.9 million by 2027, from a significant market share of $392.7 million in 2029. Features such as rise in spasticity management, long lasting capacity of the devices, and ease of usage are considered to promote the market growth in this region.
Key Market Players and Business Strategies
Some major players of the intrathecal drug delivery system market are -
- Dickinson & Company
- Flownix Medical Inc.
- Medtronic Plc.
- Teleflex Incorporated
- Tricumed Medizintechnik GmbH
- DePay Synthes
- Smiths Group Plc
- B Braun Melsungen AG
- Summit Medical Group
- Becton
To achieve an upper hand in the market, these businesses are investing profusely in the R&D sector for creating fully programmable ITDD that can be entirely implanted within the body, safe for use, and has the potential to manage the flow of the drug delivery.
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