Dublin, Aug. 24, 2021 (GLOBE NEWSWIRE) -- The "Global Intrathecal Pumps Market Size, Share & Trends Analysis Report by Type (Bupivacaine, Morphine), by Application (Spasticity, Pain), by Region (APAC, North America, Europe), and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global intrathecal pumps market size is expected to reach USD 462.1 million by 2028, registering a CAGR of 5.1%
Intrathecal pump is a highly efficient device that helps improve chronic pain conditions in patients with cancer and other related disorders.
The increase in the prevalence of chronic pain conditions, the growing geriatric population, and the reduced or complete elimination of pain killers by patients are expected to contribute to the market growth. Intrathecal pumps are better than oral medications because they work directly in the Cerebrospinal Fluid (CSF), allowing drugs to be absorbed faster and more effectively.
Improved features, technological improvement, and a higher product demand will boost the market growth. Many global, as well as local key players in the market, are opting for different strategies. In February 2020, Flowonix Medical received the U.S. FDA approval to market its Prometra II Programmable Pump System.
However, there are several drugs, which are not approved for intrathecal usage by the FDA. The FDA has also alerted patients and healthcare providers about the risk of using medications that have not been approved by the FDA.
As a result of the COVID-19 pandemic, the healthcare system had to deal with a lot of challenges. All outpatient and elective interventional procedures were limited or stopped to lower the impact of the virus outbreak. Also, most chronic pain therapies were regarded as non-urgent.
The market, however, is projected to experience gradual growth with all services being restored. Furthermore, the increase in the geriatric population, which is prone to chronic pain, has increased the product demand. According to the National Institute on Aging (NIA), the geriatric population would be around 72 million by 2030.
Intrathecal Pumps Market Report Highlights
- The morphine segment dominated the market and accounted for the largest revenue share of more than 31% in 2020 owing to its effectiveness to cure chronic pain
- The pain segment held the largest revenue share of over 70% in 2020 and is further estimated to grow at the fastest CAGR from 2021 to 2028
- This is because pain is a component of many chronic illnesses and its increasing prevalence is expected to propel segment growth
- North America dominated the market and accounted for the largest revenue share of more than 40.5% in 2020
- Asia Pacific is expected to be the fastest-growing regional market at a CAGR of 6.9% over the forecast period
- Leading manufacturers are investing in developing new products to gain a competitive advantage
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. Intrathecal Pumps Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent market outlook
3.1.2. Related/ancillary market outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Reimbursement framework
3.4. Market Dynamics
3.4.1. Market driver analysis
3.4.1.1. Increasing prevalence of chronic back pain and muscle spasticity
3.4.1.2. Increasing demand for targeted drug delivery systems
3.4.1.3. Technological advancements
3.4.2. Market restraint analysis
3.4.2.1. Technological and surgical complications
3.5. Intrathecal Pumps Market Analysis Tools
3.5.1. Industry Analysis - Porter's
3.5.2. PESTEL Analysis
3.5.3. Major Deals & Strategic Alliances Analysis
3.5.4. Market Entry Strategies
Chapter 4. Intrathecal Pumps: Type Estimates & Trend Analysis
4.1. Definitions and Scope
4.2. Type Market Share, 2020 & 2028
4.3. Segment Dashboard
4.4. Global Intrathecal Pumps Market by Type Outlook
4.5. Market Size & Forecasts and Trend Analyses, 2016 to 2028 for the following
4.5.1. Baclofen
4.5.2. Bupivacaine
4.5.3. Clonidine
4.5.4. Morphine
4.5.5. Ziconotide
Chapter 5. Intrathecal Pumps: Application Estimates & Trend Analysis
5.1. Definitions and Scope
5.2. Application Market Share, 2020 & 2028
5.3. Segment Dashboard
5.4. Global Intrathecal Pumps Market by Application Outlook
5.5. Market Size & Forecasts and Trend Analyses, 2016 to 2028 for the following
5.5.1. Spasticity
5.5.2. Pain
Chapter 6. Intrathecal Pumps Market: Regional Estimates & Trend Analysis
6.1. Regional market share analysis, 2020 & 2028
6.2. Regional Market Dashboard
6.3. Global Regional Market Snapshot
6.4. Regional Market Share and Leading Players, 2020
Chapter 7. Competitive Landscape
- Tricumed Medizintechnik GmbH
- Arthrex Inc.
- Codman and Shurtleff
- Teleflex Incorporated
- Flowonix Medical Inc
- Zimmer Biomet
- Medtronic
For more information about this report visit https://www.researchandmarkets.com/r/7ka9rd
