New York, Oct. 07, 2021 (GLOBE NEWSWIRE) -- Intrathecal Pumps Market: Key Insights
According to our new research study on “Intrathecal Pumps Market to 2028 – Global Analysis and Forecast – by Type, End User, and Geography,” the Intrathecal Pumps Market Size is projected to reach US$ 513.24 million in 2028 from US$ 357.38 million in 2021. The market is predicted to grow with a CAGR of 5.3% during 2021–2028. The shortage of awareness regarding pain management and high costs will likely hamper the market's growth in the coming years.
Intrathecal Pumps Market: Competition Landscape and Key Developments
Medtronic, Smiths Medical, Flowonix Medical Inc., tricumed Medizintechnik GmbH, Teleflex Incorporated, Johnson and Johnson Services, Inc., Durect Corporation, Medallion Therapeutics, Inc., Abbott, Baxter International Inc. are among the key companies operating in the intrathecal pumps market. Leading players focus on expanding as well as diversifying their market presence and acquiring new customer base, thereby tapping prevailing business opportunities.
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In October 2020, Baxter International Inc. had issued an Urgent Device Correction for all of its Spectrum infusion pumps in order to reinforce safety information regarding cleaning practices of the pumps. The deviations from specified cleaning methods impaired pumps functionality and performance.
In February 2020, Flowonix Medical, Inc. received Food and Drug Administration (FDA) approval to market the Prometra II Programmable Pump System for use with intrathecal baclofen. It expanded the market for the Prometra device significantly and enabled its use in the treatment of spasticity.
In 2020, North America dominated the intrathecal pumps market. In North America, the US is the largest market for intrathecal pumps. In the US, the need for intrathecal pumps is anticipated to witness growth due to the rise in R&D expenditures made by the companies situated in the US. The increasing number of patients suffering from pain due to chronic diseases, thereby needing intrathecal pumps. Huge investments by the medical device industry for intrathecal pumps supported the growth of the market. Moreover, increasing adoption of advanced medical device technologies, growing digitalization of medical devices, developing emphasis on improving treatment outcomes, and rising prevalence of chronic diseases also contribute to market expansion and growth.
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There is an increase in demand for intrathecal pumps, owing to the need for more efficient and productive optimization of drugs. When contrasted to oral medicines, intrathecal pumps require much less medication. Pain pumps require around 1/300 the number of prescriptions needed by oral meds. Advancements in technology, such as the capacity of a pump to dispense medicines directly to the site of most need, lessened systemic exposure, greater potency, and the quantity necessary to give the desired pharmacologic impact, are forecasted to drive market increase. For example, in February 2020, Flowonix Medicals launched a 40 mL pump for delivering medicines into the intrathecal space; the delivery device utilizes a valve-gated, pressure-driven delivery mechanism and has a battery life of more than ten years that reduces the need for future surgical procedures.
Drug or medication delivery using an intrathecal pump helps improve comfort and relieve chronic pain, decreases the use of painkillers, allowing patients to resume their lives. Intrathecal drug delivery is used for managing the pain associated with conditions, such as failing spine and neck surgeries, chronic spine pain, neck pain, and abdominal pain.
Intrathecal Pumps Market: Segmental Overview
The intrathecal pumps market, based on type, is segmented into constant rate pumps and programmable pumps. The constant rate pumps segment is anticipated to hold a larger market share in 2021; however, programmable pumps will register a higher CAGR of 6.1% during the forecast period. Based on application, the intrathecal pumps market has been segmented into chronic pain and spasticity management. In 2021, the chronic pain segment held the largest share of the market by application. In contrast, the spasticity segment is expected to grow at the fastest CAGR during the forecasted period. Intrathecal pumps can help to reduce spasticity (muscle spasms) caused by multiple sclerosis, cerebral palsy, stroke, brain injury, and spinal cord injury. Therefore, the intrathecal pump is becoming increasingly popular to treat severe spasticity to reduce the incidence and severity of systemic adverse effects.
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The intrathecal pumps market witnessed some shortfall at the beginning of the COVID-19 crisis due to disturbance in supply chain and demand due to lockdown announced by most countries. The impact of coronavirus in the North American region is expected to show mixed results. The need for pain management devices has likely increased among the geriatric population. Exposure to chronic pain is more in the aging population due to multiple comorbidities and potential immune suppression. However, governments across the world have imposed a lockdown for various days. Limited production of medical devices was allowed to continue. Prohibitory measures have been taken to manage the spread of this pandemic; however, in these measures, patients are not being treated with intrathecal pumps. Therefore, it is estimated that the supply of pain management devices would be significantly less in the region.
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