NEWARK, Del, Dec. 02, 2022 (GLOBE NEWSWIRE) -- The global Intrathecal Pumps Market was valued at US$ 221.1 Mn in 2021 and is expected to reach US$ 383.5 Mn by 2032, finds Future Market Insights (FMI) in a recent market survey. As per the findings of the report, it is projected that revenue through Morphine Intrathecal Pumps will reach a valuation of US$ 116 Mn by 2032, growing at 4.8% CAGR during the forecast period.
According to Boston University's School of Public Health, there are approximately 1.5 Bn chronic pain cases in the world, and the prevalence of this condition increases with age. According to the Centers for Disease Control and Prevention, there are approximately 50 Mn Americans who experience chronic pain, 20 Mn of whom experience high-impact chronic pain. These numbers are on the rise, hence contributing to the growth of the intrathecal pump market.
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The United States will hold the largest share of the market throughout the Analysis Period
From 2022 to 2032, the Intrathecal Pumps Market is estimated to develop at a CAGR of 5.2% in the United States. The CAGR for the growth of the intrathecal pump market from 2017 to 2021 was 3.5%. According to a research by the American Cancer Society, in 2021, over 24 thousand people in the United States experienced a malignant tumor of the brain or spinal cord.
There are now significantly more cancer patients, according to a report recently published by the WHO's International Agency for Research on Cancer. There are around 14.1 Mn cancer patients, according to estimates. Additionally, it was determined that 8.2 Mn individuals will lose their lives to cancer each year. The market for intrathecal pumps is expected to rise in the future due to the increase in cancer cases.
Intrathecal Pumps Market: Competition Insights
Some of the key companies operating in the Intrathecal Pumps Market include 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., Codman & Shurtleff, Inc., DePay Synthes, Summit Medical Group, B Braun Melsungen AG, Becton, Dickinson & Company and Fresenius Medical Care AG & Co. KGaA., and Zimmer Biomet.
Some of the recent developments by key providers of the Intrathecal Pumps Market are as follows:
- In January 2021, a US$ 33 Mn award was given to Flowonix Medical, a U.S.-based medical device business that specializes in implanted medication delivery systems. A US$ 10 Mn debt facility was given as part of the deal by SWK Holdings (SWKH), a specialized finance firm that works with small- and mid-sized commercial-stage life-science enterprises.
- In October 2020, in order to reinforce safety advice regarding proper cleaning procedures for the pumps, Baxter International Inc. issued an urgent device correction for all of its spectrum infusion pumps. The failure to follow the prescribed cleaning procedures reduced the efficiency and effectiveness of the pumps.
- In February 2020, a 40 ml pump for intrathecal drug delivery was introduced by Flowonix Medical. It uses a pressure-driven, valve-gated delivery mechanism and has a battery life of more than 10 years, reducing the need for additional surgical procedures.
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the intrathecal pumps market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by Type (Baclofen, Bupivacaine, Clonidine, Morphine, Ziconotide, and Other Types), By Application (Spasticity and Pain), across five regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
Key Segments Covered in Intrathecal Pumps Market Survey
By Type:
- Baclofen
- Bupivacaine
- Clonidine
- Morphine
- Ziconotide
- Other Types
By Application:
- Spasticity
- Pain
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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