New York, USA, July 28, 2021 (GLOBE NEWSWIRE) -- A new report on the global intrathecal drug delivery system market has been added by Research Dive to its offerings. As per the report, the global market is anticipated to garner $1,662.0 million by 2027, growing at a CAGR of 7.2% from 2020 to 2027. This report in an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, shareholders, investors, prevalent players, stakeholders, etc.
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Factors Impacting the Market Growth:
Increasing need for intrathecal drug delivery (IDD) systems with greatly enhanced analgesia and growing use of IDD systems in the treatment of cancer across the globe are propelling the global intrathecal drug delivery system market growth. Also, rising applications of IT treatments in cancer cases and several potential trials on terminal diseases and cancer are likely to unlock rewarding opportunities for the market growth.
However, complications involved in ITDD systems like mechanical system complications, pharmacological complications, patient-specific complications, and surgical complications are likely to obstruct the market growth during the forecast period.
The report segments the global intrathecal drug delivery system market into product type, application, and region.
Externalized and Connected to a Pump Sub-Segment to Grab Leading Share of the Market
The externalized and connected to a pump sub-segment of the product type segment is anticipated to lead the market by gathering a revenue of $1,358.6 million by 2027. This is mainly because externalized and connected to a pump type of intrathecal drug delivery systems are greatly in demand for cancer pain treatments.
Spasticity Management Sub-Segment to Hold Highest Share of the Market
The spasticity management sub-segment of the application segment is projected to dominate the market growth by surpassing a revenue of $1,140.2 million by the end of 2027. This is mainly owing to the growing applications of intrathecal drug delivery systems in spasticity management to control the flow of drug delivery.
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North America Region to Lead the Global Market
The report analyzes the global intrathecal drug delivery system market across several regions such as North America, Europe, Asia Pacific, and LAMEA. The North America region market is projected to dominate the global market by surpassing $695.9 million by 2027. This is mainly because fully implanted IDD systems are extensively used in this region owing to its benefits such as easy usage, better control of drug delivery, and long-lasting nature.
Major Players in the Market:
The report states some of the foremost players operating in the global intrathecal drug delivery system industry including -
- Flownix Medical Inc.
- Medtronic Plc.
- Teleflex Incorporated
- DePay Synthes
- Smiths Group Plc
- Summit Medical Group
- B Braun Melsungen AG
- Becton
- Dickinson & Company
- Fresenius Medical Care AG & Co. KGaA
- Tricumed Medizintechnik GmbH
The report also provides some of the latest winning tactics such as strategic moves & developments, business performance, product/service range, Porter five forces analysis, and SWOT analysis of the leading players, functioning in the global industry. For instance, in January 2020, Medtronic, a leading medical technology, services, and solutions provider, launched Efficio™, a cloud-based data management software. Efficio™ can be used with the SynchroMed™ II intrathecal drug delivery system to help clinicians to proficiently manage their targeted drug delivery pump practices for treating patients suffering with cancer pain, chronic pain, and severe spasticity. Quick Download Top Companies Development Strategies Summary Report
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