Wilmington, Delaware, United States, March 28, 2023 (GLOBE NEWSWIRE) -- According to the latest study by Transparency Market Research, the global intrathecal pumps market stood at USD 280.5 Mn in 2022 and the global market is projected to reach USD 415 Mn in 2031. The global industry is anticipated to expand at a CAGR of 4.45% between 2022 and 2031.
Since these intrathecal pumps help in the reduction of the exhausting pain for people suffering from chronic pain therefore their demand is also rising. Thus, due to the rise in chronic pain globally, the rise in demand for intrathecal implants in the treatment of chronic pain will likely push the progression of the market soon.
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An increase in the number of people suffering from chronic pain and cancer is the major factor that is inflaming the market, where intrathecal pumps are largely used for administering the drugs used for the intrathecal route during the treatment of such diseases. According to the estimations recorded by the International Agency for Research on Cancer (IARC), 17 million new cancer cases with global deaths and 9.5 million have been reported.
Thus, according to the reports by Transparency Market Research, 27.5 new cancer cases, and 16.3 million cancer deaths are expected to rise and hence drive the demand for intrathecal pumps in the management of cancer pain.
According to the report, based on application, the chronic pain segment is dominating the market of intrathecal pumps globally which has not only shown a momentous improvement in patients but also enabled the control of the administration of drugs.
Hospitals have accounted for a major share of the intrathecal pumps market in terms of end-user in 2021, where around 80-90% of intrathecal procedures have been performed for the availability of sufficient infrastructure and specialists. A growth in ambulatory surgical segments is also projected in the forecast period at a rapid pace leading to a rise in the reimbursement and approvals for intrathecal procedures in these areas.
In this case, according to the research by TMR, North America is considered to have the largest share followed by Europe, where both countries have faced economic growth thus leading to an increase in the disposable income of the population of the patients which will likely to shoot the expenditure of the healthcare.
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Key Takeaways of Market Report
- Intrathecal pumps help in the reduction of exhausting and chronic pain thus raising the demand for intrathecal implants.
- According to IARCs estimations, 17 million new cancer cases with global deaths and 9.5 million have been reported.
- 27.5 new cancer cases and 16.3 million cancer deaths have been reported, thus expecting to rise and hence driving the demand for intrathecal pumps in the management of cancer pain.
- Based on application, the chronic pain segment is dominating the market of intrathecal pumps globally.
- Hospitals accounted for a major share of the intrathecal pumps industry in terms of end-user in 2021, where 80-90% of intrathecal procedures have been performed for the availability of sufficient infrastructure and specialists.
- North America is considered to have the largest share followed by Europe thus, leading to an increase in the disposable income of the population of the patients, likely to shoot the expenditure of healthcare.
Intrathecal Pumps Market: Growth Drivers
- Intrathecal pumps can deliver multiple intrathecal pump medications with the help of a single infusion pump. The global population is thus expected to rise to 27.5 million new cancer cases leading to 16.3 cancer deaths by 2040 due to the rise in the geriatric population.
- Hence, the change in lifestyles, demographical changes, and rapid urbanization are the important factors that contribute to the rise in population with disease-causing pain.
- Consequently, as the rise in chronic and cancer-related pain starts dominating, the demand for intrathecal pumps in the management of cancer pain also drives up.
Intrathecal Pumps Market: Regional Landscape
- North America is said to have the highest share of intrathecal pumps followed by Europe. The increase in demand for intrathecal procedures, the high sustainability of cancer & chronic pain, and technological advancements will therefore drive the market in these regions.
- Also, the economic growth in the developed countries will expectedly tend to an increase in the disposable income of the patient population, which will thus shoot the expenditure of healthcare.
Intrathecal Pumps Market Key Players: Competitive analysis
Some of the key players in the intrathecal pumps market are-
- Flowonix, Inc.
Developments-
- Flowonix Medical, Inc. has announced the U.S. Food and Drug Administration (FDA) has been making approval for the Prometra II Programmable Pump System for using it with intrathecal baclofen.
- U.S. Food and Drug Administration (FDA) has also ordered Flowonix Medical, Inc. to recollect Prometra II Programmable Pump from the market.
Key Points from TOC:
1. Preface
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary: Global Intrathecal Pumps Market
4. Market Overview
4.1. Introduction
4.2. Overview
4.3. Market Dynamics
4.4. Global Intrathecal Pumps Market Analysis and Forecast, 2017–2031
5. Market Outlook
5.1. Disease incidence and prevalence
5.2. Technological Advancements
5.3. Regulatory Scenario across the globe/key countries
5.4. COVID-19 Impact Analysis
……………………………………………………..
15. Competition Landscape
15.1. Market Player – Competition Matrix (by tier and size of companies)
15.2. Market Share Analysis, by Company, 2021
15.3. Company Profiles
TOC Continued……
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Intrathecal Pumps Market Segmentation by
Product Type
- Programmable
- Constant rate
Application
- Chronic Pain
- Spasticity Management
End-User
- Hospitals
- Ambulatory Surgical Centers
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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