Intrathecal Pumps Market to Reach US$ 405.6 Mn by End of 2031 | States TMR
- Increase in adoption of intrathecal pump implants for treatment of chronic pain is projected to aid in intrathecal pumps market expansion
- Rise in prevalence of chronic and acute diseases is expected to propel the demand for intrathecal pumps in the market, thereby boosting growth
- Hospitals end-user segment held the leading market share in 2021
WILMINGTON, Del., Dec. 21, 2022 /PRNewswire/ -- The global intrathecal pumps market is projected to grow at a CAGR of 4.5% from 2022 to 2031. Chronic pain has now become more common in most parts of the world. Demand for intrathecal pump implantable devices for treatment of chronic pain is expected to drive market growth in the next few years.
Researchers have created an advanced intrathecal drug pump capable of delivering multiple intrathecal pump medications through a single infusion pump. However, using combination therapy in a single integrated system may cause drug stability issues as well as a complex dosing challenge due to the varying concentrations and administration rates for each drug.
According to the TMR report, the global intrathecal pumps market was valued at US$ 272.1 Mn in 2021 and is anticipated to reach US$ 405.6 Mn between 2022 and 2031.
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Key Findings of Study
- Rise in Number of People Suffering from Chronic Pain to Promote Market Growth: Intrathecal pain pump implants can relieve debilitating pain while also administering a drug in low doses. When compared to other types of medication, these implants have fewer side effects and provide faster therapeutic action. Thus, the increase in patient population with chronic pain is projected to promote market growth during the forecast period.
- Rise in Cases of Non-emergency Treatments to Augment Demand for Intrathecal Pumps: Rapid rate of urbanization, change in lifestyles, and adoption of irregular food habits are the key factors resulting in the prevalence of multiple acute and chronic diseases. Some of these diseases are characterized by chronic pain and thus require medical attention in the form of intrathecal pumps to ease the pain. This, along with lifestyle changes, can result in disease-causing pain, thereby boosting the intrathecal pumps industry growth during the forecast period.
Key Drivers
- Increase in product launches by manufacturers is anticipated to boost the intrathecal pumps market in the next few years
- Rise in need for better patient care in hospitals and surgical setups is projected to propel the demand for intrathecal pumps, thereby creating business opportunities for this market during the forecast period
- Advantages of administering a precise medication dose that helps in pain relief for certain diseases is expected to augment growth of the intrathecal pumps market
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Regional Growth Dynamics
- North America emerged dominant on account of the increase in demand for intrathecal procedures. Rise in prevalence of chronic diseases and cancer would also help this region maintain its dominance in the market in the next few years.
- Europe ranks second in the market and is projected to closely follow North America during the forecast period. Growth of the market in Europe can be ascribed to government-supported initiatives in the form of reimbursement and regulatory approvals for their citizens.
- Asia Pacific is projected to contribute significantly to the global intrathecal pumps market in the near future on account of the significant economic growth in major countries such as India, China, and Japan. Increase in people's disposable incomes and their willingness to spend more on healthcare is anticipated to help this region witness significant market progress in the next few years.
Key Players
Prominent players in the global intrathecal pumps market are Tricumed Medizintechnik GmbH, Medtronic, Inc., Smiths Mecial, Flowonix, Inc., Teleflex Incorporated, Durect Corporation, DePay Synthes, B Braun Melsungen AG, Johnson & Johnson Services Inc., Medallion Therapeutics Inc., Dickinson & Company, Abbott, Zimmer Biomet, Becton, and Baxter International Inc.
Intrathecal Pumps Market Segmentation
Product Type
- Programmable
- Constant Rate
Application
- Chronic Pain
- Spasticity Management
End-user
- Hospitals
- Ambulatory Surgical Centers
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Countries/Sub-regions
- U.S.
- Canada
- Germany
- U.K.
- France
- Spain
- Italy
- Russia & CIS
- China
- India
- Japan
- ASEAN
- Brazil
- Mexico
- GCC
- South Africa
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