Market Research Future (MRFR) has published a cooked research report on the “Global Intrathecal Pumps Market” that contains information from 2022 to 2030.
The global intrathecal pumps market is expected to have a market value of USD 3.18 billion by 2030.
The global intrathecal pumps market is driven by several factors, an increased frequency of chronic diseases, rising healthcare expenditure, improving reimbursement scenarios in developing economies such as India and China. According to the National Cancer Institute in 2020, around 1,806,590 new cases of cancer was diagnosed in the US and around 606,520 patients was die from the cancer. Moreover, as per the Centers for Medicare & Medicaid Services, healthcare expenditure in 2021 was around USD 4.3 trillion or USD 12,914 per person and accounted for 18.3% of Gross Domestic Product (GDP). Thus, increasing number of chronic diseases including cancer, chronic pancreatitis, back pain and rising healthcare expenditure are driving the growth of the market. However, stringent regulation, dosing error, pump failure, infection, respiratory distress is hampering the growth of this market.
MRFR recognizes the following companies as the key players in the Global Intrathecal Pumps Market — Medtronic Plc. (US), Flowonix (US), Medallion Therapeutics (US), Arrow International, Inc (US), Tricumed GmbH (Germany), Codman & Shurtleff, Inc (US), Abbott (US), Baxter International Inc (US), Teleflex Incorporated (US), Durect Corporation (US).
The global intrathecal pumps market is segmented into product class, application, end user and region. The product class segment is further segmented into baclofen, hydromorphone, morphine, bupivacaine, and others. Additionally, the application is segmented into pain management and spasticity management. Furthermore, the end user segment is further segmented into hospitals & clinics, ambulatory surgery centers.
Explore In-depth Details: Intrathecal Pumps Market Research Report
The global intrathecal pumps market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World.
North America region held over 40.5% largest market share in 2021. The availability of well-developed primary, secondary, and tertiary care hospitals supported the market growth in the North American region. Moreover, a strong reimbursement network, and favorable government funding, are major factors predicted to foster market growth. The rising collective efforts by key market companies to improve their product portfolio and ensure high-quality standards are expected to surge the demand for intrathecal pumps across this region.
Europe is anticipated to witness significant growth over the forecast period owing to an increasing research and development activity, growing number of healthcare institutions, and rising adoption if technological advancements are boosting the growth of intrathecal pumps market in Europe region. Moreover, the growing demand for intrathecal pumps, increasing healthcare expenditure is further boost the intrathecal pumps market in Europe.
Asia-Pacific is expected to grow at the fastest CAGR of 7.0% during the forecast period. The presence of a large patient pool in the Asia Pacific is expected to boost the product demand. An rising number of pain patient pool in the Asia-Pacific is expected to propel the growth of market. Moreover, the increasing number of pain care enters in China, Japan, Singapore, and India is expected to drive the growth of intrathecal pumps market. For example, Singapore Pain Care Center (SPCC) is a pain management centre in Southeast Asia that offers an option to open surgery. The increasing prevalence of pain-related disorders, rising R&D expenditure is expected to boost the growth of intrathecal pumps market in Asia-Pacific region.
The rest of the world is comprised of the Middle East, Africa, and Latin America. In this region, the Middle East is anticipated to dominate the intrathecal pumps market due to the growing GDP, rising awareness about the intrathecal pumps devices, improving medical facilities in underdeveloped countries. Moreover, the key players showing interest in operating their business in Middle East. All these factors are likely to contribute to the growth of intrathecal pumps market in Middle East.
Key Findings of the Study
Some of the key players operating in the Intrathecal Pumps Market are — Medtronic Plc. (US), Flowonix (US), Medallion Therapeutics (US), Arrow International, Inc (US), Tricumed GmbH (Germany), Codman & Shurtleff, Inc (US), Abbott (US), Baxter International Inc (US), Teleflex Incorporated (US), Durect Corporation (US).