By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. The North America intrathecal pumps market accounted for USD 0.32 billion in 2021 and is expected to exhibit a 5.25% CAGR during the study period. This is attributed to the presence of major key players, the availability of well-developed primary, secondary, and tertiary care hospitals provide supported the market of intrathecal pumps in North America region. In addition, favorable government policy and strong reimbursement network are majorly driving the market growth of intrathecal pumps.
Thus, favorable government policy as well as reimbursement policy increasing interest of major key players for investment in research and development activity is likely to drive the intrathecal pumps market growth in the North America region.
Further, the major countries studied are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: INTRATHECAL PUMPS MARKET SHARE BY REGION, 2023 & 2030 (USD BILLION)
Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review
Europe intrathecal pumps market is expected to account for the second-largest market share due to the increasing research and development activity, increasing cases of cancer associated pain which directly influence the demand of market of intrathecal pumps in Europe region. Furthermore, the Germany market of intrathecal pumps is expected to hold third position for the market share, and the UK country consider as fastest growing country in the market of intrathecal pumps which holds fourth position in Europe region. Moreover the France market of intrathecal pumps will hold the least market share in Europe region.
The Asia-Pacific intrathecal pumps market is expected to fastest growing CAGR from 2022 to 2030. This is due to the growing research and development activity, increasing healthcare expenditure in the Asia Pacific which is expected to propel the product demand. Moreover, the increasing number of investigational compounds and rising preclinical trials in the Asia-Pacific region is further boosting the market growth of intrathecal pumps.
In addition, rising statergic alliance such as mergers, acquisition, collaboration, and partnership by key players in Asia-Pacific region is boosting the business in Asia-Pacific region. Further increasing population which leads to increased risk of pain associated chronic diseases due to the changing lifestyle pattern, rising inclination towards western lifestyle as well as changing food habits pattern in Asian population leads to risk of life-threatening diseases which is positively impact on the market demand of intrathecal pumps in Asia-Pacific region.
In addition, Japan holds the largest market share in intrathecal pumps due to the rising geriatric population and China is expected fastest growing market in Asia-Pacific region.
The Rest of the World includes the Middle East, Africa, and Latin America. Middle East holds the largest market share in Rest of the World due to the improving medical infrastructure facilities as well as availability of highly skilled medical staff, government initiative for healthcare system development drives the market demand of intrathecal pumps in the region.