Intrathecal Pumps Market Size ($ 513.24 Million by 2028) Growth
New York, October 7, 2021 (GLOBE NEWSWIRE) – Intrathecal Pumps Market: Key Insights
According to our new research study on ‘Intrathecal Pumps Market to 2028 – Global Analysis and Forecast – by Type, End User and Geography’ the Market Size of Intrathecal Pumps is expected to reach US $ 513.24 million in 2028, compared to US $ 357.38 million in 2021. The market is expected to grow with a CAGR of 5.3% between 2021 and 2028. Lack of awareness of pain management and the high costs are likely to hamper market growth in the years to come.
Intrathecal Pumps Market: Competition Landscape and Key Developments
Medtronic, Smiths Medical, Flowonix Medical Inc., tricumed Medizintechnik GmbH, Teleflex Incorporated, Johnson and Johnson Services, Inc., Durect Corporation, Medallion Therapeutics, Inc., Abbott, Baxter International Inc. are among the leading companies operating in intrathecal pumps Marlet. The main players are focused on expanding as well as diversifying their market presence and acquiring new customers, thereby exploiting existing business opportunities.
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In October 2020, Baxter International Inc. released an urgent device fix for all of its Spectrum infusion pumps to strengthen safety information regarding pump cleaning practices. Deviations from the specified cleaning methods adversely affected the operation and performance of the pumps.
In February 2020, Flowonix Medical, Inc. received approval from the Food and Drug Administration (FDA) to market the Prometra II Programmable Pump System for use with intrathecal baclofen. It significantly expanded the market for the Prometra device and enabled its use in the treatment of spasticity.
In 2020, North America dominated the intrathecal pump market. In North America, the United States is the largest market for intrathecal pumps. In the United States, the need for intrathecal pumps is expected to grow due to increased R&D spending by companies located in the United States. The increasing number of patients suffering from pain due to chronic diseases, thus requiring intrathecal pumps. Huge investments by the medical device industry for intrathecal pumps have supported the growth of the market. In addition, the increasing adoption of advanced medical device technologies, the increasing digitization of medical devices, the focus on improving treatment outcomes and the increasing prevalence of chronic diseases are also contributing to the expansion and growth. of the market.
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There is an increasing demand for intrathecal pumps, due to the need for more efficient and productive optimization of drugs. Unlike oral medications, intrathecal pumps require much less medication. Pain pumps require about 1/300 of the number of prescriptions needed for oral medications. Technological advancements, such as the ability of a pump to deliver drugs directly to the site that needs them most, reduced systemic exposure, greater potency, and the amount needed to give the desired pharmacological impact, are expected to result in an increase in the market. For example, in February 2020, Flowonix Medicals launched a 40ml pump to deliver drugs into the intrathecal space; the delivery device uses a pressure-operated, valve-operated delivery mechanism and has a battery life of over ten years, reducing the need for future surgeries.
Administering medication or medication using an intrathecal pump helps improve comfort and relieve chronic pain, decreases the use of pain relievers, allowing patients to resume their lives. Intrathecal drug administration is used to manage pain associated with conditions such as failed spine and neck surgeries, chronic spine pain, neck pain, and abdominal pain.
Intrathecal Pumps Market: Segment Overview
The intrathecal pump market, based on type, is segmented into constant flow pumps and programmable pumps. The constant flow pump segment is expected to hold a larger market share in 2021; however, programmable pumps will register a 6.1% higher CAGR during the forecast period. On the basis of applications, the intrathecal pumps market has been segmented into chronic pain and spasticity management. In 2021, the chronic pain segment held the largest market share by application. In contrast, the spasticity segment is expected to grow at the fastest CAGR during the forecast period. Intrathecal pumps can help reduce spasticity (muscle spasms) caused by multiple sclerosis, cerebral palsy, stroke, brain damage, and spinal cord injury. Therefore, the intrathecal pump is becoming increasingly popular for treating severe spasticity in order to reduce the incidence and severity of systemic side effects.
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The intrathecal pump market experienced some shortage at the onset of the COVID-19 crisis due to supply chain and demand disruptions due to the lockdown announced by most countries. The impact of the coronavirus in the North American region is expected to show mixed results. The need for pain management devices has probably increased among the geriatric population. Exposure to chronic pain is more relevant to the aging population due to multiple co-morbidities and potential immunosuppression. However, governments around the world have imposed a lockdown for several days. Limited production of medical devices has been allowed to continue. Prohibition measures have been taken to manage the spread of this pandemic; however, in these measurements, patients are not treated with intrathecal pumps. As a result, the supply of pain management devices is estimated to be significantly lower in the region.
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