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Worldwide Intrathecal Pumps Industry to 2028 - Advantages of Intrathecal Pumps over Oral Medications are Driving Growth - ResearchAndMarkets.com

·3-min read

DUBLIN, October 21, 2021--(BUSINESS WIRE)--The "Global Intrathecal Pumps Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Constant Rate Pump, Programmable Pump); Application (Chronic Pain, Spasticity Management) and Geography" report has been added to ResearchAndMarkets.com's offering.

The intrathecal pumps market is expected to reach US$ 513.24 million by 2028 from US$ 357.38 million in 2021; it is estimated to grow at a CAGR of 5.3% during 2021-2028.

The increasing prevalence of cancer and other chronic conditions, advantages of intrathecal pumps over oral medications, and rise in geriatric population are among the major factors boosting the market growth. However, the lack of awareness regarding advanced pain management techniques and high cost of intrathecal pumps hampers the market growth.

An intrathecal pump is a high-accuracy medical device that is implanted to relive chronic pain by inserting small amount of medicine directly into the intrathecal space. Intrathecal space is an area surrounding the spinal cord. Intrathecal pumps prevent the pain signals from being perceived by the brain. The pumps are surgically placed under the abdominal skin and deliver pain medication through a catheter. When compared to oral medicines, intrathecal pumps require much less medication. Pain pumps require around 1/300 the quantity of medicine required by oral meds. Advances in technology, such as the ability of a pump to deliver medicines directly to the site of most need, greater potency, reduced systemic exposure, and the amount necessary to provide the desired pharmacologic effect, are projected to drive market expansion. For example, Flowonix Medicals launched a 40 mL pump for delivering medicines into the intrathecal space; the delivery device utilises a valve-gated, pressure-driven delivery mechanism and also has a battery life of more than ten years, which may help decrease the need for future surgical procedures.

The intrathecal pumps market by type is segmented into constant rate pumps, and programmable pumps. The constant rate pumps segment held the largest share of the market in 2021 and however, programmable pumps is anticipated to register the highest CAGR of 6.1% in the market during the forecast period.

Reasons to buy

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Intrathecal Pumps market.

  • Highlights key business priorities in order to assist companies to realign their business strategies.

  • The key findings and recommendations highlight crucial progressive industry trends in the global intrathecal pumps market, thereby allowing players across the value chain to develop effective long-term strategies.

  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.

  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.

  • Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

  • Increasing Prevalence of Cancer and Other Chronic Conditions

  • Advantages of Intrathecal Pumps over Oral Medications

  • Rise in Geriatric Population

Restraints

  • Lack of Awareness Regarding Advanced Pain Management Techniques

  • High Cost of Intrathecal Pumps

Opportunities

  • Increasing Government Support for Developments in Medical Technologies

Future Trends

  • Integration of Healthcare IT with Medical Devices

Companies Mentioned

  • 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

For more information about this report visit https://www.researchandmarkets.com/r/q2583v

View source version on businesswire.com: https://www.businesswire.com/news/home/20211021005704/en/

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