The intrathecal pumps market has been segmented and analyzed on the bases of type, application, and geography. Based on region, the market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America. The report offers insights and in-depth analysis of the intrathecal pumps market emphasizing on various parameters such as market trends, technological advancements, and market dynamics; it also provides the competitive landscape analysis of leading Intrathecal Pumps market players across the world and the analysis of the COVID-19 impact across various regions.
Chronic pain is a major cause of disability and is associated with a hefty financial and social burden. According to the National Cancer Institute, the annual growth rate of new cancer cases is 442.4 per 100,000 persons. As per Center for Disease Control and Prevention (CDC) estimations, 67 million adults in the US are likely to report doctor-diagnosed arthritis by 2025. Intrathecal pumps are more advantageous than oral prescriptions since they function directly on the cerebrospinal fluid (CSF), allowing drugs to be digested faster and easily. Cancer, Rheumatoid Arthritis, fibromyalgia, and nerve damage, among other chronic disorders, have a detrimental effect on a person's health as they impair immunity and lead to persistent pain. Adults and geriatric population are most frequently affected by the aforementioned disorders. According to October 2019 data from the CDC, 6 in 10 adults in the US live with at least one chronic disease. Additionally, 4 in 10 persons in the country suffer from two types of chronic diseases at once.
Many chronic disorders are becoming more prevalent among the young and adult populations. Additionally, chronic pain is also prominently caused from common conditions such as rheumatoid arthritis and certain musculoskeletal conditions arising from sports and occupational injuries. This pain aggravates person's reliance on others for daily tasks; thus, managing it becomes critical task for maintaining normalcy in routine. Intrathecal pumps provide relief for extended periods while improving health of patients. Thus, increasing prevalence of cancer and other chronic conditions is boosting the demand for intrathecal pumps, thereby driving the market growth.
The intrathecal pumps market, by type, is segmented into constant rate pumps and programmable pumps. The constant rate pumps segment is expected to hold a larger share of the market in 2021; however, the programmable pumps segment is anticipated to register the highest CAGR of 6.1% in the market during the forecast period.
The intrathecal pumps market, based on application, is segmented into chronic pain and spasticity management. In 2021, the chronic pain segment is estimated to hold a larger market share; however, the spasticity segment is expected to register a higher CAGR in the market during 2021–2028.
Inorganic strategies such as partnerships, and mergers and acquisitions are commonly adopted by companies to cater to changing customer demand and maintain their brand name in the global marketplace. The Intrathecal pumps market players also adopt organic strategies such as product launch and expansion to outstretch their footprint and product portfolio worldwide as well as to meet the growing demand.
The regional trends and factors influencing the Intrathecal Pumps Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Intrathecal Pumps Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 357.38 Million |
| Market Size by 2028 | US$ 513.24 Million |
| Global CAGR (2021 - 2028) | 5.3% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Intrathecal Pumps Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Intrathecal Pumps Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The List of Companies - Intrathecal Pumps Market
North America held highest market share in 2021.
Medallion Therapeutics, Inc. and Medtronic are the key players in the intrathecal pumps market
Programmable pumps type segment market provides the most opportunity for growth
The intrathecal pumps market is anticipated to grow around 5.3% CAGR amid the forecast period 2021-2028.
The key factors that are driving the growth of market are increasing prevalence of cancer and other chronic conditions, advantages of intrathecal pumps over oral medications, and rise in geriatric population boost the market growth. However, 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 works to relieve 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 pump is surgically placed under the abdominal skin and delivers pain medication through a catheter to the area around patients spinal cord.