Intrathecal Pumps Market Size Worth $462.1 Million By 2028 | CAGR 5.1%: Grand View Research, Inc.

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Aug 16, 2021, 06:05 ET

SAN FRANCISCO, Aug. 16, 2021 /PRNewswire/ -- The global intrathecal pumps market size is expected to reach USD 462.1 million by 2028, registering a CAGR of 5.1% over the forecast period, according to a new report by Grand View Research, Inc. Intrathecal pump is a highly efficient device that helps improve chronic pain conditions in patients with cancer and other related disorders. The increase in the prevalence of chronic pain conditions, the growing geriatric population, and the reduced or complete elimination of pain killers by patients are expected to contribute to the market growth. Intrathecal pumps are better than oral medications because they work directly in the Cerebrospinal Fluid (CSF), allowing drugs to be absorbed faster and more effectively.

Key Insights & Findings:

The morphine segment dominated the market and accounted for the largest revenue share of more than 31% in 2020 owing to its effectiveness to cure chronic pain
The pain segment held the largest revenue share of over 70% in 2020 and is further estimated to grow at the fastest CAGR from 2021 to 2028
This is because pain is a component of many chronic illnesses and its increasing prevalence is expected to propel segment growth
North America dominated the market and accounted for the largest revenue share of more than 40.5% in 2020
Asia Pacific is expected to be the fastest-growing regional market at a CAGR of 6.9% over the forecast period
Leading manufacturers are investing in developing new products to gain a competitive advantage

Read 100 page research report, "Intrathecal Pumps Market Size, Share & Trends Analysis Report By Type (Bupivacaine, Morphine), By Application (Spasticity, Pain), By Region (APAC, North America, Europe), And Segment Forecasts, 2021 - 2028", by Grand View Research

Improved features, technological improvement, and a higher product demand will boost the market growth. Many global, as well as local key players in the market, are opting for different strategies. In February 2020, Flowonix Medical received the U.S. FDA approval to market its Prometra II Programmable Pump System. However, there are several drugs, which are not approved for intrathecal usage by the FDA. The FDA has also alerted patients and healthcare providers about the risk of using medications that have not been approved by the FDA.

As a result of the COVID-19 pandemic, the healthcare system had to deal with a lot of challenges. All outpatient and elective interventional procedures were limited or stopped to lower the impact of the virus outbreak. Also, most chronic pain therapies were regarded as non-urgent. The market, however, is projected to experience gradual growth with all services being restored. Furthermore, the increase in the geriatric population, which is prone to chronic pain, has increased the product demand. According to the National Institute on Aging (NIA), the geriatric population would be around 72 million by 2030.

Grand View Research has segmented the global intrathecal pumps market based on type, application, and region:

Intrathecal Pumps Type Outlook (Revenue, USD Million, 2016 - 2028)

Baclofen
Bupivacaine
Clonidine
Morphine
Ziconotide
Others

Intrathecal Pumps Application Outlook (Revenue, USD Million, 2016 - 2028)

Spasticity
Pain

Intrathecal Pumps Regional Outlook (Revenue, USD Million, 2016 - 2028)

North America

U.S.
Canada

Europe

U.K.
Germany
France
Italy
Spain

Asia Pacific

Japan
China
India
Thailand
South Korea

Latin America

Brazil
Mexico
Argentina

Middle East and Africa

South Africa
Saudi Arabia
UAE

List of Key Players of Intrathecal Pumps Market

Tricumed Medizintechnik GmbH
Codman and Shurtleff
Teleflex, Inc.
Flowonix Medical Inc.
Zimmer Biomet
Medtronic

Check out more studies related to pumps for medical procedures, conducted by Grand View Research:

Spinal Pumps Market – Global spinal pumps market was valued at USD 222.0 million in 2015. The increasing prevalence of movement disorders, such as multiple sclerosis, cerebral palsy, and spinal and brain injuries, and the resultant corresponding demand for long-term therapy, involving the spinal pump devices for chronic pain management in the aforementioned target disorders, are anticipated to widen the base for the spinal pumps market.
Patient-controlled Analgesic Pumps Market – Global patient-controlled analgesic pumps market size was valued at USD 292.4 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.6% from 2021 to 2028. The rise in the geriatric population and increasing preference for surgical procedures with technological advancements that enable procedures at the office and home care settings are the major factors driving the market.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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