NEW YORK, Sept. 27, 2016 /PRNewswire/ -- The global spinal pumps market is expected to reach USD 319.8 million by 2024. The rising geriatric population base, which is highly susceptible to developing chronic disorders, such as cancer as well as movement and neurological disorders, leading frequently to subsequent spasms and pain, is presumed to propel the need for spinal pumps. According to a report published by the International Agency for Research on Cancer (IARC of WHO), there is an upsurge in the number of cancer patients and approximately 14.1 million patients were estimated to suffer from cancer in 2012. These statistics indicate the indisputable requirement to incorporate spinal pumps, which is expected to present the industry with lucrative growth opportunities.
Furthermore, the growth of the spinal pumps market is attributed to the technological advancements and the expanding product pipeline comprising pump volume indicators, valve-regulated pumps, and pressure monitors. In addition, the rising involvement of the industry players in the development of treatment solutions through strategic alliances is likely to present the intrathecal pumps market with a potential growth platform. For instance, in December 2015, Medtronic plc and Samsung Electronics Co., Ltd., announced their collaborative agreement to develop health solutions in the area of neuromodulation.
Further key findings from the study suggest:
The pain management category dominated the application segment of the overall spinal pumps market in terms of revenue share at over 69.0%in 2015, owing to the increasing preference for long-term relief alternatives and the high prescription prices associated with conventional opioid drugs used in pain management. These aforementioned factors are responsible for the high adoption rate of spinal pumps in pain management.
Spasticity management is expected to grow at the fastest CAGR at over 4.0% throughout the forecast period. This can be attributed to the rising government initiatives and recommendations, such as by the British Pain Society to promote effective spinal drug delivery in the treatment of spasticity in adults, as well as to support and provide guidance to the institutions and healthcare practitioners to maximize the benefits in patients undergoing treatment.
In 2015, North America dominated the overall intrathecal pumps market at over 54.0%. Moreover, the subsequent demographic trend changes, such as the increase in the elderly population count, and the high awareness levels related to the availability of highly efficacious pain management solutions including the spinal pump devices are presumed to drive the industry growth in this region. Furthermore, the high R&D intensity aimed at developing technologically advanced products is expected to propel the industry growth in the North America region.
Asia Pacific is expected to grow the fastest, at a CAGR of over 6.0% over the forecast period owing to the presence of untapped opportunities especially in the emerging economies, of China and India. Additionally, the rising number of government initiatives focusing towards the enhancement of the existent healthcare infrastructure, for instance in China, the healthcare reforms introduced through an initiative, the New Health Care Reform Plan, implemented by the Chinese State Council and the Central Committee of the Communist Party of China (CPC), serve as the key growth contributing factors towards the growth of the regional spinal pumps market of China.
The key players in this industry are increasingly involved in adopting collaborative strategies and in announcing frequent product approvals to facilitate business expansion. For instance, in November 2014, Tricumed Medizintechnik GmbH launched the implantable, programmable infusion pump for baclofen therapy. This launch resulted in the expansion of the intrathecal product portfolio for the treatment of spasticity thereby capturing a larger share of the industry.
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