Intrathecal Pumps Market will reach market value USD 355.2 million by 2030 : GreyViews
Intrathecal Pumps Market Size By Type (Morphine, Baclofen, Ziconotide, Clonidine, Bupivacaine, and Others), By Application (Pain and Spasticity), Regions, Segmentation, and forecast till 2030.
Pune India, Jan. 28, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the *intrathecal pumps market* is operating and is predicted to expand soon. The manufacturers and suppliers involved in the intrathecal pumps market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, application, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global *intrathecal pumps market* are Codman & Shurtleff, Medtronic plc, Arrow International, Medallion Therapeutics, Flowonix, and Tricumed GmbH. among other. To achieve a substantial market share in the worldwide intrathecal pumps market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The rising incidence of chronic illnesses like cancer pain and other pain-causing conditions like postoperative pain, in which the patient experiences ongoing, severe back pain, are major growth drivers for the intrathecal pumps market. One of the main drivers fueling the market is the rising need for targeted medication delivery systems and technological developments in intrathecal pumps. More than 12 million people will be affected by spasticity symptoms worldwide in 2020, according to estimates from the American Association of Neurological Surgeons. These individuals include people with multiple sclerosis as well as those who have cerebral palsy, spinal cord injury, traumatic brain injury, and stroke. New predictions from the International Agency for Research on Cancer (IARC) show that there will be 10.3 million cancer deaths and 19.3 million new cases of cancer worldwide in 2020. Because intrathecal pumps immediately release a medicine into the Cerebro Spinal Fluid (CSF), which is absorbed more quickly and directly, they are more favourable than oral therapies. Additionally, compared to oral therapy, the dosage of medication needed is far lower, with the pump requiring only 1/300 the quantity of drug that is necessary orally. The demand for enhanced intrathecal pumps is anticipated to rise as a result of increased potency, decreased systematic exposure, and increased drug bioavailability.
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*Scope of Intrathecal Pumps Market Report*
*Report Metric* *Information*
*Study Period* 2022-2030
*Base Year * 2022
*Forecast Period* 2023-2030
*Market Share Unit* USD Million
*Segments Covered* Type, Application, and Regions
*Regions Covered* North America, Europe, Asia-Pacific, South America, and Middle-East and Africa
*Major Players* Codman & Shurtleff, Medtronic plc, Arrow International, Medallion Therapeutics, Flowonix, and Tricumed GmbH. among other
*Segmentation Analysis*
*The morphine segment is expected to be the fastest-growing segment in 2022. *
The type segment is morphine, baclofen, ziconotide, clonidine, bupivacaine, and others. The morphine segment is expected to witness the highest growth rate during the forecast period. Due of its strong receptor affinity, stability, and extensive user experience, morphine is recognised as the gold standard in intrathecal drug delivery. The use of morphine for the treatment of chronic intrathecal pain has also been approved by the US FDA. Long-term intrathecal morphine has less adverse effects than systemic opioids, which is another factor that is expected to support the growth of this market.
*The spasticity segment is expected to be the fastest-growing segment in 2022. *
The application segment is pain and spasticity. The spasticity segment is expected to witness the highest growth rate during the forecast period. New predictions from the International Agency for Research on Cancer (IARC) show that there will be 10.3 million cancer deaths and 19.3 million new cases of cancer worldwide in 2020. Because intrathecal pumps immediately release a medicine into the Cerebro Spinal Fluid (CSF), which is absorbed more quickly and directly, they are more favourable than oral therapies. Additionally, compared to oral therapy, the dosage of medication needed is far lower, with the pump requiring only 1/300 the quantity of drug that is necessary orally. The demand for enhanced intrathecal pumps is anticipated to rise as a result of increased potency, decreased systematic exposure, and increased drug bioavailability.
*Regional Analysis *
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the intrathecal pumps marketinclude the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
· The North America region witnessed a major share. According to the North American Spine Society (NASS), a limited subset of patients with spinal injury and chronic pain may benefit from the spinal intrathecal delivery system surgery. These patients may benefit from the procedure if they have tried every other kind of treatment for their symptoms. To rule out drug and alcohol issues as well as other psychiatric illnesses, these patients should have a psychological evaluation. One of the elements propelling market growth is the device's capacity to give small amounts of the medication to lessen excruciating pain. Compared to other traditional procedures, this process benefits patients with less adverse effects and higher therapeutic effects.
*Country Analysis*
· *Germany*
*Germany's intrathecal pumps market size was valued at USD 17.9 million in 2022 and is expected to reach USD 27.67 million by 2030, at a CAGR of 5.6% from 2023 to 2030. *This is attributable to insurance rules and a strengthening economy. Healthcare expenditures are expected to increase as a result of the patient population's increased disposable income due to economic growth in the region's developing countries.
· *China*
*China’s intrathecal pumps market size was valued at USD 18.04 million in 2022 and is expected to reach USD 28.32 million by 2030, at a CAGR of 5.8% from 2023 to 2030. *Economic growth has increased investments in healthcare infrastructure in several Asian countries, such as China, which is projected to increase utilisation of hospital equipment. Working with commercial insurance firms, the governments of these nations are focusing on enhancing healthcare coverage to enable access to better healthcare facilities.
· *India*
*India's intrathecal pumps market size was valued at USD 13.8 million in 2022 and is expected to reach USD 21.5 million by 2030, at a CAGR of 5.7% from 2023 to 2030. *It is projected that factors such as increased cancer prevalence rates, chronic postoperative pain, and neck discomfort will fuel market growth.
*Covid-19 Impact*
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the intrathecal pumps market is mainly driven by the rise in usage in healthcare sector.
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