Intrathecal Pumps Market Significant Profits Estimated to be Generated by 2028: Grand View Research Inc.

 Intrathecal Pumps Market Growth & Trends

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.

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.

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Intrathecal Pumps Market Report Highlights

• 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

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Intrathecal Pumps Market Segmentation

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
  • US.
  • Canada
• Europe
  • UK.
  • 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

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.