The Global Intrathecal Pumps Industry is poised for consistent growth, according to a recent analysis by Future Market Insights (FMI). The market is estimated to have reached a value of US$231.5 million in 2022 and is projected to expand at a steady Compound Annual Growth Rate (CAGR) of 5.2% from 2022 to 2032. This growth trajectory indicates a significant market expansion, with the industry expected to reach a remarkable valuation of approximately US$383.5 million by the end of the forecast period.
The fact that intrathecal pumps require far smaller amounts of medication than oral ones is one of the main reasons behind the growing demand for these devices. As a result, intrathecal pumps are now seen as the treatment of choice by medical professionals and patients, creating a favorable atmosphere for market growth.
Moreover, the prevalence of chronic pain is increasing globally, which is a major driver of the intrathecal pump market. According to data published by Boston University’s School of Public Health, there are an estimated 1.5 billion cases of chronic pain worldwide, with the incidence of this condition increasing with age. Furthermore, statistics provided by the Centers for Disease Control and Prevention reveal that approximately 50 million Americans suffer from chronic pain, with 20 million experiencing high-impact chronic pain. These numbers are steadily rising, thereby contributing to the growth of the Global Intrathecal Pumps Industry.
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The United States will hold the largest share of the market throughout the Analysis Period
From 2022 to 2032, the Global Intrathecal Pumps Industry is estimated to develop at a CAGR of 5.2% in the United States. The CAGR for the growth of the intrathecal pump market from 2017 to 2021 was 3.5%. According to research by the American Cancer Society, in 2021, over 24 thousand people in the United States experienced a malignant tumor of the brain or spinal cord.
There are now significantly more cancer patients, according to a report recently published by the WHO’s International Agency for Research on Cancer. There are around 14.1 Million cancer patients, according to estimates. Additionally, it was determined that 8.2 Million individuals will lose their lives to cancer each year. The market for intrathecal pumps is expected to rise in the future due to the increase in cancer cases.
Global Intrathecal Pumps Industry: Competition Insights
Some of the key companies operating in the Intrathecal Pumps Market include Medtronic, Smiths Medical, Flowonix Medical Inc., tricumed Medizintechnik GmbH, Teleflex Incorporated, Johnson and Johnson Services, Inc., Durect Corporation, Medallion Therapeutics, Inc., Abbott, Baxter International Inc., Codman & Shurtleff, Inc., DePay Synthes, Summit Medical Group, B Braun Melsungen AG, Becton, Dickinson & Company and Fresenius Medical Care AG & Co. KGaA., and Zimmer Biomet.
Some of the recent developments by key providers of the Global Intrathecal Pumps Industry are as follows:
- In January 2021, a US$ 33 Million award was given to Flowonix Medical, a U.S.-based medical device business that specializes in implanted medication delivery systems. A US$ 10 Million debt facility was given as part of the deal by SWK Holdings (SWKH), a specialized finance firm that works with small- and mid-sized commercial-stage life-science enterprises.
- In October 2020, to reinforce safety advice regarding proper cleaning procedures for the pumps, Baxter International Inc. issued an urgent device correction for all of its spectrum infusion pumps. The failure to follow the prescribed cleaning procedures reduced the efficiency and effectiveness of the pumps.
- In February 2020, a 40 ml pump for intrathecal drug delivery was introduced by Flowonix Medical. It uses a pressure-driven, valve-gated delivery mechanism and has a battery life of more than 10 years, reducing the need for additional surgical procedures.
More Insights Available
In its new offering, Future Market Insights presents an unbiased analysis of the Global Intrathecal Pumps Industry, presenting historical market data (2017-2021) and forecast statistics for 2022-2032.
The study reveals essential insights by Type (Baclofen, Bupivacaine, Clonidine, Morphine, Ziconotide, and Other Types), By Application (Spasticity and Pain), across five regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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Key Segments Covered in Global Intrathecal Pumps Industry Survey
By Type:
- Baclofen
- Bupivacaine
- Clonidine
- Morphine
- Ziconotide
- Other Types
By Application:
- Spasticity
- Pain
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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