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
New York, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Intrathecal Pumps Market Size, Share & Trends Analysis Report By Type, By Application, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06129571/?utm_source=GNW
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. 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.
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
Read the full report: https://www.reportlinker.com/p06129571/?utm_source=GNW
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