DUBLIN, October 21, 2021--(BUSINESS WIRE)--The "Global Intrathecal Pumps Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Constant Rate Pump, Programmable Pump); Application (Chronic Pain, Spasticity Management) and Geography" report has been added to ResearchAndMarkets.com's offering.
The intrathecal pumps market is expected to reach US$ 513.24 million by 2028 from US$ 357.38 million in 2021; it is estimated to grow at a CAGR of 5.3% during 2021-2028.
The increasing prevalence of cancer and other chronic conditions, advantages of intrathecal pumps over oral medications, and rise in geriatric population are among the major factors boosting the market growth. However, the lack of awareness regarding advanced pain management techniques and high cost of intrathecal pumps hampers the market growth.
An intrathecal pump is a high-accuracy medical device that is implanted to relive chronic pain by inserting small amount of medicine directly into the intrathecal space. Intrathecal space is an area surrounding the spinal cord. Intrathecal pumps prevent the pain signals from being perceived by the brain. The pumps are surgically placed under the abdominal skin and deliver pain medication through a catheter. When compared to oral medicines, intrathecal pumps require much less medication. Pain pumps require around 1/300 the quantity of medicine required by oral meds. Advances in technology, such as the ability of a pump to deliver medicines directly to the site of most need, greater potency, reduced systemic exposure, and the amount necessary to provide the desired pharmacologic effect, are projected to drive market expansion. For example, Flowonix Medicals launched a 40 mL pump for delivering medicines into the intrathecal space; the delivery device utilises a valve-gated, pressure-driven delivery mechanism and also has a battery life of more than ten years, which may help decrease the need for future surgical procedures.
The intrathecal pumps market by type is segmented into constant rate pumps, and programmable pumps. The constant rate pumps segment held the largest share of the market in 2021 and however, programmable pumps is anticipated to register the highest CAGR of 6.1% in the market during the forecast period.
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Increasing Prevalence of Cancer and Other Chronic Conditions
Advantages of Intrathecal Pumps over Oral Medications
Rise in Geriatric Population
Lack of Awareness Regarding Advanced Pain Management Techniques
High Cost of Intrathecal Pumps
Increasing Government Support for Developments in Medical Technologies
Integration of Healthcare IT with Medical Devices
FLOWONIX MEDICAL INC.
tricumed Medizintechnik GmbH
Johnson and Johnson Services, Inc.
Medallion Therapeutics, Inc.
Baxter International Inc
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