Intrathecal Pumps Market Anticipated to Reach US$0.26 bn by 2020, Driven by High Incidence of Chronic Illnesses
A recent report published by Transparency Market Research (TMR), titled “Intrathecal Pumps Market – Global Industry Analysis, Size, Share, Procedures, Growth, Trends and Forecast, 2014 – 2020”, provides a comprehensive overview of the global intrathecal pumps market.
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Intrathecal pumps are infusion devices that can be implanted in a patient’s body. These miniature devices are surgically implanted under the skin in the abdomen. Intrathecal pumps deliver medication to the spine through a small but flexible catheter. Medical professionals prefer using intrathecal pumps for chronic cases to deliver precise doses of medication from any combination of reservoirs without getting stuck in a complex routine. This method of delivering medication is usually reserved for patients who seek long-term medication. Other alternatives available in the market are either costly or less effective, because of which the demand for intrathecal pumps has risen at a rapid pace over the past few years.
According to the findings of the report, the global intrathecal pumps market, which stood at US$0.19 bn in 2013, will reach US$0.26 bn by the end of 2020. If the figures hold true, the market will expand at a positive CAGR of 4.10% between 2014 and 2020.
Intrathecal pumps are preferred for long-term treatment that requires a drug to be infused over an extended time period in precise doses as per specifications. When needed, the drug reservoir is refilled using an external needle injection through a self-sealing septum in the infusion pump.
The report analyzes the various aspects influencing growth trends exhibited in the global intrathecal pumps market. For the purpose of the study, it segments the market into two major application segments, which are spasticity and pain management. Of these, the pain management segment held the largest share in the market and is expected to demonstrate a CAGR of 4.0% between 2014 and 2020.
According to information obtained from a survey conducted by the International Agency for Research on Cancer (IARC), the number of new cancer cases registered globally rose to 14.1 million in 2012 and deaths due to the chronic ailment reached 8.2 mn. According to the TMR report, chronic pain affects approximately 20% to 30% of the U.S. population. With incidence of chronic illnesses rising, the demand for advanced and more sophisticated infusion systems will substantially rise. In response, the market for intrathecal pumps will expand worldwide.
Regionally, North America dominated the global intrathecal pumps market, followed by Europe. The intrathecal pumps market in North America is likely to rise at a CAGR of 4.0% during the report’s forecast period. Asia Pacific will also exhibit lucrative prospects for the market, particularly in India and China.
With the latest technological advances, researchers have successfully designed and manufactured intrathecal pumps that deliver multiple medications through a single infusion pump. However, administering multiple medications in precise doses and varying concentrations may give rise to stability issues. Thus, the system still requires many more modifications to ensure accurate drug administration with negligible or no errors.
To present a holistic blueprint of the market, the report also profiles leading market players such as Codman & Shurtleff, Inc., Medtronic, Inc., Arrow International, Inc., Medallion Therapeutics, Inc., Flowonix, Inc., and Tricumed GmbH.
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