Intrathecal Pumps Market witness handsome growth in upcoming years
Intrathecal pump is a surgically implanted system used to infuse potent medication directly into or around the spinal cord. These pumps are typically intended for use in chronic pain and spasticity management for delivering potent medicines in the intrathecal space which allows administration of drugs in very low doses. This significantly reduces the side effects associated with the drugs. The global intrathecal pumps market was valued at USD 199.8 million in 2013, and is expected to grow at a CAGR of 4.1% to reach an estimated value of 264.8 million by 2020.
The global intrathecal pumps market is witnessing healthy growth amidst the frequent product recalls. Driving factor for the market growth is the device’s ability to reduce debilitating pain and drug administration in low doses. This benefits patients with lesser side effects and more rapid therapeutic effects compared to other forms of medication. Chronic pain affecting approximately 20% to 30% of the U.S. population is the largest driver for intrathecal pumps. The prevalence of chronic pain is also severe in other parts of the world. In 2013, the market for these pumps was largely driven by demand for treating chronic pain and this application alone contributed to more than two-third of the total market revenue. The pain management application is expected to maintain its top position during the forecast period from 2014 to 2020 due to large untapped patient base and wider side effects of existing opioid analgesics administered via routes other than intrathecal.
Geographically, the global intrathecal pumps market is segmented into four major regions, namely, North America, Europe, Asia-Pacific and Rest of the World. In 2013, North America was the largest market for intrathecal pumps followed by Europe and accounted for more than half of the revenue share in the market. This geography is expected to register a growth at a CAGR close to 4% during the forecast period. The improving healthcare infrastructure in Asia-Pacific region, particularly in China and India, large patient base with chronic pain and improving economies are propelling the growth of intrathecal pumps market in this region.
The global intrathecal pumps market is governed by very few players such as Medtronic, Inc., Flowonix Medical, Codman & Shurtleff, Inc. (a Johnson & Johnson company), and Tricumed Medizintechnik GmbH. Though several product recalls by leading companies in the market have hampered the market growth to some extent, many new companies are trying to enter the market to explore the untapped opportunities in the future.
Get a Sample of this Report: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1599
Cancer Treatment to Account for High Usage of Infusion Pumps
As per the data from the International Agency for Research on Cancer (IARC), the number of new cancer cases rose to 14.1 million in 2012 and the number of cancer deaths was recorded to be approximately 8.2 million. With prevalence of the disease in such a large magnitude, there is substantial demand for infusion pumps for cancer treatment. Hence, with higher safety and efficacy of drugs delivered through infusion pumps, the market for intrathecal pumps will expand rapidly in the coming years.
With technological developments, researchers have developed and manufactured infusion pumps that have the capability to deliver multiple medications using the same infusion pump. However, the use of a single drug reservoir for multiple medications can cause drug stability issues and a complex dosing challenge for concentration and administration rate for each drug. Hence, product modification and development is still needed for precise and accurate drug administration with low error rates.
Mr. Sudip S
Transparency Market Research
90 State Street,
NY – 12207
USA – Canada Toll Free 866-552-3453