Growing aging population and prevalence of various chronic problems such as cancer are the major drivers for the intrathecal pump market. Intrathecal pumps are used to transfer doses of drugs in the human body mainly in spinal cord in a precisely controlled rate. Technological advancement has resulted in improved features and increase in demand of the product in the market. Growing economy has led to increase in sales of intrathecal pump amongst the patients and is acting as a driver for augmentation of the intrathecal pump market. Intrathecal pumps are a boon in the global market of pain management and are used to manage long-term pain with minimal side-effects. Factors such as strengthening insurance policies have resulted in growth in investment rate from major companies and are expected to propel the growth of the intrathecal pump market. Increasing feasibility and flexibility has made intrathecal pump market more famous amongst the patients and diagnostic centers. Rise in problems such as neuro-degeneration with brain iron accumulation and patient suffering with dystonia; require drugs such as Baclofen and Trihexy-phenidyl. However, these drugs are unfortunately not available in oral form. Thus, technological advancement and upgrading in research has led to discovery of intrathecal pumps with capability of performing multiple medications via single infusion pump.
Intrathecal pump market is segmented on the basis of application into spasticity and pain management. The maximum market share is occupied by pain management and then by spasticity management. According to the reports submitted by the International Agency for Research on Cancer (IARC), there was a rapid rise in the patients affected with cancer. It was estimated to be 14.1 million new cases in 2012 and mortality rate was approximately 8.2 million. Therefore, the intrathecal pumps market is expected to experience a further expansion owing to usage of more & more drugs for efficacy and safety and approval of potential indication.
On the basis of geography, the segments of the intrathecal pump market are North-America, Europe, Asia Pacific, Latin-America, and MEA. North-America is one of the market leaders and held more than 40% of the market share followed by Europe. Reimbursement policies are also one of the major drivers for the development of the market in the region. Largest patient base suffering from chronic pain is other major reason behind the growth of the Intrathecal pump market in the North-America region. Emerging economies of Asia-Pacific, such as India and China are estimated to experience expansion over the forecast year owing to immense opportunities for the product in the region. Growing economy of developing countries is also enhancing disposable income amongst the population of the patients and in hand is increasing the healthcare expenditure. Rise in the investment in healthcare infrastructure is also intensifying the growth of the hospital-related equipment in these regions. According to various international studies, it has been estimated that around 10.1 percent to 55.2 percent of population are afflicted with pain. In the U.S., it appears that 20% to 30% of the general population experience chronic or recurring pain. Approximately, two third of these people suffer for more than five years. Pain is the most common symptom of patients present for palliative care and is present in 67% of patients with metastatic cancer. A study of 2000 showed that 36 million workers missed work due to pain and 83 million felt their pain interfered with participation in daily activities. These figures serve to clarify the need for effective long-term treatment modalities for chronic problems, which can only be dealt with the help of intrathecal pump.
The US based Flowonix Medical Inc., has launched a Prometra intrathecal pump with innovative technology, accurate drug delivery, increased device longevity and dual-gated valve drug delivery. Rise in the activities linked to market consolidation along with certain mergers and acquisition and partnership is propelling the growth of intrathecal pump market. Key players of the intrathecal pump market are Flowonix, Codman & Shurtleff, Medtronic Inc, Arrow International Medallion Therapeutics Inc. and Tricumed GmbH
Avail customized purchase options to meet your exact research needs:
Get your queries resolved from an industry expert.
Design an exclusive study to serve your research needs.
A testimonial for service in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.
"The quality of research they have done for us has been excellent..."