The global intrathecal pump market is expected to show significant growth owing to the growing aging population and the prevalence of various chronic problems such as cancer. Intrathecal pumps are used to transfer doses of drugs in the human body mainly in the spinal cord at a precisely controlled rate. Technological advancement has resulted in improved features and an increase in demand for the product in the market. The growing economy has led to an increase in sales of intrathecal pumps amongst the patients and is acting as a driver for augmentation of the 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 market. Increasing feasibility and flexibility has made the market more famous amongst the patients and diagnostic centers. Rise in problems such as neurodegeneration with brain iron accumulation and patients suffering from dystonia; require drugs such as Baclofen and Trihexyphenidyl. However, these drugs are unfortunately not available in oral form. Thus, technological advancement and upgrading in research have led to the discovery of intrathecal pumps with the capability of performing multiple medications via a single infusion pump.
The intrathecal pump market is segmented based on 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 by cancer. It was estimated to be 14.1 million new cases in 2012 and the mortality rate was approximately 8.2 million. Therefore, the intrathecal pumps market is expected to experience a further expansion owing to the usage of more & more drugs for efficacy and safety and approval of potential indication.
Based on geography, the segments 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. The largest patient base suffering from chronic pain is another 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. The growing economy of developing countries is also enhancing disposable income amongst the population of the patients and in hand is increasing the healthcare expenditure. The 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 the population is afflicted with pain. In the U.S., it appears that 20% to 30% of the general population experience chronic or recurring pain. Approximately, two-thirds 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 with the help of an 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. The rise in the activities linked to market consolidation along with certain mergers and acquisitions and partnerships is propelling the growth of the market. Key players in the intrathecal pump market are Flowonix, Codman & Shurtleff, Medtronic Inc, Arrow International Medallion Therapeutics Inc., and Tricumed GmbH.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.