The intrathecal pump market research report is projected to grow
from USD 0.38 Billion in 2022 to USD 3.8 billion by 2032, exhibiting a CAGR of
5.1% during the forecast period (2023 - 2032).
Market Dynamics
The growth of the market is being driven by
an increase in pharmaceutical research and development activities, a rise in
consumer appetite for intrathecal pumps, and an expansion in healthcare
spending. Intrathecal pump demand is being driven up by the rising incidence of
chronic diseases including cancer, chronic pancreatitis, and other
post-operative pain conditions where patients experience constant, excruciating
back pain. Additionally, the prevalence of spasticity symptoms is on the rise,
which is fueling this market's expansion.
Market division
Based on product class, the intrathecal
pump market is further divided into divisions for baclofen, hydromorphone,
morphine, bupivacaine, and others. In terms of revenue, the morphine market
will account for the lion's share of the intrathecal pumps market in 2021. This
is because morphine, the medication of choice, is widely regarded as the gold
standard for intrathecal drug administration because of its high receptor
affinity and durability.
The segmentation of the intrathecal pumps
market is based on applications, such as pain treatment and spasticity
management. The pain segment dominated the market in 2021 and is anticipated to
grow at the highest rate between 2022 and 2030.
Based on end-user, the market for
intrathecal pumps is segmented to include hospitals, clinics, and outpatient
surgery centers. The hospitals & clinics category dominated the market in
2021 and is anticipated to grow at the quickest rate from 2023 to 2032.
Regional Evaluation
The market for intrathecal pumps in North
America had sales of USD 0.32 billion in 2021 and is anticipated to grow at a
rate of 5.1% during the research period. This is due to the existence of
significant important players and the availability of primary, secondary, and
tertiary care hospitals that have evolved well enough to support the market for
intrathecal pumps in the North American region. Additionally, a supportive
regulatory environment and a robust reimbursement system are significantly
fueling the market expansion of intrathecal pumps. Intrathecal pumps market
growth in the North American area is therefore projected to be fueled by
favorable government policy as well as reimbursement policies increasing
interest of major key players for investment in research and development
activity.
The market for intrathecal pumps in Europe
is anticipated to hold the second-largest market share as a result of rising
R&D activity and an increase in cancer-related pain cases, both of which
have a direct impact on the region's market demand for intrathecal pumps.
Additionally, the intrathecal pump market in Germany is anticipated to have the
third-largest market share, and the intrathecal pump market in the UK, which is
the market with the quickest growth potential, is predicted to hold the fourth-largest
market share in the region of Europe. Additionally, the intrathecal pump market
in France will have the smallest market share in the continent of Europe.
From 2022 to 2030, the Asia-Pacific intrathecal pump market report is anticipated to experience
the quickest CAGR growth. This is brought on by an increase in research and
development effort and rising healthcare costs in Asia Pacific, both of which
are likely to drive up product demand. Intrathecal pump market expansion is
also being supported by the expanding number of investigational drugs and
preclinical trials in the Asia-Pacific region. Growing inclination toward a
western lifestyle as well as changing food habits patterns in Asian population
leads to risk of life-threatening diseases which is positively impacting the
market demand for intrathecal pumps in the Asia-Pacific region. Increasing
population leads to increased risk of pain associated chronic diseases due to
the changing lifestyle pattern. In addition, China is predicted to develop at
the quickest rate in the Asia-Pacific region, overtaking Japan, which now owns
the greatest market share for intrathecal pumps.
Africa, Latin America, and the Middle East
are all included in the rest of the world. Due to the region's improved medical
infrastructure, availability of highly qualified medical professionals, and
government initiatives for the advancement of the healthcare system, the Middle
East currently holds the greatest market share in the rest of the world.
Competitive Analysis
The intrathecal pumps market players
heavily invest in research and development activity across the globe with
varied product portfolios. Companies such as Medtronic Plc. (US), Flowonix
(US), Medallion Therapeutics (US), Arrow International, Inc (US), Tricumed GmbH
(Germany), Codman & Shurtleff, Inc (US), Abbott (US), Baxter International
Inc (US), Teleflex Incorporated (US), Durect Corporation (US) dominate the
market of intrathecal pumps due to strong research and development activity,
financial stability, statergic alliance, and wide business presence in across
the globe.
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