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Intrathecal Pumps Market Worth US$ 513.24 million from 2021 to 2028

According to The Insight Partners new research study on “Intrathecal Pumps Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Application,” the market is expected to reach US$ 513.24 million by 2028 from US$ 357.38 million in 2021; it is estimated to grow at a CAGR of 5.3% during 2021–2028.

Programmable pumps deliver drugs at a rate determined by a computer program. They are used for flexible medication delivery as dose titration and regulation vary due to the dynamics of the body of every patient. Programmable designs facilitate flexible dosing options and precise dose titration over time. Most intrathecal pumps have a 40 mL capacity, while some are made to hold only 20 mL fluid or even lower. Patients with 40 mL pumps usually return for pump refill every 3–6 months, depending on the concentration of the medications in the pump.

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Medtronic; Smiths Medical; FLOWONIX MEDICAL INC.; tricumed Medizintechnik GmbH; Teleflex Incorporated; Johnson and Johnson Services, Inc.; Durect Corporation; Medallion Therapeutics, Inc.; Abbott; Baxter International Inc.. are among the major players in the intrathecal pumps market.

The key companies are adopting inorganic and organic growth strategies to expand their global footprints and product portfolio to meet the rising demands for the intrathecal pumps. For instance, in June 2020, Medtronic plc launched Efficio, a cloud-based data management software used with the SynchroMed II intrathecal drug delivery system that allows physicians to effectively manage targeted drug delivery pump practices to treat patients with chronic pain and severe spasticity. Efficio allows them to manage patient data without using spreadsheets and ease the export of data into electronic medical records systems.

Programmable devices such as the Medtronic SynchroMed systems deliver specific volumes of medication intermittently. These systems are the first choice for providers as they allow the medication dose to be changed during the disease progression and/or the patients develop pain tolerance to the drug without invasive intervention. In the event of an actual or suspected drug overdose or implant failure, the pumps can be interrupted and deactivated without having to empty the drug reservoir. However, since it is battery-powered device, the life of the pump is typically 5–8 years, and a new pump is implanted through a surgical procedures. Furthermore, since the volume of a drug reservoir is often smaller than the reservoir in a constant rate device, it needs to be refilled regularly. The intrathecal pumps market players are launching new products. In October 2019, Flowonix Medical, Inc. received approval from the US Food and Drug Administration (FDA) to market the Prometra II 40 mL Programmable Pump and its associated programmer software. The Prometra II 40 mL Programmable Pump is designed to operate identically to the previously approved 20 mL pump that has shown clinical benefits in many of the 7,000 patients, which were implanted with this pump globally. Thus, the increasing acceptance of programmable pumps by medical professionals is driving the market growth.

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

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The intrathecal pumps market, by type, is segmented into constant rate pumps and programmable pumps. The constant rate pumps segment is projected to hold a larger share of the market in 2021; however, the programmable pumps segment is anticipated to register a higher CAGR of 6.1% during the forecast period.

The intrathecal pumps market, based on application, is segmented into chronic pain and spasticity management. In 2021, the chronic pain segment is estimated to hold a larger share of the market; however, the spasticity segment is expected to register a higher CAGR during the 2021–2028.

Many chronic disorders are becoming more prevalent among the young and adult populations. Additionally, chronic pain is also prominently caused from common conditions such as rheumatoid arthritis and certain musculoskeletal conditions arising from sports and occupational injuries. This pain aggravates person’s reliance on others for daily tasks; thus, managing it becomes critical task for maintaining normalcy in routine. Intrathecal pumps provide relief for extended periods while improving health of patients. Thus, increasing prevalence of cancer and other chronic conditions is boosting the demand for intrathecal pumps, thereby driving the market growth.

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About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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Press Release: https://www.theinsightpartners.com/pr/intrathecal-pumps-market 

 

 

 

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