Intrathecal Pumps Market is likely to reach a valuation of US$ 383.5 Million by 2032 | FMI Study

The global Intrathecal Pumps Market was valued at US$ 221.1 Million in 2021 and is expected to reach US$ 383.5 Million by 2032, finds Future Market Insights (FMI) in a recent market survey. As per the findings of the report, it is projected that revenue through Morphine Intrathecal Pumps will reach a valuation of US$ 116 Million by 2032, growing at 4.8% CAGR during the forecast period.

According to Boston University’s School of Public Health, there are approximately 1.5 Billion chronic pain cases in the world, and the prevalence of this condition increases with age. According to the Centers for Disease Control and Prevention, there are approximately 50 Million Americans who experience chronic pain, 20 Million of whom experience high-impact chronic pain. These numbers are on the rise, hence contributing to the growth of the intrathecal pump market.

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The United States will hold the largest share of the market throughout the Analysis Period

From 2022 to 2032, the Intrathecal Pumps Market is estimated to develop at a CAGR of 5.2% in the United States. The CAGR for the growth of the intrathecal pump market from 2017 to 2021 was 3.5%. According to a research by the American Cancer Society, in 2021, over 24 thousand people in the United States experienced a malignant tumor of the brain or spinal cord.

There are now significantly more cancer patients, according to a report recently published by the WHO’s International Agency for Research on Cancer. There are around 14.1 Million cancer patients, according to estimates. Additionally, it was determined that 8.2 Million individuals will lose their lives to cancer each year. The market for intrathecal pumps is expected to rise in the future due to the increase in cancer cases.

Intrathecal Pumps Market: Competition Insights

Some of the key companies operating in the Intrathecal Pumps Market include 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., Codman & Shurtleff, Inc., DePay Synthes, Summit Medical Group, B Braun Melsungen AG, Becton, Dickinson & Company and Fresenius Medical Care AG & Co. KGaA., and Zimmer Biomet.

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Some of the recent developments by key providers of the Intrathecal Pumps Market are as follows:

• In January 2021, a US$ 33 Million award was given to Flowonix Medical, a U.S.-based medical device business that specializes in implanted medication delivery systems. A US$ 10 Million debt facility was given as part of the deal by SWK Holdings (SWKH), a specialized finance firm that works with small- and mid-sized commercial-stage life-science enterprises.
• In October 2020, in order to reinforce safety advice regarding proper cleaning procedures for the pumps, Baxter International Inc. issued an urgent device correction for all of its spectrum infusion pumps. The failure to follow the prescribed cleaning procedures reduced the efficiency and effectiveness of the pumps.

• In February 2020, a 40 ml pump for intrathecal drug delivery was introduced by Flowonix Medical. It uses a pressure-driven, valve-gated delivery mechanism and has a battery life of more than 10 years, reducing the need for additional surgical procedures.

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Key Segments Covered in Intrathecal Pumps Market Survey

By Type:

• Baclofen
• Bupivacaine
• Clonidine
• Morphine
• Ziconotide
• Other Types

By Application:

• Spasticity
• Pain

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