According
to a new market report published by Transparency Market Research
“Intrathecal Pumps Market - Global Industry Analysis, Size, Share,
Procedures, Growth, Trends and Forecast, 2014 - 2020,” the global
intrathecal pumps market was valued at USD 0.19 billion in 2013 and
is expected to grow at a CAGR of 4.1% from 2014 to 2020, to reach an
estimated value of USD 0.26 billion in 2020.
Intrathecal
pumps are implantable infusion devices, miniature in size and are
surgically placed under the skin of the abdomen. These intrathecal
pumps deliver medication through a small flexible tube called
catheter, to the spine. These pumps are capable of delivering precise
dose of medication from one or any combination of reservoirs without
complex pumping and are generally opted when a patient seeks long
term medication and other alternatives are costly or less effective.
A drug can be infused over an extended period of time and can be
delivered at constant or variable rates by regulating the implantable
infusion pump as per physician specifications. The drug reservoir is
refilled with the help of an external needle injection via a
self-sealing septum in the implantable infusion pump.
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The
global intrathecal pumps market can be categorized into two major
applications: pain and spasticity management. Pain management
accounts for the largest share in the intrathecal pumps market,
followed by spasticity management. It is expected that the global
market for pain management will grow at a CAGR of over 4% from 2014
to 2020. According to the data provided by the International Agency
for Research on Cancer (IARC), the number of cancer patients in 2012
rose to 14.1 million new cases in 2012 and the number of deaths due
to cancer was estimated to be approximately 8.2 million. With such
large magnitude of the disease, there is substantial need for
infusion systems to treat cancer pain. Hence, the intrathecal pumps
market is expected to grow further as more and more drugs demonstrate
safety and efficacy.
With
technological up gradation, researchers have successfully developed
and manufactured infusion pumps that can deliver multiple medications
via a single infusion pump such as use of morphine in treating
nociceptive pain and bupivacaine in treating neuropathic pain. The
use of multiple medications in a single drug reservoir may bring in
drug stability issues and a complex dosing challenge with respect to
varying concentration and administration rates for each drug. Thus,
many more product modifications are still required to assure precise
and accurate drug administration with minimal error rates.
Geographically,
North America is the dominant regional market for intrathecal pumps
with almost half of the market share, followed by Europe accounting
for around 30% share due to large patient base suffering from chronic
pain. The positive reimbursement scenario for these devices in the
U.S. contributed significantly to the growth of the market. The
intrathecal pumps market in North America is expected to grow at a
CAGR of more than 3.5% during the forecast period from 2014 to 2020.
Emerging
nations such as India, China, and Brazil offer immense opportunities
for the growth of the intrathecal infusion pumps market. Some major
factors responsible are growing economy and strengthening insurance
policies. The economic growth in these developing countries is
expected to enhance disposable income of the patient population and
in turn increase the healthcare expenditures. It has also helped
increase healthcare infrastructure investments in several countries
which will intensify growth of hospital equipment in most countries.
Government of these nations in collaboration with private insurance
companies are focusing towards improving healthcare coverage in order
to support access to better healthcare facilities.
If
safety issues concerned with the devices can be controlled and
curbed, the market for implantable infusion pumps is likely to grow
exponentially in the future as Medtronic, till its recall in 2013,
sold almost 140,000 Synchromed Pumps which were mostly used in pain
management. It is estimated that 116 million people in the U.S.
suffer from chronic pain, which in many cases is not adequately
controlled with pain management drugs, including oral narcotic agents
and others. This will create growth opportunity for device
manufacturers in terms of sales and revenue. The competition in this
market is characterized by market consolidation activities,
partnerships and intensive mergers and acquisitions. Intrathecal
pumps market is dominated by few major players such as Medtronic,
Inc., Codman & Shurtleff, Inc. and Flowonix, Inc. Other players
in the intrathecal pumps market are Arrow International, Inc.,
Tricumed GmbH and Medallion Therapeutics, Inc.
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The
global intrathecal pumps market is segmented as follows:
Intrathecal
Pumps Market, by Application
Pain
Management
-
North America
-
U.S.
-
Canada
-
Europe
-
Asia Pacific
-
Rest of the World
Spasticity
Management
-
North America
-
U.S.
-
Canada
-
Europe
-
Asia Pacific
-
Rest of the World
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Full Press Release of This Report:-
http://www.transparencymarketresearch.com/pressrelease/intrathecal-pumps-market.htm
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