The global intrathecal pumps market is foretold to see its growth propelled on the back of partnerships, mergers and acquisitions, and other market consolidation activities. Players are expected to focus on the launch of new products with increased device longevity, accurate drug delivery, and innovative technology. A report by Transparency Market Research (TMR) sheds light on the nature of the competitive landscape and profiles some of the leading market players such as Flowonix, Inc., Medallion Therapeutics, Inc., Arrow International, Inc., Medtronic, Inc., and Codman & Shurtleff, Inc. New players introducing self-care medical devices at affordable prices could enter the market in the near term.
TMR envisages the global intrathecal pumps market to reach a valuation of US$0.26 bn by the completion of 2020. In terms of application, pain management could take a commanding position in the market. By region, North America is foreseen to lead the market with its larger share.
Intrathecal Pumps Win Preference in Long-term Treatment, Gathering High Demand
Adoption of intrathecal pumps is envisioned to improve with technological advancement witnessed in the global market. Developments in technology have paved the way for the introduction of advanced products with sophisticated features. Demand for intrathecal infusion pumps could increase while riding on expanding base of patients with cancer and other chronic diseases. Long-term treatments requiring drugs to be infused for an extended period of time could increase the demand in the world intrathecal pumps market. Players are expected to testify a dramatic expansion of the market due to rise in demand for more advanced infusion systems with swelling prevalence of chronic diseases.
Approximately, 20-30% of the U.S. population is affected by chronic diseases, mentions the TMR report. In this regard, it could be said that North America may win a higher market share followed by that of Europe. On the other hand, emerging regions such as Asia Pacific are projected to create rewarding prospects in the market, especially in China and India.
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Demand at Mercy of System Modifications to Ensure Accurate Drug Administration
Technological advancement has given a much needed boost to the international intrathecal pumps market in terms of growth. However, stability issues could create a drawback in the market since multiple medications may be required to administer in varying concentrations and precise dosages. This raises the need for more improvements on the part of intrathecal pumps for accurately administering drugs with no or at least negligible errors. Furthermore, medical complications and risks associated with the use of intrathecal pumps could discourage the market from achieving its true potential.
However, unmet medical needs despite the availability of oral therapies are predicted to give rise to lucrative prospects in the international intrathecal pumps market. Moreover, increase in awareness about the need for technological advancement and proper diagnosis for effective treatment of chronic diseases could improve demand for intrathecal pumps during the course of the forecast period.
The information presented in this review is based on a TMR report, titled “Intrathecal Pumps Market (Application – Pain Management and Spasticity Management) – Global Industry Analysis, Size, Share, Procedures, Growth, Trends and Forecast, 2014 – 2020.”
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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