Market Overview
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 2022 to 2030.
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 5.25% 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.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.
Contact us:
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street, 5Th Floor,
New York, New York 10013
United States of America
+1 628 258 0071
Email: sales@marketresearchfuture.com
Comments
Post a Comment