Intrathecal Pumps Market Size is set to Grow at a Remarkable Pace in the Coming Years

According to Future Market Insights (FMI), the global Intrathecal Pumps Market was valued at US$ 221.1 Mn in 2021 and is expected to reach US$ 383.5 Mn by 2032. According to the report’s findings, revenue from Morphine Intrathecal Pumps is expected to reach US$ 116 Mn by 2032, growing at a 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 worldwide, with the prevalence increasing with age. According to the Centers for Disease Control and Prevention, approximately 50 million Americans suffer from chronic pain, with 20 million suffering from severe chronic pain. These figures are increasing, which is helping to drive the intrathecal pump market forward.

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

The Intrathecal Pumps Market in the United States is expected to grow at a CAGR of 5.2% between 2022 and 2032. The intrathecal pump market grew at a 3.5% CAGR from 2017 to 2021. According to the American Cancer Society, over 24 thousand people in the United States will have a malignant tumour of the brain or spinal cord in 2021.

According to a recent report published by the WHO’s International Agency for Research on Cancer, there are now significantly more cancer patients. According to estimates, there are approximately 14.1 million cancer patients. Furthermore, it was determined that 8.2 million people will die from cancer each year. Because of the increase in cancer cases, the market for intrathecal pumps is expected to grow in the future.

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:

• Flowonix Medical, a medical device company based in the United States that specialises in implanted medication delivery systems, received a US$ 33 million award in January 2021. SWK Holdings (SWKH), a specialised finance firm that works with small and mid-sized commercial-stage life-science enterprises, provided a US$ 10 million debt facility as part of the deal.
• Baxter International Inc. issued an urgent device correction for all of its spectrum infusion pumps in October 2020 to reinforce safety advice regarding proper pump cleaning procedures. Failure to follow the cleaning procedures reduced the pumps’ efficiency and effectiveness.
• 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.

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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More Insights Available

Future Market Insights, in its new offering, presents an unbiased analysis of the intrathecal pumps market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights by Type (Baclofen, Bupivacaine, Clonidine, Morphine, Ziconotide, and Other Types), By Application (Spasticity and Pain), across five regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).

About Future Market Insights (FMI) 

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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