Of late, there has been a substantial rise in the prevalence of chronic ailments such as back pain, cancer, and chronic pancreatitis. This has rooted the need for chronic pain and spasticity therapy, enabling efficient low-dose delivery of strong medicines under sound administration. Intrathecal pumps, based on surgically implanted technology, help in delivering powerful medications directly into or around the spinal cord. According to the National Cancer Institute, in 2019, almost 16.9 million people suffered from cancer in the United States. With an alarming rise in the prevalence of cancer, significant future development possibilities are being unlocked for the intrathecal pumps market. Going forward, major breakthroughs in the intrathecal pumps apropos to catheter design, pump delivery modalities, and enhanced safety functionalities are expected to foster growth throughout the market.
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Pervasive Chronic Ailments Paves Way for Intrathecal Pumps Market Expansion
Disabilities caused due to chronic pain subsequently leads to financial as well as social burden. Preferably, intrathecal pumps are prescribed to be taken orally which facilitates quick and easy digestion of medications. Chronic diseases such as rheumatoid arthritis, cancer, nerve damage, and fibromyalgia are likely to cause chronic discomfort and reduce immunity. Adults and the elderly have demonstrated a higher susceptibility to being affected by these diseases. Conversely, various chronic diseases are taking the adolescent and adult segment of the population by storm. Sports and industrial injuries result in consistent pain, oftentimes, causing common illnesses including rheumatoid arthritis and diverse musculoskeletal ailments. To keep up with the pace of routine tasks, it is essential to manage and avert the pain. Intrathecal pumps improve patients’ health while imparting relief for longer time durations, in turn, expanding the intrathecal pumps market.
Cutting-Edge Technology Advancements Presents Numerous Growth Prospects
With a surge in chronic diseases, demand for intrathecal pumps has become paramount. Precision in dosage, delivering medicine within the human body, specifically in and around the spinal cord is imperative for effective treatment and boosting immunity. Technologically advanced intrathecal pumps are highly capable of minimising systemic exposure, increasing potency, and dispensing medications directly to the specific body part. Furthermore, these pumps help achieve a coveted pharmacologic effect by dispensing the apt quantity of medications, while treating chronic pains with minimal side effects. Working in close coordination with CSF, these intrathecal pumps promote quick and effective absorption of drugs as compared to oral therapies. Against this backdrop, the intrathecal pumps market is set to experience sound growth in the coming years.
North America to Reign Supreme Amid Robust RD Expenditure Well-Sophisticated Healthcare Infrastructure
With the largest revenue share of the global market, North America is poised to slate dominance. This can be attributed to sound establishments of primary, secondary, and tertiary care hospitals and favourable government initiatives including reimbursement and funding policies. Collaborative efforts of major market players, in the region, to extend their portfolio and maintain premium-quality standards are fuelling market expansion. The high prevalence of pain-related disorders, rising RD expenditure, and development of pain care centres are becoming more prominent in the US and Canada.
Prominent Market Players
The most competitive players in the global intrathecal pumps market include Medtronic plc, Tricumed GmbH, Arrow International, Inc., Novartis Gene Therapies Flowonix, Codman Shurtleff, and Medallion Therapeutics.
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