Intrathecal Pumps Market Size, Share, Industry Report 2028

Intrathecal Pumps Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Constant Rate Pump, Programmable Pump); Application (Chronic Pain, Spasticity Management) and Geography

Publication Month : Aug 2021

  • Report Code : TIPRE00005395
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 146
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The intrathecal pumps market is expected to reach US$ 513.24 million by 2028 from US$ 357.38 million in 2021; it is estimated to grow at a CAGR of 5.3% during 2021–2028.

The intrathecal pumps market has been segmented and analyzed on the bases of type, application, and geography. Based on region, the market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America. The report offers insights and in-depth analysis of the intrathecal pumps market emphasizing on various parameters such as market trends, technological advancements, and market dynamics; it also provides the competitive landscape analysis of leading Intrathecal Pumps market players across the world and the analysis of the COVID-19 impact across various regions.

Lucrative Regions for Intrathecal Pumps Market

Lucrative Regions for Intrathecal Pumps Market
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Market Insights

Increasing Prevalence of Cancer and Other Chronic Conditions Fuels Intrathecal Pumps Market Growth

Chronic pain is a major cause of disability and is associated with a hefty financial and social burden. According to the National Cancer Institute, the annual growth rate of new cancer cases is 442.4 per 100,000 persons. As per Center for Disease Control and Prevention (CDC) estimations, 67 million adults in the US are likely to report doctor-diagnosed arthritis by 2025. Intrathecal pumps are more advantageous than oral prescriptions since they function directly on the cerebrospinal fluid (CSF), allowing drugs to be digested faster and easily. Cancer, Rheumatoid Arthritis, fibromyalgia, and nerve damage, among other chronic disorders, have a detrimental effect on a person's health as they impair immunity and lead to persistent pain. Adults and geriatric population are most frequently affected by the aforementioned disorders. According to October 2019 data from the CDC, 6 in 10 adults in the US live with at least one chronic disease. Additionally, 4 in 10 persons in the country suffer from two types of chronic diseases at once.

Many chronic disorders are becoming more prevalent among the young and adult populations. Additionally, chronic pain is also prominently caused from common conditions such as rheumatoid arthritis and certain musculoskeletal conditions arising from sports and occupational injuries. This pain aggravates person's reliance on others for daily tasks; thus, managing it becomes critical task for maintaining normalcy in routine. Intrathecal pumps provide relief for extended periods while improving health of patients. Thus, increasing prevalence of cancer and other chronic conditions is boosting the demand for intrathecal pumps, thereby driving the market growth.  

Type -Based Insights

The intrathecal pumps market, by type, is segmented into constant rate pumps and programmable pumps. The constant rate pumps segment is expected to hold a larger share of the market in 2021; however, the programmable pumps segment is anticipated to register the highest CAGR of 6.1% in the market during the forecast period. 


Intrathecal Pumps Market, by Type – 2021 and 2028

Intrathecal Pumps Market, by Type – 2021 and 2028
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Application-Based Insights

The intrathecal pumps market, based on application, is segmented into chronic pain and spasticity management. In 2021, the chronic pain segment is estimated to hold a larger market share; however, the spasticity segment is expected to register a higher CAGR in the market during 2021–2028.

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Intrathecal Pumps Market: Strategic Insights

intrathecal-pumps-market
Market Size Value inUS$ 357.38 Million in 2021
Market Size Value byUS$ 513.24 Million by 2028
Growth rateCAGR of 5.3% from 2021-2028
Forecast Period2021-2028
Base Year2021
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Inorganic strategies such as partnerships, and mergers and acquisitions are commonly adopted by companies to cater to changing customer demand and maintain their brand name in the global marketplace. The Intrathecal pumps market players also adopt organic strategies such as product launch and expansion to outstretch their footprint and product portfolio worldwide as well as to meet the growing demand.

By Type

  • Constant Rate Pumps
  • Programmable Pumps


By Application

  • Chronic Pain
  • Spasticity Management


By

Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • UK
    • Spain
    • Rest of Europe
  • Asia Pacific (APAC)

    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of APAC
  • Middle East and Africa (MEA)

    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South and Central America (SCAM)

    • Brazil
    • Argentina
    • Rest of SCAM

Company Profiles

  • 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.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type ; Application and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, RoAPAC, RoE, RoMEA, RoSCAM, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


What are Intrathecal Pumps?

An intrathecal pump is a high accuracy medical device works to relieve chronic pain by inserting small amount of medicine directly into the intrathecal space. Intrathecal space is an area surrounding the spinal cord. Intrathecal pumps prevent the pain signals from being perceived by the brain. The pump is surgically placed under the abdominal skin and delivers pain medication through a catheter to the area around patients spinal cord.

What are the driving factors for the intrathecal pumps market across the globe?

The key factors that are driving the growth of market are increasing prevalence of cancer and other chronic conditions, advantages of intrathecal pumps over oral medications, and rise in geriatric population boost the market growth. However, lack of awareness regarding advanced pain management techniques and high cost of intrathecal pumps hampers the market growth.

What will be the CAGR of intrathecal pumps market?

The intrathecal pumps market is anticipated to grow around 5.3% CAGR amid the forecast period 2021-2028.

Who are the key players in the intrathecal pumps market?

Medallion Therapeutics, Inc. and Medtronic are the key players in the intrathecal pumps market

Which segment among intrathecal pumps market provides the most opportunity for growth?

Programmable pumps type segment market provides the most opportunity for growth

The List of Companies - Intrathecal Pumps Market

  1. Medtronic
  2. Smiths Medical
  3. FLOWONIX MEDICAL INC.
  4. tricumed Medizintechnik GmbH
  5. Teleflex Incorporated
  6. Johnson and Johnson Services, Inc.
  7. Durect Corporation
  8. Medallion Therapeutics, Inc.
  9. Abbott
  10. Baxter International Inc

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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