Intrathecal pumps market application analysis
Technavio’s market research analyst predicts the global intrathecal pumps market to grow at a steady CAGR of around 4% by 2020. The increasing prevalence of chronic pain and the subsequent need for better treatments and cost-effective therapies are the major drivers of the market. Besides being safe to use, these pumps are portable, accurate, and operate with low power consumption.
Also, there are several unmet needs despite the use of oral therapies which has accelerated the use of technically advanced intrathecal devices for long-term pain management. The rise in awareness about the need for diagnosis and technological advances in intrathecal pumps for effective treatment will increase the adoption of intrathecal pumps in the coming years.
Intrathecal pumps market trends
The market is witnessing significant improvements and advancements in intrathecal pumps, which are aimed at reducing chronic pain. Researchers have come up with infusion pumps that can deliver multiple medications through a single infusion pump such as the use of bupivacaine in treating neuropathic pain and morphine in treating nociceptive pain. Also, some vendors are focusing on the miniaturization of the device pump and better battery consumption to enhance the efficiency of intrathecal devices. Such product modifications assure accurate drug administration with minimal error rates.
Intrathecal pumps market segmentation by application
- Pain management
- Spasticity management
The pain management segment will be the leading segment in the market by 2020, in terms of application, and will occupy around 68% of the total market share. The major factors for this segment’s growth include rising prevalence of chronic medical conditions, the launch of technologically advanced therapeutic products, changing patient demographics, increasing geriatric population, and favorable reimbursement policies.
Intrathecal pumps market regions
- Americas
- APAC
- EMEA
During 2015, the Americas dominated the market and accounted for around 56% of the overall market share. The growing need for better therapies for pain management, higher prevalence of chronic pain, the FDA approval for new products, and the availability of reimbursements for such devices are driving the growth of the market in the Americas. The non-availability of key pain management drugs such as baclofen and trihexyphenidyl in oral forms will drive the demand for advanced intrathecal pumps in the region over the next four years.
Intrathecal pumps market demand: Competitive landscape and key vendors
The market is characterized by the presence of well-diversified international and regional vendors. Key players lead the market in terms of quality, technology, and price. The competitive environment in this market is expected to intensify further with an increase in product and service extensions, technological innovations, and strategic alliances and agreements. The market will witness the entry of new vendors during the forecast period who are expected to provide most self-care medical devices at much lower costs.
Leading vendors in the intrathecal pumps market
- Codman & Shurtleff
- Medtronic
- Flowonix Medical
- Teleflex
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global intrathecal pumps market?
- What are the key market trends impacting the growth of the global intrathecal pumps market?
- What are the challenges to market growth?
- Who are the key vendors in the global intrathecal pumps market?
- What are the market opportunities and threats faced by the vendors in the global intrathecal pumps market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global intrathecal pumps market?
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