The global Spinal Pumps Market is expected to reach USD 319.8
million by 2024, according to a new report by Grand View Research, Inc. The
rising geriatric population base, which is highly susceptible to developing
chronic disorders, such as cancer as well as movement and neurological
disorders, leading frequently to subsequent spasms and pain, is presumed to
propel the need for spinal pumps. According to a report published by the
International Agency for Research on Cancer (IARC of WHO), there is an upsurge
in the number of cancer patients and approximately 14.1 million patients were
estimated to suffer from cancer in 2012. These statistics indicate the
indisputable requirement to incorporate spinal pumps, which is expected to
present the industry with lucrative growth opportunities.
Furthermore, the growth of the
spinal pumps market is attributed to the technological advancements and the
expanding product pipeline comprising pump volume indicators, valve-regulated
pumps, and pressure monitors. In addition, the rising involvement of the
industry players in the development of treatment solutions through strategic
alliances is likely to present the intrathecal pumps market with a potential
growth platform. For instance, in December 2015, Medtronic plc and Samsung
Electronics Co., Ltd., announced their collaborative agreement to develop
health solutions in the area of neuromodulation.
Further key findings from the study suggest:
- The pain management category dominated the
application segment of the overall spinal pumps market in terms of revenue
share at over 69.0%in 2015, owing to the increasing preference for
long-term relief alternatives and the high prescription prices associated
with conventional opioid drugs used in pain management. These
aforementioned factors are responsible for the high adoption rate of
spinal pumps in pain management.
- Spasticity management is expected to grow at
the fastest CAGR at over 4.0% throughout the forecast period. This can be
attributed to the rising government initiatives and recommendations, such
as by the British Pain Society to promote effective spinal drug delivery
in the treatment of spasticity in adults, as well as to support and
provide guidance to the institutions and healthcare practitioners to
maximize the benefits in patients undergoing treatment.
- In 2015, North America dominated the overall
intrathecal pumps market at over 54.0%. Moreover, the subsequent
demographic trend changes, such as the increase in the elderly population
count, and the high awareness levels related to the availability of highly
efficacious pain management solutions including the spinal pump devices
are presumed to drive the industry growth in this region. Furthermore, the
high R&D intensity aimed at developing technologically advanced
products is expected to propel the industry growth in the North America
region.
- Asia Pacific is expected to grow the fastest,
at a CAGR of over 6.0% over the forecast period owing to the presence of
untapped opportunities especially in the emerging economies, of China and
India. Additionally, the rising number of government initiatives focusing
towards the enhancement of the existent healthcare infrastructure, for
instance in China, the healthcare reforms introduced through an
initiative, the New Health Care Reform Plan, implemented by the Chinese
State Council and the Central Committee of the Communist Party of China
(CPC), serve as the key growth contributing factors towards the growth of
the regional spinal pumps market of China.
- The key players in this industry are
increasingly involved in adopting collaborative strategies and in
announcing frequent product approvals to facilitate business expansion.
For instance, in November 2014, Tricumed Medizintechnik GmbH launched the
implantable, programmable infusion pump for baclofen therapy. This launch
resulted in the expansion of the intrathecal product portfolio for the
treatment of spasticity thereby capturing a larger share of the industry.
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