Transparency Market Research Report Added "Intrathecal Pumps Market" to its database.
Albany, NY -- (SBWIRE) -- 04/23/2015 -- According to a new market report published by Transparency Market Research "Intrathecal Pumps Market - Global Industry Analysis, Size, Share, Procedures, Growth, Trends and Forecast, 2014 - 2020," the global intrathecal pumps market was valued at USD 0.19 billion in 2013 and is expected to grow at a CAGR of 4.1% from 2014 to 2020, to reach an estimated value of USD 0.26 billion in 2020.
Intrathecal pumps are implantable infusion devices, miniature in size and are surgically placed under the skin of the abdomen. These intrathecal pumps deliver medication through a small flexible tube called catheter, to the spine. These pumps are capable of delivering precise dose of medication from one or any combination of reservoirs without complex pumping and are generally opted when a patient seeks long term medication and other alternatives are costly or less effective. A drug can be infused over an extended period of time and can be delivered at constant or variable rates by regulating the implantable infusion pump as per physician specifications. The drug reservoir is refilled with the help of an external needle injection via a self-sealing septum in the implantable infusion pump.
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The global intrathecal pumps market can be categorized into two major applications: pain and spasticity management. Pain management accounts for the largest share in the intrathecal pumps market, followed by spasticity management. It is expected that the global market for pain management will grow at a CAGR of over 4% from 2014 to 2020. According to the data provided by the International Agency for Research on Cancer (IARC), the number of cancer patients in 2012 rose to 14.1 million new cases in 2012 and the number of deaths due to cancer was estimated to be approximately 8.2 million. With such large magnitude of the disease, there is substantial need for infusion systems to treat cancer pain. Hence, the intrathecal pumps market is expected to grow further as more and more drugs demonstrate safety and efficacy.
With technological up gradation, researchers have successfully developed and manufactured infusion pumps that can deliver multiple medications via a single infusion pump such as use of morphine in treating nociceptive pain and bupivacaine in treating neuropathic pain. The use of multiple medications in a single drug reservoir may bring in drug stability issues and a complex dosing challenge with respect to varying concentration and administration rates for each drug. Thus, many more product modifications are still required to assure precise and accurate drug administration with minimal error rates.
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Geographically, North America is the dominant regional market for intrathecal pumps with almost half of the market share, followed by Europe accounting for around 30% share due to large patient base suffering from chronic pain. The positive reimbursement scenario for these devices in the U.S. contributed significantly to the growth of the market. The intrathecal pumps market in North America is expected to grow at a CAGR of more than 3.5% during the forecast period from 2014 to 2020.
Emerging nations such as India, China, and Brazil offer immense opportunities for the growth of the intrathecal infusion pumps market. Some major factors responsible are growing economy and strengthening insurance policies. The economic growth in these developing countries is expected to enhance disposable income of the patient population and in turn increase the healthcare expenditures. It has also helped increase healthcare infrastructure investments in several countries which will intensify growth of hospital equipment in most countries. Government of these nations in collaboration with private insurance companies are focusing towards improving healthcare coverage in order to support access to better healthcare facilities.
If safety issues concerned with the devices can be controlled and curbed, the market for implantable infusion pumps is likely to grow exponentially in the future as Medtronic, till its recall in 2013, sold almost 140,000 Synchromed Pumps which were mostly used in pain management. It is estimated that 116 million people in the U.S. suffer from chronic pain, which in many cases is not adequately controlled with pain management drugs, including oral narcotic agents and others. This will create growth opportunity for device manufacturers in terms of sales and revenue. The competition in this market is characterized by market consolidation activities, partnerships and intensive mergers and acquisitions. Intrathecal pumps market is dominated by few major players such as Medtronic, Inc., Codman & Shurtleff, Inc. and Flowonix, Inc. Other players in the intrathecal pumps market are Arrow International, Inc., Tricumed GmbH and Medallion Therapeutics, Inc.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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