Albany, NY -- (SBWire) -- 06/27/2018 --The research report, titled “Intrathecal Pumps Market - Global Industry Analysis, Size, Share, Procedures, Growth, Trends and Forecast, 2014 - 2020,” covers the product segmentation, major geographical segments, challenges, and the competitive landscape. The expanding patient base with chronic pain is one of the prominent factors boosting the demand for intrathecal pumps across the globe. A research study published by Transparency Market Research offers a detailed analysis of the global intrathecal pumps market, focusing on the current trends and growth drivers.

An intrathecal pump is a round metal device used in the healthcare sector to deliver medications to the patient right into the space between the spinal cord and the sheath close the spinal cord. The intrathecal pumps and small in size and are placed under the skin of the abdomen with the help of a surgical procedure. According to the study, in 2013, the global intrathecal pumps market stood at US$0.19 bn and is anticipated to reach a value of US$0.26 bn by the end of 2020. The market is projected to register a 4.10% CAGR between 2014 and 2020.

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In the last few years, the healthcare sector across the globe has witnessed technological developments resulting in the introduction of several advanced devices and therapeutics. Innovative and improved features in intrathecal pumps have boosted the demand for these pumps worldwide. Moreover, the market is estimated to grow rapidly in the forecast period, owing to the rising opportunities in developing nations. However, the Patient Protection and Affordable Care Act in the U.S. has levied an excise tax on medical devices, which is expected to curtail the growth of the Intrathecal pumps market in the U.S. in the near future. In addition, product recalls by leading companies are projected to suppress the demand for intrathecal pumps in the coming years.

By application, the global intrathecal pumps market has been categorized into pain management and spasticity management. Among these, the pain management segment accounts for the largest share in the global intrathecal pumps market and is anticipated to exhibit a 4% CAGR between 2014 and 2020. The spasticity management segment is expected to grow at a significant rate in the near future.

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In 2013, North America accounted for a 50% share in the global intrathecal pumps and is estimated to exhibit a 4% CAGR between 2014 and 2020. The rapid growth of this region can be attributed to the positive reimbursement policies for intrathecal pumps in the U.S. Furthermore, Europe held the second largest position, accounting for a 30% share in the global market. The growing number of patients suffering from cancer and other types of chronic pain is estimated to fuel the growth of the Europe intrathecal pumps market in the forecast period.

The global intrathecal pumps market is led by a small number of players including Tricumed GmbH, Medtronic, Inc., Medallion Therapeutics, Inc., Codman & Shurtleff, Inc., Arrow International, Inc., and Flowonix, Inc. Recent product recalls by the prominent companies have restrained the growth of the overall market to a certain extent; however, several new players are expected to participate in the global intrathecal pumps market in the near future.

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