Intrathecal Pump Market Size is expected to have the highest CAGR from 2023 to 2032
Intrathecal Pump Market
The global intrathecal pump market size was USD 2.16 Billion in 2022 and is expected to register a revenue CAGR of 8% over the forecast period, according to the latest report by Reports and Data. Intrathecal pumps are a sort of medical equipment that delivers medicine directly to patients’ spinal cords.
A further aspect boosting market revenue growth is the increased prevalence of chronic pain and spasticity. A significant section of the world’s population has chronic pain, which may have a detrimental effect on the quality of life for those who experience it. Intrathecal pumps, which successfully control chronic pain while reducing dosage needed and risk of side effects, administer medications directly into the spinal cord.
In addition, as the world’s population ages, the prevalence of chronic pain and other age-related illnesses rises, necessitating the development of more effective pain management techniques. Intrathecal pumps provide elderly individuals with a more concentrated and efficient pain treatment alternative, perhaps improving their quality of life.
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Some Key Highlights from the Report
- In 2022, the programmable pumps segment was the top revenue generator in the global intrathecal pump market. This is because these pumps are increasingly used to provide personalized drug therapy for neurological diseases, chronic pain, and spasticity. By delivering accurate drug doses at specific intervals, they provide better pain management with fewer side effects. Furthermore, programmable pumps are designed to be filled by healthcare professionals, making them a safer and more convenient option for patients.
- In 2022, the chronic pain segment had the highest revenue growth rate in the worldwide intrathecal pump market. This is owing to the increased usage of intrathecal pumps by both patients and medical professionals, which have been shown to improve pain management and quality of life for people suffering from chronic pain.
- During the forecast period, the North American market is expected to hold the largest revenue share in the global intrathecal pump market. This is attributed to the increasing prevalence of chronic diseases like cancer, multiple sclerosis, and chronic pain, as well as a growing elderly population. Additionally, the market revenue growth is fueled by the implementation of attractive reimbursement policies and the availability of advanced healthcare infrastructure.
- The intrathecal pump market in Asia Pacific is expected to grow at the fastest rate during the forecast period. This is due to the increasing demand for intrathecal pumps in developing countries, such as China and India, and the availability of affordable medical equipment.
Medtronic Plc., Flowonix Medical Inc., Tricumed Medizintechnik GmbH, Teleflex Incorporated, B. Braun Melsungen AG, Smiths Medical, Summit Medical Products Inc., Pfizer Inc., Codman & Shurtleff, Inc., and Johnson & Johnson.
Type Outlook (Revenue, USD Billion; 2022 – 2032)
- Programmable Pumps
- Non-Programmable Pumps
Application Outlook (Revenue, USD Billion; 2022 – 2032)
- Chronic Pain
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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