Intrathecal pumps: Key market research findings
- Favorable insurance programs to drive the market
- Pain management segment is the dominating segment in the market
- Key vendors—Codman & Shurtleff, Medtronic, Flowonix Medical, and Teleflex
Technavio’s market research analysts estimate the global intrathecal pumps market to grow at a CAGR of over 4% between 2016 and 2020. The market is primarily driven by favorable healthcare policies and insurance programs such as Medicare. These programs cover several indications for treatment using infusion pumps. Factors such as the cost-effective nature of intrathecal therapy, an increased need for better cancer management therapies, and the increase in awareness about pain and intrathecal devices amongst physicians and the public are likely to propel growth of the intrathecal pumps market globally during the forecast period. At present, the Americas dominate the market by accounting for almost 56% of the overall market share. The market is thriving in this region due to the large patient base indicated with chronic pain. The advancement in the technology of the intrathecal pumps, the feasibility, and the flexibility of intrathecal devices are factors that will contribute to growth in the market.
The new market research report from Technavio presents a breakdown and analysis of the intrathecal pumps segment by application.
“The latest trend in the market is advancements and innovations in products with respect to technology. Researchers are developing and manufacturing 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. Besides, vendors are focusing on the miniaturization of the device pump and improved battery consumption to enhance the intrathecal device,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
In 2015, the pain management segment dominated the intrathecal pumps market worldwide by holding more than 69% of the overall market share. The availability of limited alternatives for the treatment of chronic pain is the primary driver for the pain management market. Factors such as the rising prevalence of chronic medical conditions, the launch of technologically advanced therapeutic products, changing patient demographics, increasing geriatric population, and favorable reimbursement policies are likely to boost growth in this segment of the market by 2020.
The key vendors in the global intrathecal pumps market include Codman & Shurtleff, Medtronic, Flowonix Medical, and Teleflex. 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.
A more detailed analysis is available in the Technavio report, Global Intrathecal Pumps Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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