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.
Browse full report by Grand View
Research : http://www.grandviewresearch.com/industry-analysis/spinal-pumps-market
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.
Browse more reports of this category by Grand View
Research: https://www.grandviewresearch.com/industry/medical-devices
Grand View Research has
segmented the spinal pumps market on the basis of application and region:
Global spinal pumps application outlook (Revenue,
USD Million, 2013 - 2024)
·
Spasticity Management
·
Pain Management
o Non-Malignant Pain
o Malignant Pain
Spinal pumps regional outlook (Revenue, USD Million, 2013
- 2024)
·
North America
o U.S.
o Canada
·
Europe
o UK
o Germany
·
Asia Pacific
o Japan
o China
o India
·
Latin America
o Mexico
o Brazil
·
MEA
o South Africa
Access press release
by Grand View Research: https://www.grandviewresearch.com/press-release/global-spinal-pumps-market
About Grand View
Research
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For
more information: http://www.grandviewresearch.com
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