Spinal Pumps Market Competitive Landscape, Financial Performance & Forecast

Felton, Calif., USA, Dec 14, 2021 — /EPR Network/ —

The global spinal pumps market was valued at US$ 222.0 million in 2015 and is anticipated to reach US$ 319.8 million by 2024. Spinal pumps are intrathecal drug delivery systems (ITDD) that provide anaesthesia and analgesia. ITDD systems involve a catheter attached to a pump and the pump is an external device or an implanted system that involves therapy and drug diagnosis. From the commercial perspective, each system has its own advantages and disadvantages in terms of cost and appeal. Globally, the spinal pumps industry is predicted to grow at a significant rate during the forecast period, providing numerous opportunities for market players to invest for research and development in the market.

Spinal pumps market is driven by rising prevalence of sclerosis, movement disorders, spinal and brain injuries and cerebral palsy. Increase in geriatric population and long-term therapy comprising spinal pump devices and brain injuries is likely to propel the market growth during the forecast period. Rise in chronic diseases in geriatric population and development of medical device and equipment is likely to contribute to market growth during the forecast period. Technological innovations and combination of programmable external devices with pumps that enable low medication dosages accelerates the market growth for the forecast period.

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The application segment for spinal pumps market involves pain management, spasticity, non-malignant pain and malignant pain. Pain management held a substantial share in the market growth owing to presence of large patient base suffering from chronic pain and clinical outcome.

Spinal pumps market is geographically segmented as North America, South America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific regions are likely to gain a higher CAGR during the forecast period due to rising healthcare infrastructure and patient awareness for treatment alternatives.

The growth is accredited to developments in healthcare infrastructure and rise in advances in hospital equipment in emerging economies. North America and Europe market is likely to gain a significant market growth during the forecast period owing to rise in healthcare facilities and potential in the market. The key players profiled in spinal pumps industry are Flowonix Medical Inc, Medtronic Plc, Teleflex Inc and DePuySynthes and Tricumed Medizintechnik GmbH.

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