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.
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.
About Us:
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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment