Press release
Spinal Pumps Market Opportunity Analysis and Industry Forecast up to 2025
Spinal pumps transport pain medication directly to the intrathecal space around the spinal cord via an implanted pump. Technological advancements such as combination of programmable external devices with pumps that enable controlled release of small doses of medication is anticipated to generate demand for these pain relieving solutions during the forecast period. Additionally, spinal pumps are used to control chronic pain due to osteoporosis, and also useful in managing pain caused due to unsuccessful back surgery disease. Spinal pumps are also used to treat painful spasticity as seen in multiple sclerosis. Moreover, advancements in spinal pumps have significantly minimized the incidence of adverse events typically observed with oral and intravenous drug administration routes. Higher drug efficacy achieved with sustained release of smaller drug doses through spinal pumps is expected to present significant opportunities for companies during the forecast period. However, side effects such as spinal fluid leak, severe skin reactions, and headache are expected to hamper market growth.
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The global Spinal Pumps Market can be segmented based on application and region. In terms of application, the global spinal pumps market can be categorized into spasticity management and pain management. Pain management can be sub-segmented into malignant pain and non-malignant pain. The non-malignant pain sub-segment is expected to dominate the pain management segment due to large population suffering from non-malignant pain globally. According to the American Academy of Pain Management, chronic pain prevalence is approximately 2/3 of the total 20% to 30% of the general population suffering from pain. Hence, spinal pumps in these applications can play a major role in the near future.
Geographically, the global spinal pumps market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to account for a leading market share, attributed to extensive research and development activities in the region. Presence of large number of health care organizations, encouraging government initiatives in implementing spinal pumps in pain management, and constantly refining reimbursement scenario is expected to drive the market in the region. Favorable reimbursement policies in this region and the regulatory framework focusing on patient safety in addition to maintaining high treatment efficacy standards are expected to propel the market.
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Europe is anticipated to be the second largest market for spinal pumps due to enhanced health care processes. Moreover, increase in geriatric population propels the market in the region. Improving health care infrastructure is the major factor that augments the market in Asia Pacific. These market growth can be attributed to the investments done by leading players to improve the present healthcare infrastructure, thus, enhancing the growth of the therapeutic equipment in the developing countries, such as China and India. Countries in Latin America such as Brazil and Mexico are potential markets for spinal pumps.
Major players operating in the global spinal pumps market include Medtronic, FlowonixMedical, Inc., Tricumed Medizintechnik GmbH, DePuy Synthes, and Teleflex, Inc. These leading players have adopted strategies such as mergers and acquisitions, geographical expansion, and product launches to capture larger share of the market.
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