Global Intrathecal Drug Delivery System Market Anticipated to Generate a Revenue of $1,662.0 Million and Rise at a CAGR of 7.2% during the Forecast Period 2020-2027 [110-Pages] | Published by Research Dive
The global intrathecal drug delivery system market is expected to witness significant growth by 2026, due to the increasing prevalence of cancer worldwide. Regionally, the North America region is predicted to hold the largest share of the market.
NEW YORK, Jan. 23, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Intrathecal Drug Delivery System Market, By Product Type (Externalized and connected to a pump and Fully Implemented) By Application (Pain Management, Spasticity Management). Regional Analysis (North America, Europe, Asia Pacific, LAMEA) Global Opportunity Analysis and Industry Forecast, 2020–2027".
According to the report, the global intrathecal drug delivery system market is envisioned to generate a revenue of $1,662.0 million and grow at a CAGR of 7.2% over the estimated timeframe 2020-2027.
Dynamics of the Intrathecal Drug Delivery System Market
With the increasing prevalence of cancer among individuals globally, the intrathecal drug delivery system market is predicted to experience prominent growth over the analysis period. Moreover, the growing adoption of IT therapies for cancer cases along with the numerous perspective trials over terminal illness and cancer is predicted to create extensive growth opportunities for the market during the estimated timeframe. However, the inequality issues together with the expensive cell therapy treatments may hinder the growth of the market throughout the forecast period.
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Segments of the Intrathecal Drug Delivery System Market
The report has divided the market into segments based on product type, application, and region.
- By product type, the externalized and connected to a pump sub-segment is predicted to be most productive and is expected to generate a revenue of $1,358.6 million over the estimated timeframe. The growing demand for an intrathecal drug delivery system for cancer pain and the cost-effectiveness of cancer pain treatment is predicted to bolster the growth of the market sub-segment during the analysis period.
- By application, the spasticity management sub-segment is expected to be the most profitable and is expected to garner a revenue of $1,140.2 million throughout the forecast period. The increasing use of fully programmable systems to manage and control the flow of drug delivery among spasticity patients according to their condition and body requirement is predicted to uplift the growth of the market sub-segment over the forecast period.
- By region, the North America region of the intrathecal drug delivery system market is predicted to hold the largest share of the market and is expected to generate a revenue of $695.9 million during the analysis timeframe. This is mainly due to the increasing growth of fully implanted intrathecal drug devices in the region due to their long-lasting nature and ease of usage. Moreover, the increasing investment by the leading players of this region in research and development activities to provide innovative and effective pain management solutions is predicted to drive the regional growth of the market over the forecast period.
Key Players of the Market
The major players of the intrathecal drug delivery system market include
- Smiths Group Plc
- DePay Synthes
- Tricumed Medizintechnik GmbH
- Teleflex Incorporated
- Summit Medical Group
- Flownix Medical Inc
- B Braun Melsungen AG
- Medtronic Plc
- Dickinson & Company
- Becton
These players are working on the development of new business strategies and tactics such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in February 2020, Flowonix Medical, Inc., a medical device company dedicated to helping those who suffer from chronic disorders, announced that it received approval from the United States Food and Drug Administration (FDA) to market the Prometra II Programmable Pump System for use with intrathecal baclofen. By launching this system, Flowonix Medical, Inc. expanded its product portfolio by enabling its use in the treatment of spasticity.
Further, the report also presents other important aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
More about Intrathecal Drug Delivery System Market:
- Intrathecal Drug Delivery System to Ease Your Pain
- Intrathecal Drug Delivery System Market to Show Substantial Growth in The Coming Future
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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