Report : Asia Pacific Intrathecal Pumps Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Constant Rate Pump, and Programmable Pump); Application (Chronic Pain, and Spasticity Management)
Constant Rate Pump Segment has the Largest Share of Type in the Asia Pacific Intrathecal Pumps Market during 2021–2028
According to a new market research study on “Asia Pacific Intrathecal Pumps Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, and Application” is expected to reach US$ 106.5 million by 2028 from US$ 70.5 million in 2021. The market is estimated to grow at a CAGR of 6.1% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific Intrathecal pumps market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the increasing prevalence of cancer and other chronic conditions, advantages of intrathecal pumps over oral medications, growing geriatric population are the key factors driving the market growth. However, the market is expected experiencing slow growth during the forecast period owing to the lack of awareness regarding pain management and high cost.
The Asia Pacific region is affected greatly by the Covid-19 pandemic; the rise of the coronavirus has been seen from China. Countries such as China, India, and South Korea is highly affected, and thus facing a significant slowdown in their economies. The countries’ healthcare industry has badly affected; various companies have closed their manufacturing plants from China. Similarly, in India, the production of pharmaceutical drugs and personal protective equipment has been increased. In addition, due to lockdown, transportation has been closed completely, which has impacted the trade business from Asia, Europe, and North America. The medical device sector in China has faced a significant impact, as it was a manufacturing hub for various international companies. Restrictive measures have been taken to control the spread of this pandemic, however, in these measures’ cancer patients are not being treated on priority. Apart from overall health system, cancer care delivery system has been facing challenges due to coronavirus outbreak. The unfortunate outbreak of coronavirus has hindered market growth negatively.
The market for intrathecal pumps market is segmented into type, and application. Based on type, the intrathecal pumps market is segmented into constant rate pumps and programmable pumps. In 2020, the constant rate pumps segment is estimated to account for the largest market share in the intrathecal pumps market. The growth of the segment is attributed to wide acceptance of the constant rate pumps by the medical professionals is expected to drive the market in forecast period due to inexhaustible power supply along with predictable refill cycles of constant rate pumps further allow easy adoption of these devices.
Medtronic, Smiths Medical, Teleflex Incorporated, Johnson and Johnson Services, Inc., Durect Corporation, Abbott, and Baxter International Inc. are among the leading companies in the Asia Pacific intrathecal pumps market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in January 2020, Medtronic plc launched Efficio, a cloud-based data management software used with the SynchroMed II intrathecal drug delivery system that allowed physicians to effectively manage targeted drug delivery pump practices to treat patients with chronic pain and severe spasticity. Efficio allowed clinicians to manage patient data without using spreadsheets and easy export of data into electronic medical records systems.
The market for intrathecal pumps market is segmented into type, and application. Based on type, the intrathecal pumps market is segmented into constant rate pumps and programmable pumps. Based on application, the intrathecal pumps market is segmented into chronic pain and spasticity management. Geographically, the intrathecal pumps market is segmented into Asia Pacific (China, India, Japan, South Korea, Australia, Rest of Asia Pacific).