New York, USA, June 06, 2022 (GLOBE NEWSWIRE) -- A new report on the global intrathecal drug delivery system market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $1,662.0 million by 2027, rising at a CAGR of 7.2% from 2020 to 2027. This report is an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
Factors Impacting the Intrathecal Drug Delivery System Market Growth:
Growing need for intrathecal drug delivery systems owing to rising number of cancer patients worldwide is the main factor fueling the growth of the global intrathecal drug delivery system market. Additionally, the rising acceptance for IT therapies for curing cancer and growing emphasis on prospective trials over terminal ailments and cancer are projected to bring in lucrative growth opportunities for the market in the forecast period. However, complications involved in intrathecal drug delivery treatments like mechanical system issues, pharmacological complications, surgical issues, patient-specific problems are projected to hamper the growth of the market.
The report segments the global intrathecal drug delivery system market into product type, applications, and region.
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Externalized and Connected Sub-Segment to Experience Outstanding Growth
Among the product type segment, the externalized and connected sub-segment is expected to experience highest growth and garner $1,358.6 million during the forecast period. The growth of this sub-segment is mostly because of the growing use of externalized and connected intrathecal drug delivery system in cancer treatments owing to their cost-effectiveness and reduced pain.
Spasticity Management Sub-Segment to Observe Highest Growth
Among the applications segment, the spasticity management sub-segment is projected to grab leading market share and hit $1,140.2 million during the estimated timeframe. This is mostly because of the growing demand for spasticity management, as spasticity patients need varying drugs depending on the condition and requirement of their body.
North America Intrathecal Drug Delivery System Market to Observe Leading Growth
The report analyses the global intrathecal drug delivery system market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the North America region market is expected to lead the market by garnering $695.9 million during the estimated timeframe. The growth of this region market is mainly because of the rising adoption of intrathecal drug delivery systems by professionals, in this region, owing to the easy usage, better control, and long-lasting nature of these systems.
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Major Players in the Intrathecal Drug Delivery System Market:
The report lists some of the leading players functioning in the global intrathecal drug delivery system market including
- Dickinson & Company Flownix Medical Inc
- Teleflex Incorporated, Medtronic Plc
- DePay Synthes
- Becton
- Tricumed Medizintechnik GmbH
- Smiths Group Plc
- Summit Medical Group
- B Braun Melsungen AG
- Fresenius Medical Care AG & Co. KGaA
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in January 2020, Medtronic plc., a global frontrunner in medical services, technology, and solutions, launched Efficio™, a cloud-based data management software which can be used with the SynchroMed™ II intrathecal drug delivery system. This software will help clinicians in managing their targeted drug delivery pump practices more proficiently to treat patients suffering from cancer pain, chronic pain, and severe spasticity.
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