Spinal Pumps Market Size to Reach $319.8 M by 2024

Wednesday 8 February 2017, Amsterdam

The global spinal pumps market is expected to reach USD 319.8 million by 2024, according to a new report, now available on ASDReports. 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.