PUBLISHER: Grand View Research | PRODUCT CODE: 1571416
PUBLISHER: Grand View Research | PRODUCT CODE: 1571416
The global spinal pumps market size is anticipated to reach USD 392.9 million by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 2.2% from 2024 to 2030. 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.