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Increasing Government Support for Developments in Medical Technologies Likely to Gain Traction in Intrathecal Pumps Market During 2021–2028
According to our new research study on “Intrathecal Pumps Market Forecast to 2028 – COVID-19 Impact and Analysis – by Type and Application,” the market the market is expected to reach US$ 513.24 million by 2028 from US$ 357.38 million in 2021; it is estimated to grow at a CAGR of 5.3% during 2021–2028.. The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth.
Investments in medical research and development are increasing across the world. According to the “United States Investments in Medical and Health Research and Development 2013–2017” study, the US spending in medical and health R&D climbed by 27% during 2013–2017, and it is further anticipated to reach US$ 38.8 billion, while federal investments increased by 18.4% to reach US$ 6.1 billion during the same period. In 2012, MEDEC, an association of medical technology companies in Canada; the Canadian MedTech Manufacturers' Alliance (CMMA); and the Federal Economic Development Agency for Southern Ontario (FedDev) partnered to launch the New Horizons for MedTech (NHM) program. This program provides funding and assistance to small firms in the medical device and health technology sectors in Canada. Companies that meet the eligibility criteria may receive up to US$ 21,946.43 (CAD 30,000) per project.
In India, the Association of the Indian Medical Device Industry (AiMeD) and Invest India inked a Memorandum of Understanding (MoU) in February 2017 to transform India into a global powerhouse for medical device production. Further, in August 2019, the National Medical Products Administration (NMPA) announced the expansion of the current medical device market authorization holder pilot program to 21 cities and provinces from Shanghai, Beijing, Guangdong, and Tianjin. The program enables medical technology companies to distribute their research and manufacturing operations among various cities and provinces. For example, a Shanghai-based R&D center that owns the regulatory approval and intellectual property for a product can outsource manufacturing to surrounding locations with greater manufacturing capability, such as Jiangsu and Zhejiang. As a result, the increasing government funding for bringing advancements in medical technologies is providing significant growth opportunities for medical devices manufacturers, including the intrathecal pump manufacturers
Medtronic; Smiths Medical; FLOWONIX MEDICAL INC.; tricumed Medizintechnik GmbH; Teleflex Incorporated; Johnson and Johnson Services, Inc.; Durect Corporation; Medallion Therapeutics, Inc.; Abbott; Baxter International Inc., among others, are the leading companies operating in the intrathecal pumps market.
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