Global Pain Management Devices Market: Snapshot
Patients suffering from chronic medical conditions such as cancer, diabetes, and obesity are highly susceptible to chronic pains and therefore, their increasing prevalence is providing tremendous momentum to the global pain management devices market. According to various scientific articles published in BioMed Central, over 20% of the adult global population suffers from chronic pain and 10% population are newly diagnosed with chronic pain each year. Changing demographics and widening pool of global geriatric population are bringing a large chunk of population under the chronic illness category. This is, thereby, augmenting the global market.
Moreover, the commercialization of advanced and innovative therapeutic products and the availability of favorable reimbursement policies are creating a staggering volume of global demand for pain management devices. However, the side effects such as surgical infection and skin erosion associated with neurostimulation implants are keeping the market from realizing its utmost potential. With all these factors put together, the global pain management devices market is estimated to reach a valuation of US$6.28 bn by 2023 from US$3.75 bn in 2016, progressing at a 7.6% CAGR between 2015 and 2023.
Neurostimulation Devices to Remain Most Valuable Product Segment through 2023
On the basis of product, the neurostimulation devices segment will continue to represent the lion’s share in the market. The rising incidence of chronic pain such as musculoskeletal and cancer pain and the commercialization of breakthrough technologies in the field of neurostimulation are driving the growth of the segment. A growing number of people with chronic pain in lower back, limbs, and legs are undergoing implantation of deep brain and spinal cord stimulation devices, which is leading to the greater uptake of effective neurostimulation devices worldwide. The high cost of these devices makes them the leading revenue contributor to the market.
The analgesic infusion pumps segment, on the other hand, is poised to post a remarkable CAGR of 10.3% during the forecast period. The high effectiveness, less pain, and superior safety features of the product are making them a preferred choice for pain management.
Growing Incidence of Lifestyle-related Diseases and Sports-related Injuries Fuels North America’s Dominance
North America will continue to be the leading revenue contributor to the global market, accounting for 48.7% of the overall market. The rising prevalence of lifestyle-related diseases and the growing incidence of sports-related injuries are boosting the demand for pain management devices in the region. Moreover, the growth of the region can be attributed to the birthing of innovative technologies and the presence of advanced healthcare facilities along with the improving access to it. The rapidly growing geriatric population can also be held responsible for the dominance of the region.
In 2016, Europe was the second leading region. The burgeoning demand for technologically advanced products and increasing adoption of non-invasive and self-administered products are fuelling the growth of the region. However, by the end of the review period, the region is expected to lose its position to Asia Pacific.
Asia Pacific will rise at a CAGR higher than any other region during the same period. The growing incidence of neck and back pain among the populace and increasing cases of diabetes and chronic wounds are propelling the growth of the region. The widening base of geriatric population, particularly in Japan and China, is also playing a vital role in the increased sales of pain management devices in the region.
Some of the key players operating in the global pain management devices market are Boston Scientific Corp., St. Jude Medical, Bio-Medical Research (BMR) Ltd., Medtronic Plc, Smiths Medical, Baxter International Inc., Hospira Inc., Halyard Health, and Stryker Corp.
Pain Management Devices Market: Overview
The pain management devices market is expected to witness substantial growth as a result of technological advancements in this industry. Rising chronic debilitating diseases and geriatric population play a vital role in the growing demand for pain management devices. Furthermore, the growing preference for these devices over surgical inventions and oral drugs will be a crucial driving factor for this market.
Analysts have studied the pain management devices market on the basis of applications, product type, and geography. The report is a decisive guideline for new entrants to understand the market and to develop new strategies while keeping in view strategic recommendations included in the report. The study covers drivers and restraints impacting the demand for pain management devices over the forecast period. This report is prepared using primary and secondary research as well as in-house databases.
Pain Management Devices Market: Trends and Opportunities
The growth of the pain management devices market is attributed to increasing incidence of arthritis, cancer, trauma, and neurological diseases. This market is witnessing rapid growth due to the introduction of advanced healthcare facilities and increase in the number of hospitals across the globe. Moreover, growing incidence of sports-related injuries and lifestyle-related diseases is fueling the expansion of the pain management devices market. Adverse effects of pain medications, large patient population base, and high proven efficiency of pain management devices are factors driving the global pain management devices market. However, factors such as low number of pain clinics in several countries, shortage of pain specialists, low awareness regarding availability and use of pain management devices, and high cost of these devices are hampering the growth of the pain management devices market.
On the basis of application, the global pain management devices market has been classified into neuropathic pain, musculoskeletal pain, cancer pain, facial and migraine pain, and others. In this category, the segment of neuropathic pain has been witnessing strong growth due to rising geriatric population across the globe, favorable reimbursement scenario, and side effects of drugs used to treat neuropathic pain.
Based on type, the global market for pain management devices is divided into stimulators, radiofrequency ablation devices, TENS, and pumps. In terms of revenue generation the stimulation devices segment holds the major share in the market, due to commercialization of breakthrough technologies.
Pain Management Devices Market: Regional Outlook
Geographically, the global pain management devices market comprises Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. North America dominates the overall market and will continue do so in terms of revenue generation due to advancements in novel pain management devices. An increase in geriatric population serves as a key factor driving the growth of the pain management devices market in Europe.
The increasing cases of chronic wounds and diabetes along with growing incidence of back and neck pain are boosting the growth of the Asia Pacific pain management devices market. Latin America presents significant opportunities to grow due to an increase in disposal income and rising awareness about the safety of pain management devices.
Pain Management Devices Market: Competitive Landscape
The leading players present in the global pain management devices market include Bio-Medical Research (BMR) Ltd., Smiths Medical, Boston Scientific Corp., Halyard health, St. Jude Medical, Stryker Corp., Baxter International Inc., and Hospira Inc.
Market segmentation based on geography:
- Europe
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments
