Global Pain Management Devices Market: Snapshot
People suffering from chronic medical conditions including cancer, obesity, and diabetes are more vulnerable to chronic pain. The article published in the BioMed Central states that about 20% of the adults are suffering from the chronic pain and 10% of the adults are newly diagnosed with the chronic pain per year. Increasing prevalence of the chronic pain is fueling growth of the global pain management devices market. Additionally, changing demographics due to increasing geriatric population and number of patients suffering from the chronic illness are augmenting growth of the global pain management devices market.
According to the report by Transparency Market Research (TMR), the global pain management devices market registered the revenue of about US$3.75 bn in 2016 and is expected to expand at a CAGR of 7.6% over the forecast period from 2015 to 2023 to attain the value of around US$6.28 bn in 2023.
Increasing commercialization due to availability of the advanced and innovative products and the availability of favorable reimbursement policies are fuelling demand for pain management devices. However, some of the possible side effects such as surgical infection and skin erosion associated with neurostimulation implants are limiting growth of the market.
Global Pain Management Devices Market: Segments
The global pain management devices market is segmented on the basis of product type and region. On the basis of product, the market is segmented in to electrical stimulation devices, radiofrequency ablation devices, analgesic infusion pumps devices, neurostimulation devices. Of these, neurostimulation devices segment accounted for the leading share and expected to continue its dominance in the market. This growth is attributed to the rising incidence of chronic pain such as cancer pain and musculoskeletal. The commercialization of breakthrough technologies in the field of neurostimulation are propelling growth of the segment. A growing number of people with chronic pain in limbs, lower back, and legs are undergoing implantation of deep brain and spinal cord stimulation devices, which is expected to increase uptake of effective neurostimulation devices worldwide.
However, the analgesic infusion pumps segment, is expected to expand with a remarkable CAGR of 10.3% over the forecast period. This growth is attributable to the high effectiveness, less pain, and superior safety features of the product.
Global Pain Management Devices Market: Regional Analysis
On the basis of region, the global urinary catheters market is segmented in to North America, Asia Pacific, Europe, the Middle East and Africa (MEA), and South America. Of these, North America dominated the global market with 48.7% shares of the overall market. This growth is attributable to the rising prevalence of chronic diseases and growing sports-related injuries are boosting the demand for pain management devices in the region. Furthermore, growth of the region can be attributed to emerging innovative technologies coupled with presence of advanced healthcare facilities.
However, Asia Pacific is expected to expand with higher CAGR than any other region over the forecast 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.
Global Pain Management Devices Market: Competitive Landscape
Some of the key players operating in the global pain management devices market includes Boston Scientific Corp., Bio-Medical Research (BMR) Ltd., St. Jude Medical, Medtronic Plc, Halyard Health, Baxter International Inc., Smiths Medical, Hospira Inc., 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:
- 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