Zion Research has published a new report titled “Pain Management Devices Market by Type (Electrical Stimulators, TENS, Analgesic Pumps, Intrathecal Pumps, Radiofrequency Ablation Devices, Neurostimulators, Spinal Cord Stimulators, Sacral Nerve Stimulators, Deep Brain Stimulators and Others) for Cancer Pain, Neuropathic Pain, Facial & Migraine Pain, Musculoskeletal Pain and Other Application – Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021” According to the report, the global pain management device market accounted for USD 2.73 billion in 2015 and is expected to reach USD 4.56 by 2021, growing at a CAGR of around 6.8% between 2016 and 2021.
Pain is defined as highly unpleasant sensation caused by illness and injury. The handling of pain is guided by the history of origin, such as its intensity, duration, aggravating and relieving conditions. In order to diagnose the cause of pain, it must have a nerve supply, be susceptible to injury, and stimulation of the structure that causes pain. The concept behind most interventional procedures for treating pain is that there is a specific structure in the body with nerves of sensation that is generating the pain. Pain management has a role in identifying the precise source of the problem and isolating the optimal treatment. Traditional method includes the common prescription of analgesic. But in modern days, pain management is not only done by medicines but pain management devices are widely used for management of pain. Devices such as analgesic pump or neromusculators are used for pain management.
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The global pain management device market was expected to witness the highest growth over the forecast period due to increase in the percentage of hospitals and advanced health care facilities across the globe. In addition, growing demand for long-term pain management among the geriatric population is expected to boost the demand. Moreover, adverse effect of medicine coupled with unpalatable taste is considered responsible for a major rise in trend of pain management device in health care which are expected to drive the pain management device market. In addition, the launching of various pain management devices will probably increase the demand for pain management device. However, the high cost of pain management devices may act as a restraint for the growth of pain management devices market.
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Based on the type, the global market of pain management device is bifurcated into nine types: electrical stimulators, TENS, analgesic pumps, intrathecal pumps, radiofrequency ablation devices, neurostimulators, spinal cord stimulators, sacral nerve stimulators, deep brain stimulators and others. In terms of revenue, electrical stimulator accounted for approximately above 35% of total pain management device market in 2015. Electric stimulator holds the largest share of the market, growing approximately at CAGR of 5.9%. This rise is expected to continue within a forecast period. In addition, neurostimulators segment serves as a second largest market segment in terms of generating revenue in 2015. Growing keen interest towards pain management device alternative to the medicine considered as another important driving factor that is expected to propel the pain management device market.
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Based on application, the global market of pain management device is bifurcated into five types: cancer pain, neuropathic pain, facial & migraine pain, musculoskeletal pain, and others. In application segment, neuropathic pain was the leading segment in 2015. This neuropathic pain segment was estimated to witness the highest growth during the forecast period, primarily due to the high prevalence of diseases resulting in neuropathic pain followed by cancer pain. Approximately more than 70% of adults suffer from back pain, which is classified under neuropathic pain. This growth of pain device management market is also mainly attributed to the presence of the increase in a number of hospitals coupled with the increase in the number of medical professionals (which help in prescribing pain management device) across the globe.
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In terms of geography, North America was the leading market for pain management device in 2015 in terms of revenue due to the development of novel pain management devices in the healthcare market. In addition increase in a number of geriatric population in North America and Europe serves as a major driving factor for the growth of pain management device market in this region. Moreover, pain management device market has the huge opportunity in emerging market like Asia Pacific, Latin America due to the rise in awareness and increase in disposable income.
The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global pain management devices market such as Baxter International Inc., Boston Scientific Corporation, DJO Global LLC, Kimberly-Clark Corporation, Smiths Medical, Medtronic, Inc., St. Jude Medical, Inc., Codman And Shurtleff, Inc, Stryker Corporation and Hospira Inc.
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