The dynamic nature of the global market for pain management devices has set in motion strong competition between players. The top three participants, namely Medtronic Plc, St. Jude Medical Inc., and Boston Scientific Corp. collectively accounted for more than 72% of the overall market in 2014, reports Transparency Market Research (TMR) in a new study.
These companies boast of superior distribution channels and ample supply capabilities that ensure easy availability of their products, validating their lead in this market. However, a large number of medical device manufacturers are looking to venture into the pain management sector, which is projected to intensify the competition and change the current dynamics in the coming years.
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Growing Prevalence of Chronic Medical Conditions Boosts Demand for Pain Management Devices
The growing prevalence of chronic medical conditions, such as diabetes, cancer, obesity, osteo and rheumatoid arthritis, and spinal problems, have increased the incidence of chronic pain in individuals. Various studies suggest more than 20% of the adult population suffers from chronic pain and nearly 10% of the global population gets diagnosed with chronic pain every year.
Around half of the cancer patients, globally, experience severe pain at the time of diagnosis and almost 75% complain of a gradual increase in pain as the disease progresses. Chronic pain has also been experienced after the occurrence of the primary disease in nearly 70% of patients suffering from spinal cord injuries, 28% of multiple sclerosis patients, and 8% of stroke patients. These factors result in a rising need for pain management and, thereby, pain management devices across the world.
The global geriatric population, which requires continuous medical intervention and care, represents a significant portion of patients with chronic illnesses. The increase in this population is also fueling the demand for pain management devices worldwide considerably. However, the increasing concerns regarding the risk associated with the implantation of pain management devices are holding people back from adopting them, limiting their growth to some extent.
Moving forward, the unmet medical needs, together with the escalating disposable income of people in emerging economies, are likely to provide lucrative opportunities to pain management device manufacturers in the coming years.
Demand for Pain Management Devices to Register Rapid Rise in Asia Pacific
According to TMR, the global opportunity in pain management devices is projected to register a healthy rise from US$3.2 bn in 2014 to US$6.3 bn by 2023, expanding at a CAGR of 7.60% during the period from 2015 to 2023. Currently, neurostimulation devices have emerged as the most demanded pain management devices across the world.
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North America led the demand for pain management devices in 2014 with a share of nearly 50%. Europe closely followed North America with a share of around 22%. Asia Pacific, however, is expected to report the fastest growth at a CAGR of 10.0% over the forecast period. These pain management devices have found maximum application in neuropathic pain and musculoskeletal pain.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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