Pain management devices are products that are used for medical purposes to manage pain in patients who are suffering from any kind of acute pain or chronic pain. These devices are widely used to treat arthritis, cancer, and neuropathic pain. Pain management devices are available in implantable as well as non-implantable forms. In 2014, the global pain management devices market stood at US$3.2 bn and is anticipated to reach US$6.3 bn by the end of 2023. The market is expected to exhibit a 7.60% CAGR between 2015 and 2023.
Rapid commercialization of technologically advanced therapeutics devices, promising policies for reimbursement, rising prevalence of chronic medical conditions, and rising geriatric population are some of the major driving factors propelling the global pain management devices market in the coming years. In addition, rising government preference for a reduced stay in hospitals and increasing patient pool in developing economies are some of the opportunities for the players operating in this market. On the other hand, implementation of the medical device tax and the Affordable Care Act and associated risks with neurostimulation implant procedures are the restraining factors that are anticipated to curb the market in the next few years.
On the basis of type, the global pain management devices market has been divided into neurostimulation devices, electrical stimulation devices, analgesic infusion pumps, and radiofrequency ablation devices. Among all these types, in 2014, the neurostimulation devices segment held the biggest market share owing to the rising number of SCS and DBS devices implantation in patients who are suffering from chronic pain in the limbs or the trunk. The global pain management devices market has been further classified according to the different types of management devices. Musculoskeletal pain and neuropathic pain led the application areas of varied pain management devices in the recent years. Moreover, the neuropathic pain application segment of the neurostimulation devices market is expected to demonstrate a substantial CAGR of 6% between 2015 and 2023.
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The global pain management devices market is segmented on the basis of geography into Europe, Asia Pacific, North America, Latin America, the Middle East and North Africa, and Rest of the World. Among these segments, in 2014, North America held the biggest share in the global pain management devices market. Rising prevalence of neuromuscular diseases and pain indications among aging population, growing incidence of lifestyle-related diseases, rising number of sports-related injuries, increased access to health care, and other co-morbid conditions are some of the factors that are contributing to the growth of the North America pain management devices market.
Nevertheless, Asia Pacific is expected to witness the highest growth rate through the forecast period. Prominent factors such as the rising disposable income in various developing nations, the increasing base of aging patients, and rising demand for technologically advanced medical products are expected to boost the demand for pain management devices in Asia Pacific market.
Some of the prominent players operating in the global pain management devices market are St. Jude Medical, Medtronic plc, Baxter International Inc., Smiths Medical, Codman & Shurtleff, Inc., Boston Scientific Corporation, Halyard Health, Hospira, Inc., Stryker Corporation, DJO Global, Inc., and Bio-Medical Research (BMR) Ltd.
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