Market Research Future, a firm which specializes in market reports related to the Healthcare sector among others, recently forecasted in its report on ‘Global Pain Management Device Market Research Report- Forecast to 2023’ that the market will demonstrate an exceptional CAGR 7.2 % while achieving good growth rapidly in the forecast period.
Pain Management Device Market – Sketch
The Pain Management Devices Market is getting excellent traction with booming healthcare sector. Disabilities caused by pain is frustrating and a liability for patients as it halts the normal efficacy of human being. Pain management devices are designed to mitigate or obliviate such pains and provide patients a stress-free life. The global pain management devices market is banking on that aspect and showing potentials to chart a course where its valuation would reach to USD 5.81 billion mark by 2023, asserts Market Research Future (MRFR). The report further predicts a 7.2% CAGR during the forecast period (2016-2023) and focuses on possible market drivers such as rise in mortality rate that also ensures a huge patient pool who are susceptible to wounds and contracts pain easily. Furthermore, increasing research & development activities and rising pain rehabilitation centers are bound to impact the pain management devices market with a great gusto.
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Despite such efforts made by the healthcare sectors, the global pain management devices market can feel bottlenecked by the high cost involved with it. But the market can always find hope in companies making efforts to launch new products. The strategic move can invigorate the pain management devices market and hold it back from sliding down during the forecast period.
Medtronic of Canada Ltd. has received a license from Health Canada for its Intellis™ platform. This includes the world’s smallest implantable spinal cord stimulator (SCS) for the management of few types of chronic intractable pain. Given the issues of opioid abuse prevalent in the country, it has become mandatory for Canadians to have access to new non-opioid treatment options. One of these options includes adoption of SCS that provides effective and long-term pain relief while being a treatment option for patients who are interested in trying a non-drug alternative.
The Global Pain Management Devices Market thrives mostly on strategic moves that include merger, acquisition, collaboration, product launch and others. It benefits both the concerned company and the market.
Johnson & Johnson and Synthes recently announced their merger agreement in their attempt to create the world’s most innovative and comprehensive orthopedics business. This collaboration can assist the pain management devices market growth.
NeuroMetrix, in 2018 launched Quell 2.0, a 100% drug-free device that can be really effective in managing pains. Quell app has also been designed to make its operational facilities simple. The product is also smaller in size.
Grunenthal and KU Leuven joined hands in 2018 to develop a non-opioid pain treatment for painful diseases with a high unmet medical need.
Eminent players in the Global Pain Management Devices Market include Codman and Shurtleff, Inc. (U.S.), Stryker Corporation (U.S.), Hospira Inc. (U.S.), Smiths Medical (U.K.), Baxter International Inc. (U.S.), Boston Scientific Corporation (U.S.), Medtronic Plc (U.S.), St. Jude Medical (U.S.), Bio-Medical Research (BMR) Ltd. (U.K.), Kimberly-Clark Corporation (U.S.), DJO Global LLC (U.S.), B. Braun Melsungen AG. (Germany), Pain Management, Inc (U.S.), and others.
The Global Pain Management Devices Market can be segmented by stimulators, pumps, ablation devices, and application.
By stimulators, the pain management devices market can be segmented into neuromodulator devices and transcutaneous electrical nerve stimulation (TENS) devices. Neuromodulator devices can be further sub-segmented into spinal cord stimulator, intrathecal pain pump, peripheral nerve stimulator, dorsal root ganglion stimulation and other.
By pumps, the pain management devices market can be segmented into analgesic infusion pumps and other. Analgesic infusion pumps segment is further segmented into patient control infusion pumps, external infusion pumps, intrathecal infusion pumps and other.
Based on ablation devices, the pain management devices market can be further segmented into microwave devices, cryoablation devices and others.
On basis of application, the pain management devices market includes cancer pain, musculoskeletal pain, migraine, and others.
As per the report, the Global Pain Management Devices Market is spread across the regions of North America, Europe, Asia Pacific (APAC), and Middle East and Africa (MEA).
North America holds the maximum market share for pain management devices followed by Europe. The robust growth has been aided by huge investment and development in research & development. Moreover, the healthcare industry in the region has outperformed its peers from other regions which has ensured a smooth sailing ahead for the regional pain management devices market.
The APAC is growing at the fastest growth rate with the continuous efforts of the governments in the region to revamp the healthcare sector which ensures growth prospects of the market.
Europe observes a highly mature market in terms of revenue and size on account of favorable reimbursement, development of novel neuropathic pain management device and a large patient population base. Increasing healthcare awareness, along with growing healthcare expenditure in the region, are also playing their part in taking the market ahead.
The MEA markets is a bit topsy-turvy due to weak economic growth and lack of sophisticated healthcare infrastructure. However, the region is profiting much from government and private initiatives who are exploring the untapped possibilities for further growth.
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Some Brief Table of Contents of Report
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
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