Prevalence of Patient Diseases Expected to boost the Global Pain Management Market
Pain management is a major branch of medical science which includes the role of minimizing or managing the pain of the patients. The global pain management devices market valuation is expected to jump from USD 3.58 billion in 2016 to USD 5.81 billion by 2023 with a calculated CAGR of 7.2% over the forecast period (2017-2023).
Pain management devices market is driven by a number of factors. This includes, the high percentage of patients suffering from different forms of diseases, growing government efforts in increasing the pain rehabilitation centers, and expanding aging population.
Aside from these, the market is also driven by the increasing prevalence of various acute and chronic diseases. However, amidst all the positives, concerns regarding the side-effects of pain management devices and the high-cost of these devices are the major constraints to the market growth.
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Market Segmentation
The global pain management devices market segmentation is based on type and application.
By type, the market is segmented into pumps, stimulators, and ablation devices.
Stimulators are narrowed down into transcutaneous electrical nerve stimulation (TENS) and neuromodulator devices. The neuromodulator devices are further broken down into intrathecal pain pump, spinal cord stimulator, dorsal root ganglion stimulation, and peripheral nerve stimulator.
Ablation devices segment are divided into cryoablation devices, microwave devices, and others.
Pumps are segmented into analgesic infusion pumps and other. The analgesic infusion pumps segment is sub-segmented into external infusion pumps, patient control infusion pumps, intrathecal infusion pumps, and others.
By application, the market includes musculoskeletal pain, migraine, cancer pain, and others.
Competitive Landscape
The global pain management devices market comprises of various notable players. This includes Medtronic Plc (US), Codman and Shurtleff, Inc. (US), Baxter International Inc. (US), Kimberly-Clark Corporation (US), St. Jude Medical (US), Boston Scientific Corporation (US), Hospira Inc. (US), Bio-Medical Research (BMR) Ltd. (UK), DJO Global LLC (US), Stryker Corporation (US), B. Braun Melsungen AG. (Germany), Smiths Medical (UK), Pain Management, Inc (US), and others.
March 14th, 2019, the Northwest Specialty Hospital proudly announced its new range of offering of electroceutical devices to act as an alternative to medication through opioid.
Intended Audience
- Pharmaceutical Companies
- Medical Devices Companies
- Research and Development (R&D) Companies
- Government Research Institutes
- Academic Institutes and Universities
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Regional Analysis
The global pain management devices market’s regional segmentation covers North America, Asia Pacific, Europe, and Middle East and Africa.
The North American region holds the largest market for pain management devices in the world. The market growth in this region is primarily aided by investments and rigorous R&D activities. Various developments and research in neurostimulation-based pain management devices have also helped steer the regional market growth of North America. Additionally, the healthcare sector here stands head and shoulders above all other regions, thereby boosting the market growth in this region.
Asia Pacific is expected to grow at the fastest rate due to the presence of a humongous population base, steadily developing infrastructure, and growing prevalence of various diseases. Additionally, continuous government efforts in the region to advance the healthcare standards is also slated to boost the growth percentage of the market.
The European region holds a fair share of the global pain management market. It is identified as a highly mature market on the basis of revenue and size due to the development of novel neuropathic pain management devices, favorable reimbursement policies, and a large pool of patient population. Moreover, the region has high number of cancer patients, continuous advancements in technology, and a surging rate of awareness concerning the healthcare sector have all combined together to make a positive impact on the market growth in Europe.
Finally, the Middle East and Africa market is a rather inconsistent region with fair share of both highs and lows. This is due to a weak economic growth and a lack of established healthcare infrastructure. However, it has been observed that the region is quickly experiencing growth on account of government’s constant efforts coupled with the investments made by both private and public firms to take advantage of the market’s potential.
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