Pain Management Drugs and Devices Industry
Wiseguyreports.Com Adds “Pain Management Drugs and Devices -Market Demand, Growth, Opportunities and Analysis Of Top Key Player Forecast To 2024” To Its Research Database
The pain management drugs and devices have become very popular across the globe for efficiently managing pain. The global market for pain management drugs and devices was estimated at 36.1 billion dollars in 2017. The market is expected to grow at a CAGR of 7.6% and will reach approximately 52 billion dollars by 2022. These devices are used to manage pains in different body parts. These devices have become very useful for managing surgical pains, migraine pain, dental pain and any general pain. These devices and drugs are managed with new and advanced technologies and therefore are being increasingly demanded by patients.
Pain management drugs and devices give clinicians as well as patients a wide range of choices when it comes to pain management. Patients do not want to stay in hospitals for long because of the increasing costs of healthcare and pain management drugs and devices can be administered and used at homes as well. This is leading to a rapid growth of these in the global market.
Pain management drugs and devices are used for alleviating acute as well as chronic pain. These drugs and devices are recommended for the treatment of rheumatoid arthritis as well wherein a patient experiences more relief as compared to traditional methods of pain relief. Most of these drugs are prescribed by medical practitioners and are considered to be safe. The pain management devices are easy to make use of and can be used by the patient without needing any help.
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Pain management drugs and devices market is segmented into pharmaceuticals and devices. The pharmaceuticals segment majorly consists of all drugs that can be used for managing pain. These drugs can be narcotic, non-narcotic and anaesthetics that can be administered for patients for different types of pain. Currently, this segment contributes in a significant manner to the global market of such drugs and devices and will dominate the market share by generating almost 90% of the sales in the coming years.
Pain management devices include spine stimulators, electrotherapy stimulators and other types of devices that can be used to manage and relieve pain. New and improved devices are being introduced in the market driving the increase of the global market of pain management drugs and devices.
There are many key players involved in the global market. These include GlaxoSmithKline, Johnson and Johnson, Pfizer, Novartis International, Abbvie Inc., and Purdue Pharmaceuticals. All these players are contributing a significant share in the market leading to the expansion of this market.
The major regions that hold a significant share in the global market for pain management drugs and devices include North America, Asia Pacific, Latin America and Europe. All these countries are conducting research and development to provide patients with more effective pain management drugs and devices. The increasing need of managing pain quickly and effectively is driving the rapid growth of the pain management drugs and devices market at the global level.
The increasing population of old people who suffer from various types of pains is also driving the growth of this market. Asia Pacific region is expected to experience a rapid growth of the pain management drugs and devices market because of better patient and healthcare that is being demanded and the fact that people in this region are spending more of their income on their health.
Profiles of major players in the industry
DJO Global Inc.
Johnson & Johnson
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