SEATTLE, May 17, 2021, (MEDGADGET) — Overview:
Pain management devices are a group of instruments that are used to alleviate pain. These devices are beneficial for long-term pain management, particularly in chronic conditions like cancer and arthritis. Electrical currents, analgesic pumps, radiofrequency ablation, and minimally invasive processes like neurostimulation may all be used to manage pain.
Increasing prevalence of osteoarthritis is expected to propel growth of the global pain management devices market over the forecast period. According to the study ‘Osteoarthritis in Europe: Impact on health status, work productivity, and use of pharmacotherapies in five European countries,’ the UK (43.6%), France (25.6%), Germany (15.2%), Spain (8.4%), and Italy (7.1%) all had high prevalence of peripheral joint osteoarthritis with maximum cases of people within the age group of 55-74 years.
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Moreover, rise in geriatric population is also expected to aid in growth of the market. For instance, According to United Nations statistics from April 2019, India’s geriatric population is expected to soar to nearly 20% by 2050.
Side effects of pain management devices are expected to hinder growth of the market. The use of neurostimulators can increase the risk of infection and create situations where blood from a hematoma leaks into the region where the neurostimulator is inserted. Additional surgical intervention, such as the relocation, repair, or replacement of certain parts, may be required as a result of device complications.
Furthermore, imposition of an excise duty on medical devices is also expected to hamper growth of the global pain management devices market. For instance, in 2010, the Affordable Healthcare for America Act was signed into law in the United States. One of the clauses imposes a 2.5 percent excise tax on all medical devices.
Increasing prevalence of cancer is expected to offer lucrative growth opportunities for players in the global pain management devices market. According to the World Health Organization, cancer caused around 18.1 million new cases and 9.6 million deaths worldwide in 2018.
Furthermore, increasing investment in R&D of devices is also expected to support growth of the market. For instance, in July 2019, Tivic Health Systems, a manufacturer of sinus pain relief devices, has raised $8 million in seed funding, which will be used to promote the ClearUP device’s launch.
The global pain management devices market was valued at US$ 5,745.0 Mn in 2019 and is forecast to reach a value of US$ 17,004.2 Mn by 2027 at a CAGR of 14.7% between 2020 and 2027.
The global pain management devices market is estimated to account for US$ 17,004.2 Mn in terms of value by the end of 2027.
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Pain Management Devices Market, By Product Type, is segmented into:
- Spinal Cord Stimulation
- Sacral Stimulation
- Deep Brain Stimulatio
- North America
- Latin America
- Asia Pacific
- Middle East
North America is expected to witness significant growth in the global pain management devices market in 2019, accounting for 49.8% share in terms of value which is followed by Europe and Asia Pacific, respectively.
Market Trends/Key Takeaways:
Increasing prevalence of neurological disorders is fueling growth of the market. For instance, Statistical commentary: dementia profile, April 2019 update, in the United Kingdom, according to Public Health England. In the geriatric population, the prevalence rate of dementia was 4.3 per 100 registered general practise population in 2018, accounting for 448,300 dementia cases, up 10,200 from 2017.
Furthermore, R&D in non-invasive pain treatment devices is also expected to support in growth of the market. For instance, in April 2019, Scrambler therapy (ST) is an electro-analgesia therapy for noninvasive treatment of chronic neuropathic and cancer pain, according to researchers from the University of Rome Tor Vergata in Rome, Italy.
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Key players involved in the global pain management devices market include Codman and Shurtleff, Inc., DJO Global LLC, NeuroMetrix, Inc., Hospira Inc., Kimberly-Clark Corporation, Medtronic, Plc, Smiths Medical, Axonics Modulation Technologies, Inc., Baxter International Inc., B. Braun Melsungen AG, Boston Scientific Corporation, NeuroSigma, Inc., and Abbott
Key players in the market are focused on approval and launch of new devices to expand their product portfolio. For instance, in April 2019, The Monarch external Trigeminal Nerve Stimulation (eTNS) System from NeuroSigma, Inc. has obtained FDA approval for the treatment of attention deficit hyperactivity disorder.
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