Global pain management devices market is anticipated to witness exponential growth in the forecast period. Pain is an unpleasant emotional and sensory experience caused due to illness or tissue damage and due to injury and many diseases such as chronic arthritis, diabetic neuropathy, and osteoarthritis.
Factors, such as aged global population, the rising prevalence of chronic pain and growth in government enterprises in mitigating the threat of chronic pain. In addition, technological innovations in the field, rising disposable income, increasing awareness among the population, increase in patients suffering from neurological diseases, cancer, arthritis, trauma, and other inflammatory diseases. Moreover, adverse effects of pain medications, large pool of patient and the growth of novel pain management devices are likely to drive the pain management devices market in the forthcoming period.
On the other hand, side-effects of pain management devices and low consciousness regarding the use and availability of device are anticipated to hinder pain management devices market growth in the future. However, the introduction of advanced pain management options is likely to create lucrative opportunities for the market. Globally, market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.
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Pain management device market is segmented by type, mode of purchase, application, and geography. The market is segmented by type as Ablation Devices (Cryoablation Devices and Radiofrequency Ablation Devices), Analgesic Infusion Pumps (External Infusion Pumps and Intrathecal Infusion Pumps) and Neuromodulation Devices (Spinal Cord Stimulation (SCS) Devices and Transcutaneous Electrical Nerve Stimulation (TENS) Devices).
The market is segmented based on the mode of purchase as Prescription-based Devices and Over-the-counter Devices. The “Prescription-based Devices” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come. The key factors that could be attributed to the growth of market include FDA supports for new OTC devices and accessibility of a number of OTC devices.
The key applications are segmented in the pain management device industry include Cancer Pain, Neuropathic Pain, Musculoskeletal Pain, Facial Pain and Migraine and Others (Sports Injuries, Labor/Pregnancy, and Menstrual Pain, Trauma Pain, and Post-operative Pain). The “Neuropathic Pain” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come. The key factors that could be attributed to the growth of market includes favorable reimbursement scenario, presence of substantial clinical indication in the favor of high effectiveness of pain management device in neuropathic pain treatment, and growth of novel neuropathic pain management device.
North America is a leading region in the market. It is likely to maintain a dominance in the forecast period owing to factors, such as growth of new pain management devices in the healthcare market, rising middle-class population and increasing occurrence of chronic diseases. In addition, the surge in number of aged population in North America region. Furthermore, pain management device market has an enormous growth opportunity in developing a huge market in regions like Latin America and the Asia Pacific owing to the increase in patient consciousness and disposable income.
Key players operating in the pain management devices market include B. Braun Melsungen AG., Medtronic, Inc., Hospira, Inc., Boston Scientific Corporation, DJO Global LLC., Baxter International, Inc., St. Jude Medical, Inc., Smith Medical, Bio-Medical Research Ltd., Pain Management, Inc., Stryker Corporation and Kimberly-Clark Healthcare. The leading companies are involved in partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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