Pain Management Devices Market to Become Worth US$6.28 bn by 2023
Global Pain Management Devices Market: Snapshot
People suffering from chronic medical conditions including cancer, obesity, and diabetes are more vulnerable to chronic pain. The article published in the BioMed Central states that about 20% of the adults are suffering from the chronic pain and 10% of the adults are newly diagnosed with the chronic pain per year. Increasing prevalence of the chronic pain is fueling growth of the global pain management devices market. Additionally, changing demographics due to increasing geriatric population and number of patients suffering from the chronic illness are augmenting growth of the global pain management devices market.
According to the report by Transparency Market Research (TMR), the global pain management devices market registered the revenue of about US$3.75 bn in 2016 and is expected to expand at a CAGR of 7.6% over the forecast period from 2015 to 2023 to attain the value of around US$6.28 bn in 2023.
Increasing commercialization due to availability of the advanced and innovative products and the availability of favorable reimbursement policies are fuelling demand for pain management devices. However, some of the possible side effects such as surgical infection and skin erosion associated with neurostimulation implants are limiting growth of the market.
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Global Pain Management Devices Market: Segments
The global pain management devices market is segmented on the basis of product type and region. On the basis of product, the market is segmented in to electrical stimulation devices, radiofrequency ablation devices, analgesic infusion pumps devices, neurostimulation devices. Of these, neurostimulation devices segment accounted for the leading share and expected to continue its dominance in the market. This growth is attributed to the rising incidence of chronic pain such as cancer pain and musculoskeletal. The commercialization of breakthrough technologies in the field of neurostimulation are propelling growth of the segment. A growing number of people with chronic pain in limbs, lower back, and legs are undergoing implantation of deep brain and spinal cord stimulation devices, which is expected to increase uptake of effective neurostimulation devices worldwide.
However, the analgesic infusion pumps segment, is expected to expand with a remarkable CAGR of 10.3% over the forecast period. This growth is attributable to the high effectiveness, less pain, and superior safety features of the product.
Global Pain Management Devices Market: Regional Analysis
On the basis of region, the global urinary catheters market is segmented in to North America, Asia Pacific, Europe, the Middle East and Africa (MEA), and South America. Of these, North America dominated the global market with 48.7% shares of the overall market. This growth is attributable to the rising prevalence of chronic diseases and growing sports-related injuries are boosting the demand for pain management devices in the region. Furthermore, growth of the region can be attributed to emerging innovative technologies coupled with presence of advanced healthcare facilities.
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However, Asia Pacific is expected to expand with higher CAGR than any other region over the forecast period. The growing incidence of neck and back pain among the populace and increasing cases of diabetes and chronic wounds are propelling the growth of the region. The widening base of geriatric population, particularly in Japan and China, is also playing a vital role in the increased sales of pain management devices in the region.
Global Pain Management Devices Market: Competitive Landscape
Some of the key players operating in the global pain management devices market includes Boston Scientific Corp., Bio-Medical Research (BMR) Ltd., St. Jude Medical, Medtronic Plc, Halyard Health, Baxter International Inc., Smiths Medical, Hospira Inc., and Stryker Corp.
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