Market Highlights:
The global Pain Management Device Market totaled more than USD 3.58 billion in 2016 and is bound to reach USD 5.81 billion by 2023, as per Market Research Future (MRFR) report. The report also mentions that the global market is projected to grow at a healthy CAGR of 7.2 % during the forecast period (2016-2023). Pain-related disability is a significant and costly liability to patients, leading to frustration and inability to function in day to day life. Growing geriatric population, increasing prevalence of chronic pain and growth in government initiatives to mitigate the threat of chronic pain have been instrumental in the development of the global market in recent years. Moreover, conventional drug-based therapies generally come with the threat of side effects, hence giving rise to research and development (R&D) efforts. These activities by market players aim to introduce advanced pain management options with higher efficacy and safety, thus giving birth to pain management devices. Furthermore, MRFR observes that the healthcare industry has not just managed to elevate its performance quotient but has also come up with adequate relief mechanisms across major hospitals and healthcare centers. A fact that bodes well with the global Pain Management Devices Market Growth. Individuals suffering from minor and major diseases or disorders are quick to resort to treatments relieving them of pain or ailments, thus, giving propelling the market growth to a large extent.
However, the global market comes along with few challenges of its own that include high cost of pain management devices. On the other hand, established market players are constantly developing their products in order to invigorate the existing market. For instance, recently, Mundipharma developed Painfocus™, a revolutionary new end-to-end pain management solution that substantially increases the objectivity of pain measurement, potentially transforming how caregivers and doctors manage their patients' pain.
Key Players:
• Codman and Shurtlef
• Stryker Corporation
• Hospira In
• Smiths Medical
• Baxter International In
• Boston Scientific Corporation
• Medtronic Plc
• St. Jude
• Bio-Medical Research (BMR) Ltd
• Kimberly-Clark Corporation
Market Segmentation:
The segments of the global pain management devices market are type and application.
The types of pain management devices are stimulators, pumps, and ablation devices. The stimulators segment is sub-segmented into neuromodulator devices and transcutaneous electrical nerve stimulation (TENS) devices.
By application, the global market is segmented on the basis of cancer pain, musculoskeletal pain, migraine, and others. Increased healthcare spending along with availability of reimbursement aides the growth of the cancer pain market, subsequently triggering the growth of pain management devices market as well, due to massive demand for these devices by cancer patients.
Regional Analysis:
The report states that the global pain management devices market is spread across the regions of North America, Europe, Asia Pacific and Middle East and Africa.
Among all regions, North America captures the largest market for pain management devices followed by Europe. The growth of the regional market is strongly aided by huge investment and development in research and development. Lot of development and research in neurostimulation based pain management devices has also supported the regional market growth. Moreover, the healthcare industry in the region has outperformed the healthcare industries of all the other regional pockets, giving a major boost to the market growth in the region.
The Asia Pacific market, on the other hand, is growing at the fastest growth rate owing to a huge population base, steadily developing infrastructure and elevating prevalence of numerous diseases. Moreover, the continuous efforts of the governments in the region to upgrade the healthcare standards are deemed to boost the growth prospects of the market.
The Europe region observes a highly mature market in terms of revenue and size on account of favorable reimbursement, development of novel neuropathic pain management device and a large patient population base. Further, increasing cases of cancer patients, continuous technological advancements and increasing healthcare awareness along with growing healthcare expenditure in the region have marked the positive outlook of the market.