Pain Management is the branch of medical science that deals with the minimizing the pain of the patients. The global pain management devices market is growing significantly due escalating technological advancement and massive research and development in pain management, increasing demand for point-of-care testing, and reappearance of pain after surgery.
The global pain management device market accounted for USD 2.73 Billion in 2015 and is expected to reach USD 7.56 by 2025, growing at a CAGR of around 8.9% between 2016 and 2025.
In recent times, there is the rapid increase in the use of pain management device owing to rise in aging population, the upsurge in the cancer population, growth in the occurrence of lifestyle-related disease and rise in neuropathic disorders are some of the key factors driving the growth.
Also, adverse effects of pain medications, established reimbursement scenario for spinal cord stimulation (SCS) devices in developed countries, and high proven efficacy of pain management device for the treatment of chronic pain are driving the growth of the global market.
Market Restraints
The following are challenges faced by pain management device such as low awareness regarding the availability and use of pain management device, shortage of pain specialists, small number of pain clinics in several countries, existence of a gap in prevalence and treatment of chronic pain, and high procedural and purchase cost of pain management device are restraining the growth of the global market.
The pain management device by the application is sub-segmented into five types: cancer pain, neuropathic pain, facial & migraine pain, musculoskeletal pain, and others.
In the application segment, neuropathic pain was the leading segment in 2015. This neuropathic pain segment was estimated to witness the highest growth during the forecast period, primarily due to the high prevalence of diseases resulting in neuropathic pain followed by cancer pain.
The report covers the factors impacting the market, Porter 5 Forces, Market Share Analysis, Price trend analysis, Product Benchmarking, and company profiles.
The report profiles the following companies, which includes Baxter International Inc. pain management, Boston Scientific Corporation, DJO Global, Halyard Health, St. Jude Medical, Smiths Medical Pain Management, Baxter International Inc., Medtronic, Codman and Shurtleff, Stryker Corporation, DJO global, Halyard Health, St.Jude Medical, Smith Medical pain Management, Depomed, Medtronic, Kimberly-Clark Corporation, Kimberly-Clark Corporation.
North America dominates the global market for pain management devices due to a large number of aging population and favorable regulatory and healthcare reforms such as the U.S patient protection and affordable care act of 2010. And Asia Pacific region is expected to show high growth rates in the next five years in Global Pain Management Devices.
Some of the fundamental forces driving for the devices in emerging countries like India and China are a large pool of patients, increasing in the health expenditure and rising government funding and initiatives.
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