MRFR Has Projected The Pain Management Devices Market To Attain A Valuation Of USD 5.81 Bn At A CAGR Of 7.2% By The End Of 2023.
Pain management devices are being extensively used to minimize chronic pain in patients. They are used in conjunction with other prescription medicines and other pain management therapies. Market Research Future (MRFR) has thoroughly analyzed the trends and patterns governing the global pain management devices market over the forecast period of 2016-2023 in an in-depth study.
Increase in chronic pain conditions due to the prevalence of various chronic diseases, the rise in global surgical volume, and an increase in medical emergencies induce demand for pain management devices within the market. Besides, continuously growing aging population add to the demand for pain management devices. Chronic pain is more prevalent among the aged demographic due to the occurrence of diseases such as arthritis and diabetes.
Improving reimbursement landscape is favoring the growth of the market. Furthermore, the governments in various countries have endeavored to set up pain rehabilitation centers which help to boost the growth of the market.
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Increased patient awareness regarding the potential dangers of opioids and prescription pain killers have evoked greater consumer interest in pain management devices. The persistent rise in opioid epidemic and pressing need for better pain management, researchers are vigorously searching for alternative methods of pain relief. This has resulted in the development of advanced pain management the technologies which provide enhanced pain relief.
On the contrary, the growth of the pain management devices market might be impeded by side effects associated with pain management devices. Additionally, the high cost of pain management devices is also a major bottleneck to the market growth.
- Braun Melsungen AG. (Germany), DJO Global LLC (US), St. Jude Medical (US), Stryker Corporation (US), Medtronic Plc (US), Smiths Medical (UK), Hospira Inc. (US), Bio-Medical Research (BMR) Ltd. (UK), Codman and Shurtleff, Inc. (US), Boston Scientific Corporation (US), Baxter International Inc. (US), Kimberly-Clark Corporation (US), and Pain Management, Inc. (US) are the distinguished players in the global pain management devices market.
April 2019 – Avanos Medical, Inc., a medical technology company, announced that it has received US Food and Drug Administration (FDA) 501(k) clearance for its postoperative pain management device, ON-Q Bolus.
The global pain management devices market has been segmented based on type and application.
By type, the pain management devices market has been segmented into stimulators, pumps, and ablation devices.
The stimulators segment has been further segmented into neuromodulator devices and transcutaneous electrical nerve stimulation (TENS) devices. The neuromodulator devices sub-segment has been further segmented into spinal cord stimulator, intrathecal pain pump, peripheral nerve stimulator, dorsal root ganglion stimulation, and others.
The ablation devices segment has been further segmented into microwave devices, cryoablation devices, and others.
The pumps segment has been further segmented into analgesic infusion pumps and other. The analgesic infusion pumps sub-segment has been further segmented into patient control infusion pumps, external infusion pumps, intrathecal infusion pumps and other.
By application, the pain management devices market has been segmented into cancer pain, musculoskeletal pain, migraine, and others.
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By region, the global pain management devices market has been segmented into North America, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
North America is leading the global pain to augment devices market. Rigorous investment in R&D activities and advances in pain management devices has helped the market command the top position.
The APAC pain management devices market is expected to showcase rapid growth and register the highest CAGR over the forecast period. The presence of a massive patient population, the increasing volume of surgeries and high occurrence of medical emergencies have fostered the growth of the market. In addition, the surging prevalence of cancer and high healthcare expenditure is other factors substantiating the growth of the market.
Europe pain management devices market is a mature one and is driven by the presence of a sizeable patient population, favorable reimbursement scenario, and development of novel neuropathic pain management devices market. High healthcare expenditure, continuous technological advancements, and high awareness are also boosting the growth of the market.
The MEA market shows considerably lower chances for progress. Lack of awareness, poor economic condition, and low healthcare penetration restrict the growth of the market. However, the region stores massive untapped potentials which would be harnessed by constant efforts by the governments and investments by private as well; as public firms.
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