Pain Management Devices Market is Expected to Expand at a CAGR of 7.6% Over the Forecast Period from 2015 to 2023

The pain management devices market is expected to witness substantial growth as a result of technological advancements in this industry. Rising chronic debilitating diseases and geriatric population play a vital role in the growing demand for pain management devices. Furthermore, the growing preference for these devices over surgical inventions and oral drugs will be a crucial driving factor for this market.

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Analysts have studied the pain management devices market on the basis of applications, product type, and geography. The report is a decisive guideline for new entrants to understand the market and to develop new strategies while keeping in view strategic recommendations included in the report. The study covers drivers and restraints impacting the demand for pain management devices over the forecast period. This report is prepared using primary and secondary research as well as in-house databases.

The growth of the pain management devices market is attributed to increasing incidence of arthritis, cancer, trauma, and neurological diseases. This market is witnessing rapid growth due to the introduction of advanced healthcare facilities and increase in the number of hospitals across the globe. Moreover, growing incidence of sports-related injuries and lifestyle-related diseases is fueling the expansion of the pain management devices market. Adverse effects of pain medications, large patient population base, and high proven efficiency of pain management devices are factors driving the global pain management devices market. However, factors such as low number of pain clinics in several countries, shortage of pain specialists, low awareness regarding availability and use of pain management devices, and high cost of these devices are hampering the growth of the pain management devices market.

On the basis of application, the global pain management devices market has been classified into neuropathic pain, musculoskeletal pain, cancer pain, facial and migraine pain, and others. In this category, the segment of neuropathic pain has been witnessing strong growth due to rising geriatric population across the globe, favorable reimbursement scenario, and side effects of drugs used to treat neuropathic pain.

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Based on type, the global market for pain management devices is divided into stimulators, radiofrequency ablation devices, TENS, and pumps. In terms of revenue generation the stimulation devices segment holds the major share in the market, due to commercialization of breakthrough technologies.

Geographically, the global pain management devices market comprises Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. North America dominates the overall market and will continue do so in terms of revenue generation due to advancements in novel pain management devices. An increase in geriatric population serves as a key factor driving the growth of the pain management devices market in Europe.

The increasing cases of chronic wounds and diabetes along with growing incidence of back and neck pain are boosting the growth of the Asia Pacific pain management devices market. Latin America presents significant opportunities to grow due to an increase in disposal income and rising awareness about the safety of pain management devices.

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The leading players present in the global pain management devices market include Bio-Medical Research (BMR) Ltd., Smiths Medical, Boston Scientific Corp., Halyard health, St. Jude Medical, Stryker Corp., Baxter International Inc., and Hospira Inc.

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