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Pain Management Devices Market 2021 Share, Global Industry Trends, Share, Market Growth, COVID-19 Impact On Business, Opportunity Analysis and Industry Forecast Till 2026
Pain Management Devices Market
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The growth of the pain management devices market is attributed to increase in prevalence of chronic pain across the globe. Furthermore, surge in awareness of pain management devices, launch of innovative products, and rise in adoption of pain management devices are the other factors that contribute to the growth of the market.
Pain management is a branch of medical science, which eases the suffering of patients suffering from chronic pain or acute pain. Spinal cord stimulators, transcutaneous electrical nerve stimulation (TENS) devices, intrathecal infusion pumps, external infusion pumps, and others are widely used in management of chronic pain.
Covid-19 scenario:
The demand for Pain Management Devices from the all industry has experienced a huge growth to encourage health and safety with Covid-19 impact.
The supply, demand of Pain Management Devices affected by lockdown as it comes under the category of essential factors.
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Based on application, the cancer pain segment is expected to register the fastest CAGR of 8.3% during the forecast period. This is attributed to rise in incidence of different forms of cancer and increase in adoption of cancer pain drugs. In addition, upsurge in geriatric population and wide availability of pain management devices drive the market growth. However, the neuropathic pain segment dominated the global pain management devices market in 2018, accounting for nearly one-third of the market. The increase in number of target population, rise in number of risk factors such as diabetes, HIV, multiple sclerosis, & cancer, technological advancement in pain management devices, and surge in demand for pain management devices for management of neuropathic pain are driving the growth of the segment.
In addition, increase in demand for pain management devices, upsurge in awareness among people towards pain management devices, and increase in healthcare expenditure across the globe are expected to drive the growth of global pain management devices market.
On the basis of type, the market is categorized into neuromodulation & neurostimulation devices, analgesic infusion pumps, and ablation devices. Presently, the neuromodulation & neurostimulation devices segment dominates the global market, and is anticipated to continue this trend during the forecast period. This is attributed to surge in demand neuromodulation & neurostimulation devices, due to their cost efficiency and increase in number target population.
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Key Findings of the Study:
By product, the neuromodulation & neurostimulation devices segment held more than half share in the global market in 2018.
Depending on application, the neuropathic pain segment held more than one-third share in the global market in 2018.
Region wise, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 6.6% during the forecast period.
Key Players:
Leading market players analyzed in market such as Abbott Laboratories, B Braun Melsungen AG, Baxter International Inc., Boston Scientific Corp., DJO Global LLC., Johnson & Johnson (Codman And Shurtleff, Inc.,), Kimberly Clark Corporation, Medtronic Plc., Pfizer, Inc., and Stryker Corp.
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