Press release
Global Pain Management Devices Market To Be Driven By The Rise In Occurrence Of Chronic Pain In The Forecast Period Of 2021-2026
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
Forecast CAGR (2021-2026): 9%
Forecast Market Size (2026): USD 14.5 Billion
The growth in the global pain management devices market is induced by rising prevalence of chronic diseases such as cardiovascular disease, cancer, musculoskeletal disease, and neurovascular disease. Such diseases have a negative impact on a person's health by reducing immunity and causing chronic pain. The prevalence of the mentioned diseases is highest in adults and the geriatric community.
A portable pain relief device is simple to use and run, reducing a person's reliance on others. As a result of the benefits of pain management products, demand for them is increasing among patients with chronic diseases. Consumers' disposable income is increasing, particularly in developing countries, which is driving the market further.
Industry Definition and Major Segments
Pain management refers to the medical branch that employs an interdisciplinary method to relieve suffering and improve the quality of life for those who suffer from chronic pain. Pain can resolve quickly once the underlying trauma or disease has healed and is handled by a single practitioner with analgesics and sometimes anxiolytics.
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Based on type, the market is divided into:
Neurostimulation Devices
Transcutaneous Electrical Nerve Stimulation (TENS) Devices
Spinal Cord Stimulation (SCS) Devices
Ablation Devices
RF Ablation Devices
Cryoablation Devices
Analgesic Infusion Pumps
Internal
External
Based on mode of purchase, the industry is segmented into:
OTC
Prescription-Based
Based on application, the market can be categorised as:
Neuropathic Pain
Cancer Pain
Facial Pain and Migraine
Musculoskeletal Pain
Others
On the basis of region, the market is divided into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Market Trends
The need for pain relief products is at an all-time high due to a rise in the number of diabetic patients. Many patients have reported feeling relieved after using these instruments. This has resulted in the expansion of the pain relief device market.
Patients are increasingly looking for new therapeutic options, such as pain relief systems, due to the ineffectiveness of oral medications. Furthermore, one of the reasons driving up demand is a lack of preference for surgeries. Because of the high costs involved with hospitalisation, there is a greater desire for shorter hospital stays and a transition to less expensive treatment environments, which increases the product demand.
Key Market Players
The major players in the market are Abbott Laboratories, Becton, Dickinson and Company, Boston Scientific Corporation, B. Braun Melsungen AG, Johnson & Johnson Services, Inc, Medtronic Plc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market.
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