Supply of Pain Management Devices Market to receive overwhelming hike in Revenues by 2021-2028

According to Transparency Market Research's latest report on the global pain management devices market for the historical period 2017-2019 and forecast period from 2021 to 2028, increase in the geriatric population, rise in prevalence of chronic diseases, and introduction of novel technologies are projected to boost the growth of the global pain management devices market during the forecast period

Research Report: https://www.transparencymarketresearch.com/pain-management-drugs-devices.html

Rise in Number of Surgeries Performed: Key Driver

The number of surgical procedures performed across the world has increased significantly over the past few years. This can be attributed to the increase in geriatric population and rise in rates of obesity and other lifestyle diseases. Obesity is one of the leading causes of cardiovascular and orthopedic diseases.

The primary application of infusion pumps is analgesia/pain management. Following bariatric surgery, cardiothoracic surgery, and laparoscopic cholecystectomy, infusion pumps are commonly used for the local administration of narcotic analgesics and anesthetics.

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Increase in Chronic Medical Conditions Boosts Market Growth

Rise in prevalence of chronic medical conditions, commercialization of technologically advanced therapeutic products, changing patient demographics, increase in the geriatric population, and favorable reimbursement policies are expected to fuel the growth of the global market
Product Recall to Restrain Market Growth

Pain management devices are used to administer critical fluids, neurostimulations, and ablation procedures, which could include the use of high-risk medications. Errors in the use of these systems can result in serious harm to patients and even death. According to the Institute of Medicine, in the U.S., around 1.5 million patients are affected by medication errors each year, which cost an average of US$ 8,750 per potential adverse drug event (PADE).

The Emergency Care Research Institute (ECRI) has included errors in drug administration involving infusion pumps in its top 10 list of health technology hazards for the past five years. The impact of product recalls due to safety and efficacy issues on pain management device sales is a major concern for device manufacturers. These recalls compel manufacturers to replace faulty devices with updated models and to pay for serious injuries caused by accidents. Consequently, product recalls hamper the growth of the global pain management devices market.

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Pain Management Devices Market: Competition Landscape

This report profiles major players in the global pain management devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global pain management devices market is quite competitive, with the top 10 players accounting for major share of the market and companies focusing on research & development to produce better pharmaceutical & vaccine products for existing diseases

Leading players operating in the global pain management devices market are

Baxter International, Inc.
Bio-Medical Research (BMR) Ltd.
Boston Scientific Corporation
DJO Global, Inc.
Medtronic plc
Stryker Corporation
B. Braun Melsungen AG
Avanos Medical, Inc.
Microtransponde
Among others

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Increase in Applications of Neurostimulation Gadgets Globally

The rising demand of the pain management devices such as electrical incitement gadgets, radiofrequency removal gadgets, pain relieving imbuement siphons gadgets, and neurostimulation gadgets is expected to drive the global market growth in the upcoming years. Neurostimulation gadgets are high in demand due to the growing occurrence of incessant agony; for instance, disease torment and musculoskeletal. The commercialization of the devices in the field of neurostimulation is driving development of the section. An increasing number of individuals with interminable agony in appendages, lower back, and legs are experiencing implantation of profound mind and spinal rope incitement gadgets, which is relied upon to build take-up of viable neurostimulation gadgets around the world.

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