Pain Management Devices Market : Technological Advancements To Watch Out For Near Future; Global Industry Analysis 2023

Global Pain Management Devices Market: Snapshot

The global demand for pain management devices has observed a significant rise in demand in the past few years. Factors such as the rising prevalence of chronic diseases such as diabetes, cancer, a variety of cardiovascular conditions, rheumatoid arthritis, and osteoarthritis; the rising population of geriatrics globally; and the increased cases of chronic pain are the key factors responsible for this rise in demand for pain management devices. The increased focus of the healthcare fraternity on the severity of chronic pain and the need for proper medical intervention to treat it are also fueling the need for pain management practices, consecutively driving the global pain management devices market.

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Transparency Market Research estimates that the market will tread along a path of healthy growth in the next few years owing to these factors. Expected to exhibit a promising CAGR of nearly 7.6% over the period between 2015 and 2023, the global market for pain management devices is expected to reach a valuation of US$6.3 by 2023 from US$3.2 bn in 2014.

Neurostimulation Devices to Continue to Remain Dominant Product Variety

A wide array of pain management devices are used across the globe, including product classes such as radiofrequency ablation devices, neurostimulation devices, analgesic infusion pumps, and electrical stimulation devices. Of these, the segment of neurostimulation devices are the most widely used pain management devices globally. In 2014, the segment of neurostimulation devices contributed revenue of nearly US$1.3 bn to the overall revenue of the global pain management devices market.

The significant surge in the implantation of spinal cord and deep brain stimulation devices in patients with chronic pain in limbs, lower back, and legs has led to the increased demand for effective neurostimulation devices across the globe in the past few years. The trend is expected to remain strong over the next few years as well, ensuring that the segment retains its dominant position among the key varieties of pain management devices commonly marketed globally. TMR analysts expect that the neurostimulation devices market segment will contribute nearly US$2.3 bn in terms of revenue to the global pain management devices by 2023.

However, the segment of analgesic infusion pumps, which presently holds a nominal share in the market as compared to other device types, is expected to exhibit growth at the most prominent pace. Over the period between 2015 and 2023, the segment of analgesic infusion pumps is expected to exhibit a 10.30% CAGR.

Asia Pacific to Emerge as Regional Market with Most Promising Growth Opportunities

Of the key regional markets for pain management devices, the North America market presently dominates, accounting for a massive chunk in the revenues of the global market. The region had a valuation of US$1.5 bn in 2014 an dis expected to retain leadership over the report’s forecast period as well. The region will continue to be the leading market for pain management devices owing to the increased cases of sports-related injuries, the rising population of geriatrics, and the vast rise in the patient pool of neuromuscular diseases.

Nevertheless, the Asia Pacific market is expected to emerge as the market with the most promising returns owing to the high projected rate of growth over the report’s forecast period. TMR analysts estimate the Asia Pacific pain management devices market will register a 10.0% CAGR from 2015 through 2023. The vast pool of untapped opportunities in emerging economies such as India and China, the vast population of geriatrics, and the rising expenditure on healthcare and fitness will keep the market for pain management devices growing in the region.

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Some of the key vendors operating in the market are St. Jude Medical, Boston Scientific Corp., Medtronic Plc, Bio-Medical Research (BMR) Ltd., Baxter International Inc., Smiths Medical, Halyard Health, Hospira Inc., and Stryker Corp.

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This release was published on openPR.