Press release
Pain Management Devices Market: Emergence of Advanced Technologies and Global Industry Analysis 2023!!
These companies boast of superior distribution channels and ample supply capabilities that ensure easy availability of their products, validating their lead in this market. However, a large number of medical device manufacturers are looking to venture into the pain management sector, which is projected to intensify the competition and change the current dynamics in the coming years.
Growing Prevalence of Chronic Medical Conditions Boosts Demand for Pain Management Devices
The growing prevalence of chronic medical conditions, such as diabetes, cancer, obesity, osteo and rheumatoid arthritis, and spinal problems, have increased the incidence of chronic pain in individuals. Various studies suggest more than 20% of the adult population suffers from chronic pain and nearly 10% of the global population gets diagnosed with chronic pain every year.
Around half of the cancer patients, globally, experience severe pain at the time of diagnosis and almost 75% complain of a gradual increase in pain as the disease progresses. Chronic pain has also been experienced after the occurrence of the primary disease in nearly 70% of patients suffering from spinal cord injuries, 28% of multiple sclerosis patients, and 8% of stroke patients. These factors result in a rising need for pain management and, thereby, pain management devices across the world.
The global geriatric population, which requires continuous medical intervention and care, represents a significant portion of patients with chronic illnesses. The increase in this population is also fueling the demand for pain management devices worldwide considerably. However, the increasing concerns regarding the risk associated with the implantation of pain management devices are holding people back from adopting them, limiting their growth to some extent.
Moving forward, the unmet medical needs, together with the escalating disposable income of people in emerging economies, are likely to provide lucrative opportunities to pain management device manufacturers in the coming years.
Demand for Pain Management Devices to Register Rapid Rise in Asia Pacific
According to TMR, the global opportunity in pain management devices is projected to register a healthy rise from US$3.2 bn in 2014 to US$6.3 bn by 2023, expanding at a CAGR of 7.60% during the period from 2015 to 2023. Currently, neurostimulation devices have emerged as the most demanded pain management devices across the world.
North America led the demand for pain management devices in 2014 with a share of nearly 50%. Europe closely followed North America with a share of around 22%. Asia Pacific, however, is expected to report the fastest growth at a CAGR of 10.0% over the forecast period. These pain management devices have found maximum application in neuropathic pain and musculoskeletal pain.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Pain Management Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
Key Takeaways:
Top three participants collectively accounted for over 72% of the market in 2014
Increasing concerns over risks associated with implantation of pain management devices hinder their adoption
Global opportunity in pain management devices is likely to reach US$6.3 bn by 2023
The global pain management devices market has been segmented as follows:
By Product Type
Electrical Stimulation Devices
Transcutaneous Electrical Nerve Stimulation (TENS) Devices
Neuromuscular Electrical Stimulation (NMES/EMS) Devices
Other Electrical Stimulation Devices (Electrotherapy Devices, Combination Devices, TNS, TMS, etc.)
Radiofrequency Ablation Devices
Analgesic Infusion Pumps
Intrathecal Infusion Pumps
External Infusion Pumps
Neurostimulation Devices
Spinal Cord Stimulation (SCS) Devices
Deep Brain Stimulation Devices
Vagus Nerve Stimulation Devices
Sacral Nerve Stimulation Devices
By Application
Electrical Stimulation Devices
Neuropathic Pain
Cancer Pain
Facial & Migraine Pain
Musculoskeletal Pain
Trauma
Neurostimulation Devices
Neuropathic Pain
Cancer Pain
Facial & Migraine Pain
Musculoskeletal Pain
Analgesic Infusion Pumps
Neuropathic Pain
Cancer Pain
Trauma
Musculoskeletal Pain
Radiofrequency Ablation Devices
Neuropathic Pain
Cancer Pain
Musculoskeletal Pain
By Region
North America
U.S.
Canada
Europe
Germany
U.K.
Rest of Europe
Asia Pacific (APAC)
China
Japan
Australia
Rest of Asia Pacific
Latin America
Brazil
Rest of Latin America
Middle East & North Africa (MENA)
Egypt
Saudi Arabia
Rest of MENA
Rest of the World (RoW)
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About Us
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector – such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
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