The global pain management devices market is expected to reach over 14.1 USD billion by 2026 and is expected to grow at CAGR 13.3% during the forecast period, 2019-2026.
During last few years, there is a significant increase in the number of pain management devices. Pain management therapy involves various treatments such as acupuncture, chiropractic treatment, yoga, hypnosis, biofeedback, aromatherapy, relaxation, herbal remedies, massage, therapeutic touch, medication and many others. According to the Institute of Neurological Disorder and Stroke, approximately 80% of adults suffers from back pain due to various factors such as job-related disability, repeated heavy lifting, and osteoporosis. Increasing prevalence of cervical spinal stenosis among women is likely to spur the prevalence of back pain which in turn is expected to drive the pain management devices market. In postmenopausal women body produces less estrogen which leads to decrease in calcium absorption. Thereby, increasing breakdown of bones and other bone related diseases further supporting the pain management devices market growth..
The market research study on “Pain Management Devices Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers a detailed outlook, strategic recommendations, and insightful viewpoints on the global Pain Management Devices market. The report also analyzes the key players operating in Pain Management Devices market and identifies the key strategies deployed by them along with the market share of leading players.
The factors driving the global pain management devices market are rising prevalence of various diseases and disorders, increasing demand for the minimal invasive therapy, huge population pool in developing countries and technological advancements such as introduction of novel pain management devices and engineering strategies. On the other hand, high cost of the devices may slow the growth of the pain management devices market.
The global pain management devices market is segmented as below:
Pain Management Devices Market By Type
Pain Management Devices Market By Application
Pain Management Devices Market By Geography
The global pain management devices market is segmented by types and application.
On the basis of types, the pain management devices market is segmented into electrical stimulators, analgesic pumps, radiofrequency ablation devices, neurostimulators. Electrical stimulators are further segmented into Transcutaneous Electrical Nerve Stimulators (TENS), and others. Analgesic pumps are subsegmented into intrathecal pumps and external pumps. And neurostimulators is further classified into spinal cord stimulators (SPS), sacral nerve stimulators (SNS), deep brain stimulators (DBS), and others.
Based in types radiofrequency ablation device segment is expected grow at the fastest CAGR during 2019-2026 owing to the increasing prevalence of various diseases, rising adoption of the radiofrequency ablation device in the treatment of various diseases.
On the basis of application, the pain management devices market is segmented into cancer pain, facial & migraine pain, musculoskeletal pain, neuropathic pain, and others.
Geographically, pain management devices market is segmented into North America, Europe, Asia Pacific, Latin America and The Middle East & Africa (LAMEA).
North America is expected to hold the major share of the global pain management devices market owing to the presence of huge baby boomer population suffering from back pain. For instance, in 2016, according to the Population Reference Bureau, over 46 million people in America are of the age above 65. Furthermore, chronic diseases such as cancer has major impact on North America. For instance, in 2017, according to the National Cancer Institute, around 1.7 million new cases of cancer were diagnosed in the U.S. Thus, increasing prevalence of cancer is likely to fuel the market growth over the forecast period 2019–2026. Rising aging population in this region will sport the growth of the pain management devices market.
Europe has several opportunities in pain management devices market on account of growing prevalence of osteoporosis due to aging, calcium deficiency, increasing alcohol consumption. According to the International Osteoporosis Foundation (IOF), in 2015, approximately 20 million people above the age of 50 suffered from osteoporosis. Germany and U.K is expected to be the major market holder owing to the well developed healthcare sector and high spending on the pain management devices.
Asia Pacific is expected to be the fastest growing market for pain management devices. Increasing prevalence of various diseases such as depression, migraine, and spondylitisis supporting the pain management devices market growth. For instance, according to the World Health Organization (WHO), 4.5 % of Indian population suffered from depression in 2016. Increasing prevalence of depression due unhealthy diet and modernization is anticipated to positively influence the pain management devices market growth.
Latin America offers slow growth prospects on account of osteoporosis which is more common in Latin American people. Increasing number of incidences of osteoporosis in Mexico, Brazil, Argentina, Bolivia, Puerto Rico and Colombia countries is expected to boost the market growth in the coming years. In the Middle East and Africa growing population and rise in per capita income is driving the market. Africa region is expected to holds the healthy market opportunity owing to the developing healthcare sector, rising healthcare spending and increasing prevalence of the various diseases and increasing investment in this region. Presence of huge untapped opportunity in this region will support the pain management devices market growth.
Some of the key players in the global pain management devices market include Boston Scientific Corp.; B Braun Melsungen AG.; Baxter International, Inc.; Smiths Medical; Stryker Corp.; Codman and Shurtleff; Medtronic Plc; DJO Global LLC; Pfizer, Inc.; and St. Jude Medical.
In September 2017, Sanofi launched CombiflamIcyhot pain relief topical in India for expansion of distribution network. In June 2017, Daiichi Sankyo launched Naruvein Injection Japan. Naruvein Injection is Hydromorphone hydrochloride is an opium-based narcotic analgesic. In March 2017, lupin launched Hydrocodone Bitartrate and Acetaminophen drug in the U.S. market for expansion of distribution network. In May 2015, Iroko Pharmaceuticals launched of Zorvolexi (diclofenac) is a nonsteroidal anti-inflammatory drug (NSAID), available for acute and chronic pain outside of the U.S.