Market Synopsis
According to
Market Research Future (MRFR), the global pain management market is predicted to acquire market
value of USD 5.81 billion, growing at a CAGR of 4.50% by 2027. The increasing
demand for long-term pain management among the geriatric population is
estimated to drive the global pain management market 2020. The growing number
of patients battling chronic neuromuscular diseases, along with the increasing
pain rehabilitation center, is projected to augment the market substantially in
the forthcoming period. Further, the aftereffect of the pain medication and the
large patent population base is further projected to escalate the market
substantially. Besides, the development of novel pain management device and an
established reimbursement schemes for spinal cord stimulation (SCS) in
developed countries are anticipated to accelerate the market additionally.
Moreover, the proven efficiency of pain management devices is recognized to be
another crucial factor in driving the global market.
On the other
hand, lack of awareness, the dearth of expertise, expenses associated with
purchasing, and a lesser number of pain clinics in various countries are
estimated to hamper the global pain management market during the forecast
period. However, the increasing prevalence of diabetes and cancer,
technological advancement, along with the aforementioned factors, are predicted
to combat the hampering factors.
Market Segmentation
The segment
analysis of global implantable pain
management devices is done by
type and application.
The
type-based segments of the global pain management devices are stimulators, pumps, and ablation devices. Stimulators
are further sub-segmented into neuromodulator devices and transcutaneous
electrical nerve stimulation (TENS) devices.
The
type-based segments of the global neuropathic
pain medication are cancer pain, musculoskeletal pain, migraine, and
others.
Key Players
The global pain management devices market players are Boston Scientific Corporation (US), Baxter
International Inc. (US), Medtronic Plc (US), Bio-Medical Research (BMR) Ltd.
(UK), St. Jude Medical (US), Codman and Shurtleff, Inc. (US), Hospira Inc.
(US), Stryker Corporation (US), Smiths Medical (UK), Kimberly-Clark Corporation
(US), B. Braun Melsungen AG. (Germany) and Pain Management, Inc (US), and DJO
Global LLC (US).
Regional Analysis
Based on the
region, the global pain management devices market is segmented into North
America, Asia-Pacific, Europe, and the Middle East and Africa. As per the
analysis, North America is estimated to procure the largest market share owing
to its high per capita income. Further, the region has a sufficient budget
allotted for research and development, along with the fast adoption of
technology in the region, which is predicted to accelerate the demand
substantially during the forecast period. In addition, government initiatives,
rising awareness among people are projected to drive the regional market
additionally.
Europe is anticipated
to acquire the second largest market share owing to the rise in the geriatric
population. Further, the technical development in the region is further
accelerating the demand. Germany is estimated to dominate the European market
by procuring the largest market share in the region.
However, the
APAC region is anticipated to be the fastest-growing region owing to the
increasing demand for these devices. The rapid development of healthcare
infrastructure in developing countries such as India, Japan, and China is
making a substantial contribution to strengthening the market during the
forecast period. Further, the developing regions are witnessing a rise in
disposable income, leading to the expansion of the regional market.
The MEA
region is estimated to witness a sluggish growth owing to the presence of poor
socio-economic situation. However, the increasing awareness regarding health,
and the rising imports are likely to augment the regional market during the
forecast period.
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