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 7.2% by 2023. 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.
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.
Key Players
The established key players of the global pain management devices market 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).
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