Global pain management devices market is expected to reach USD 8.6 billion by 2022, according to a new study by Grand View Research, Inc. The rising prevalence of diabetes coupled with an increase in the geriatric population base worldwide is the major factor attributing towards the significant growth of the market. Furthermore, the growing preference for these devices over oral drugs and surgical interventions is a high impact rendering driver for the market’s growth over the coming seven years.
The pain management devices industry is also expected to show exuberant growth as a consequence of the technological advancements happening in this field. The advancements include the advent of products such as electrode-based wearable automatic transcutaneous electrical nerve stimulator devices, which provide peripheral pain management in a 60-minute run cycle.
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Further key findings from the study suggest:
- The neurostimulation devices market had a revenue share of over 48.9% in 2014. The major factors attributing towards the dominance of this segment can be attributed to the extensive usage of neurostimulation devices in chronic pain management. These devices are preferred over the available traditional technologies owing to their higher efficiency in terms of providing relief for a longer duration.
- Radiofrequency ablation device market is expected to grow at a lucrative CAGR of over 14% in the coming years. Rising usage of these devices to cure cancer patients is the major factor contributing towards their high growth. Furthermore, the long-term relief provided from the cancer pain through the use of these devices is also a high impact rendering driver for this segment
- These devices are also analyzed on the basis of their applications in cancer pain, neuropathy pain, facial pain & migraine, musculoskeletal diseases, and trauma pain
- Regionally, the North American pain management devices held around half of the global revenue share owing to the rising number of people affiliated with pain requiring management devices. Sophisticated healthcare infrastructure, rising adoption of pain management equipment by healthcare professionals and patients over conventional treatment therapies are further anticipated to accentuate the industry’s growth in this region
- Asia Pacific region is expected to grow at a lucrative rate during the forecast period, due to increasing demand for these devices as a consequence of rising need to curb cancer and diabetes related chronic pain in a cost effective manner. Furthermore, the rapidly improving healthcare infrastructure in countries such as India and Japan also contributed towards market growth in this region
- The key players operating in the pain management devices industry include B Braun Melsungen AG., Baxter International, Inc., Boston Scientific Corporation, Codman and Shurtleff, DJO Global LLC, Pfizer, Medtronic Plc, Smiths Medical, St. Jude Medical, and Stryker Corporation. These companies are involved in launching novel devices to fill in the vacuum created by the deteriorating demand for oral drugs for pain management.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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