The global pain management devices market is growing mainly due to the technological advancements. According to a recent study report published by the Market Research Future, The global pain management devices market is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).
Baxter International Inc. (U.S.), Boston Scientific Corporation (U.S.), Medtronic (U.S.), St. Jude Medical (U.S.), Bio-Medical Research (BMR) Ltd. (U.K), Codman and Shurtleff, Inc. (U.S.), Stryker (U.S.), Hospira Inc. (U.S.), Smiths Medical (U.K), Kimberly-Clark Corporation (U.S.), DJO Global LLC (U.S.), B. Braun Melsungen AG. (Germany), St Jude Medical, Inc. (U.S.), and Pain Management, Inc (U.S.) are some of the prominent players at the forefront of competition in the pain management devices market and are profiled in MRFR Analysis.
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Pain Management is the branch of medical science that deals with the minimizing the pain of the patients. The treatment of pain depends upon the intensity, duration, and structures involved in causing the pain.
Notably, growing geriatric population, and technological advancements are the key factors driving the pain management devices market. In recent years, various market players have introduced innovative devices for pain management. For instance, StimRouter neuromodulation system by Bioness, Inc is a PNS technology based device specifically designed to treat chronic pain. Neuros Altius System by Neuros Medical is another PNS based FDA cleared device that delivers high-frequency stimulation to block chronic pain.
Recently, a new noninvasive neuromodulation device, Stimpod NMS460 has been introduced by Xavant Technology to treat chronic intractable pain. The device has received FDA approval on Aug 01, 2017.
Other factors such as rising adoption rate, and improvement in reimbursment policies are also fuelling the growth of the market.
Despite these significant driving factors, lack of skilled or trained physicians, and cost associated with treatment are expected to decline the market growth.
On considering the recent trends, it is observed that minimally invasive procedures are gaining popularity across the globe. However, high cost of treatment is still an area of concern.
Global Pain Management Devices Market – Competitive Analysis
The global pain management devices market is currently dominated by various players.
Medtronic is one of them by holding a strong share in the market. Medtronic is the global leader in medical technology services. It develops, manufactures, and markets its medical devices to clinics & hospitals in approx. 160 countries. The company has adopted the strategy of collaboration with other leading organization to sustain their position in the market. For instance, in 2016, Medtronic plc acquired Advanced Uro-Solutions to expand the portfolio of treatment options for overactive bladder, and Covidien plc to broaden their product portfolio. On September 18, 2017, Medtronic plc has received approval for Intellis(TM) platform for the management of different chronic intractable pain.
Boston Scientific Corporation is also one of the leading player in pain management devices market. On March16, 2016, Boston Scientific teamed up with Mayo Clinic for the development of medical devices, and in the same year company has also received FDA, CE mark approval for Precision Montage™ MRI Spinal Cord Stimulator System.
St. Jude Medical, Inc. is another renowned market player in pain management devices market. St. Jude Medical, Inc. was acquired by Abbott on Jan 4, 2017. In the year 2016, BurstDR Stimulation, and Axium Neurostimulator System received approval from FDA.
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Merging, and acquisitions have become a key to sustain in the market for various marketers. On May 18, 2017, Stryker entered a strategic alliance with AlloSource for the distribution of biologics in sports medicine procedures. Stryker has also entered a partnership agreement with GE Additive on June 14, 2017. The agreement covers additive machines, materials and other services for Stryker’s global supply chain operations.
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