Pain Management Devices Market Overview
The Pain Management Devices Market is projected to grow at a CAGR of 7.2% and achieve USD 5.81 billion in revenues by 2023. Pain management is a critical demand for individuals suffering from chronic diseases. Reports that review the medical industry has been offered by Market Research Future, which generates reports on industry verticals that evaluate the market development and opportunities.
The rise in the aging population, coupled with the increased incidence of disease that trigger pain is expected to bolster the pain management devices market. The amplified investment by the players in the development of products is expected to bolster the pain management devices market globally.
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Pain Management Devices Market Segmental Analysis
The segmental evaluation of the Pain Management Devices Market is carried out based on type, application, and region. The segmentation of the market for pain management devices based on type comprises pumps, stimulators, and ablation devices. The stimulators segment is sub-segmented into transcutaneous electrical nerve stimulation (TENS) devices and neuromodulator devices. The neuromodulator devices are additionally sub-segmented into intrathecal pain pump, peripheral nerve stimulator, spinal cord stimulator, dorsal root ganglion stimulation, and others.
The ablation devices segment is additionally segmented into cryoablation devices, microwave devices, and others. The Pumps segment is sub-segmented into analgesic infusion pumps and others. The analgesic infusion pumps are additionally segmented into external infusion pumps, patient control infusion pumps, intrathecal infusion pumps, and others. Based on the application, the pain management devices market is segmented into musculoskeletal pain, cancer pain, migraine, and others. By regions, the pain management devices market is segmented into the Middle East, North America, Europe, Asia Pacific, and Africa.
Pain Management Devices Market Regional Analysis
The regional analysis of the pain management devices market covers regions like the Middle East, North America, Europe, Asia Pacific, and Africa. As per the analysis, the North American region is responsible for the major market share of the pain management devices market followed by the European region. The development of the market is mostly reinforced by a vast investment and expansion in research and development.
The development and research in neurostimulation based pain management devices have increasingly supported the market growth. The Asia Pacific region is the fastest-growing regional market for pain management devices. The presence of a huge population base, expansion in infrastructure, and the growing frequency of many diseases in this region has fueled the growth of the market.
Pain Management Devices Market Competitive Analysis
The surge in e-commerce activities is expected to motivate the market in the upcoming years. The level of competitiveness of the environment in the market is expected to be reasonable as there is ample scope for progress. The market is anticipated to display positive signs for market growth in the approaching period. The demographic changes are expected to show a positive effect on the progress of the market.
The fiscal policies that are in effect in the market are expected to lead to a robust pace of development. The leverage created by the companies by deploying marketing strategies and activities is further enhancing the expansion of the market. The enhancement of production facilities is expected to motivate the market’s progress. The trade liberalization in the market and technological developments are expected to encourage the development of the market in the approaching years.
Boston Scientific Corporation (US), Medtronic Plc (US), St. Jude Medical (US), Braun Melsungen AG. (Germany), Bio-Medical Research (BMR) Ltd. (UK), Codman and Shurtleff, Inc. (US), Baxter International Inc. (US), Stryker Corporation (US), Kimberly-Clark Corporation (US), Hospira Inc. (US), Smiths Medical (UK), DJO Global LLC (US), B and Pain Management, Inc (US) are the notable players in the pain management devices market.
Table of Content:
- scope of study
- research objective
- assumptions & limitations
- market structure
2 research methodology
- research process
- primary research
- secondary research
3 market dynamics
- macroeconomic indicators
4 market factor analysis
- porters five forces model
- bargaining power of suppliers
- bargaining power of buyers
- threat of new entrants
- threat of substitutes
- intensity of rivalry
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