Pain Management Devices Market Size, Share and Growth Analysis by type (stimulators, transcutaneous electrical nerve stimulation devices, pumps, ablation devices), application (cancer pain, musculoskeletal pain, migraine and other) – Forecast Till 2023
Pain Management Devices Market share is expected to reach USD 5.81 Billion at a 7.2% CAGR by 2023, says Market Research Future (MRFR). The tallest market driver for the global pain management devices market growth is the increasing number of patient suffering from different diseases. Such diseases can be due to aging, unhealthy lifestyle, lack of sleep, muscle stress, nerve-related problems, and genetic disorders.
Increasing geriatric population and surging government efforts to provide more pain rehabilitation centers can boost the market. The increasing prevalence of many acute and chronic ailments has also led to market growth. In developed countries, research & development (R&D) on devices and technological advancement are opening new avenues of market growth. However, the effects of pain management devices and high cost can hinder the global pain management devices market growth.
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Pain Management Devices Market Segmentation
The global pain management devices market segmentation encompasses application and device type. MRFR’s take on the market explores various facets of the market in-depth.
The application-based segmentation of this market covers cancer pain, migraine, musculoskeletal pain, and others. During the forecast period, the cancer pain management segment can witness the highest market growth due to increased healthcare spending and the availability of reimbursement aides. These factors are leading to pain management devices market growth.
By device type, the market has been segmented into ablation devices, pumps, and stimulators. Ablation devices segment has been sub-segmented into cryoablation devices, microwave devices, and others. The pumps segment has been sub-segmented into analgesic infusion pumps and other. The analgesic infusion pumps sub-segment has been further segmented into external infusion pumps, intrathecal infusion pumps, patient control infusion pumps, and other. The stimulators segment has been sub-segmented into neuromodulator devices and transcutaneous electrical nerve stimulation (TENS) devices. The neuromodulator devices sub-segment has been further segmented into dorsal root ganglion stimulation, intrathecal pain pump, a peripheral nerve stimulator, spinal cord stimulator, and other.
Pain Management Devices Market Regional Segmentation
A geographical outlining of the global pain management devices market covers North America, Asia Pacific, Europe, and the Middle East & Africa (MEA).
North America holds the largest global market share, followed by Europe. In this region, the market is growing due to huge investment healthcare, availability of advanced medical facilities, presence of key market players, and development in R&D. The R&D in neurostimulation based pain management devices is supporting market growth. Maximum revenue in this region comes from the USA and Canada.
The European market is mature in terms of revenue, size (due to the high density of population), and favorable reimbursement. Other factors contributing to the market include continuous technological advancements, development of novel neuropathic pain management device, a large patient population base, increasing cases of cancer patients, and increasing healthcare awareness, and surging healthcare expenditure. Due to technological advancement, the presence of some key market players, and the availability of advanced medical facilities, Western Europe is a bigger regional market segment compared to Eastern Europe. The most powerful country-specific markets in Western Europe are France, Germany, Italy, Spain, and the UK.
In the Asia Pacific region, the market is witnessing the fastest growth due to development in infrastructure, a huge population base, and increasing prevalence of many diseases, and continuous efforts of the governments in the region to upgrade the healthcare standards. Vital country-specific markets in this region are Australia, China, India, Japan, and South Korea.
The markets in the MEA region can witness various highs and lows during the forecast period due to the lack of sophisticated healthcare infrastructure and weak economic growth. However, the market growth in this region is steady due to the constant efforts by the governments along with massive investments by private as well as public firms that are striving to take advantage of the untapped potential of the budding market in this region.
Pain Management Devices Market Key Players
Big players in the global pain management devices market include Baxter International Inc. (USA), B. Braun Melsungen AG. (Germany), Bio-Medical Research (BMR) Ltd. (UK), Boston Scientific Corporation (USA), Codman and Shurtleff Inc. (USA), DJO Global LLC (USA), Hospira Inc. (USA), Kimberly-Clark Corporation (USA), Medtronic PLC (USA), Pain Management Inc. (USA), Smiths Medical (UK), St. Jude Medical (USA), and Stryker Corporation (USA).
Pain Management Devices Industry News
Commercial stage bioelectronic medicine company electroCore Inc. has entered into an exclusive contract with Doctor’s Medical LLC for distribution rights to gammaCore for patients with automobile personal injury claims and workers’ compensation injuries claims. Doctor’s Medical LLC is a specialist in bringing new top-quality medical products to market for patients. Such products include bracing products, post-surgical treatment products, and pain management devices.
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