Pain Management Devices Market worth 4.64 Billion USD by 2021

Posted on
by

On the basis of mode of purchase, the market is categorized into over-the-counter and prescription-based pain management device. The prescription-based devices segment is estimated to command a larger share, majorly due to the longer market presence of these devices with established safety and efficacy profiles and their long-term cost effectiveness.

The report “Pain Management Devices Market by Device Type (Neurostimulation, SCS, TENS, RF Ablation, Infusion Pumps), Application (Cancer, Neuropathy, Musculoskeletal, Migraine, Facial), by Mode of Purchase (OTC, Prescription-Based) – Global Forecasts to 2021″, analyzes and studies the major market drivers, restraints, opportunities, and challenges in North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

This report studies the global pain management devices market over the forecast period of 2016 to 2021. The market is expected to reach ~USD 4.64 Billion by 2021, at CAGR of 8.5% from 2016 to 2021.A number of factors, such as the growing demand for long-term pain management among the geriatric population, large patient population base, adverse effects of pain medications, development of novel pain management device, established reimbursement scenario for spinal cord stimulation (SCS) devices in developed countries, and high proven efficacy of pain management device for the treatment of chronic pain are driving the growth of the global pain management devices market. On the other hand, factors such as low awareness regarding the availability and use of pain management device, shortage of pain specialists, low number of pain clinics in several countries, existence of a gap in prevalence and treatment of chronic pain, and high procedural and purchase cost of pain management device are restricting the growth of the global market.

Download PDF Brochure @ http://www.marketsandmarkets.com/pdfdownload.asp?id=91418163

This report covers three major pain management device types, namely, neurostimulation devices, ablation devices, and analgesic infusion pumps. The neurostimulation devices segment is expected to witness the highest growth and account for the largest share of the pain management devices market in 2016. This can be attributed to the advantages of neurostimulation over alternative therapies for managing chronic pain. Also, the long-term cost efficiency and technological developments in neurostimulation devices are contributing to the growth of this market segment.

On the basis of application, the global pain management device market is segmented into neuropathic pain, cancer pain, facial pain & migraine, musculoskeletal pain, and others. The neuropathic pain application segment is estimated to witness the highest growth during the forecast period, primarily due to the presence of substantial clinical evidence in the favor of high efficacy of pain management device in neuropathic pain treatment, favorable reimbursement scenario, development of novel neuropathic pain management device, large patient population base, rising geriatric population across the globe, and side effects of drugs used to treat neuropathic pain.

Based on the mode of purchase, the market is segmented into over-the-counter (OTC) devices and prescription-based devices. The prescription-based devices segment is expected to account for the largest share of the global pain management devices market in 2016, whereas the OTC devices segment is expected to grow at the highest CAGR during the forecast period. The high growth in this segment is attributed to the availability of a number of OTC devices in the market and FDA approvals for new OTC devices in the coming years.

As of 2016, North America held the largest share of the global pain management devices market, followed by Europe. However, the Asia-Pacific market is expected to grow at the highest CAGR from 2016 to 2021. A number of factors, including growing incidence of chronic diseases, improving healthcare infrastructure in the region, growing middle-class population and disposable income levels, and rising awareness about the safety and efficacy of pain management device are stimulating the growth of the pain management devices market in the Asia-Pacific region.

Medtronic plc (Ireland), Boston Scientific Corporation (U.S.), and St. Jude Medical Inc. (U.S.) are the major players in the global pain management devices market.

Media Contact
Company Name: MarketsandMarkets
Contact Person: Rohan
Email: news-letter@marketsandmarkets.com, sales@marketsandmarkets.com
Phone: 1-888-600-6441
Address:701 Pike Street, Suite 2175
City: Seattle
State: WA
Country: United States
Website: http://www.marketsandmarkets.com/Market-Reports/pain-management-devices-market-91418163.html