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 .
Pain management device are used to manage chronic and acute pain in patients suffering from various conditions, such as cancer, neurological disorders, and musculoskeletal disorders. These devices restore the ability of patients to do everyday activities, decrease the need for oral pain medications, and improve the quality of life of patients suffering from these conditions.
The global pain management devices market is valued at an estimated USD 4.64 Billion in 2021 and is projected to grow at a CAGR of 8.5%.
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Regional Growth Analysis:
The Asia-Pacific region has become an attractive destination for companies engaged in the manufacture of pain management device. The high growth opportunities in this regional segment can be attributed to 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. According to the U.S. Department of Commerce, Japan has one of the largest geriatric populations in the world, with at least 20% of its population aged 65 years and above. In 2012, 30 million people in Japan were aged above 65 years and this figure is projected to reach 39 million by 2030 and nearly 43 million by 2050. Driven by its high growth potential, leading companies operating in the market are focusing on expanding their presence in emerging APAC countries.
Pain Management Devices Market Application:
On the basis of applications, the pain management devices market is segmented into neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, and other applications (pregnancy/labor and menstrual pain, sports injuries, post-operative pain, and trauma pain). The neuropathic pain segment is estimated to witness the highest growth during the forecast period, primarily due to the high prevalence of diseases resulting in neuropathic pain.
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Key Players in Pain Management Equipment Market:
Leading players in the pain management devices market are focusing on the strategies of new product launch and geographic expansion. These strategies help market players to strengthen their product portfolios, streamline their manufacturing capabilities, expand their distribution networks, and penetrate into high-growth markets.
Some of the Major Key Players From Pain Management Devices Market are Medtronic plc (Ireland), St. Jude Medical, Inc. (U.S.), and Boston Scientific Corporation (U.S.) were the top players in the in 2015.