Pain Management Devices Market Expected to Be Biggest Emerging Market by 2023

The dynamic nature and immense potential held by the global pain management devices market have created high competitive rivalry among key players, observes Transparency Market Research (TMR) in a new study. Companies such as St. Jude Medical Inc., Medtronic PLC, and Boston Scientific Corp. are the torch bearers in the global arena, owing to the excellent distribution channels and extensive supply capabilities. This, along with their diversified product portfolio, ensure their prominence in the market.

“However, a raft of medical device manufacturers are expected to foray into the global market, which is likely to alter the current dynamics and intensify the competition over the coming years,” says TMR’s lead analyst. The global market for pain management devices is anticipated to reach a valuation of US$6.3 bn by 2023, progressing at a CAGR of 7.60% between 2015 and 2023.

This 102 page report gives readers a comprehensive overview of the pain management devices market. Browse to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/pain-management-drugs-devices.html

North America to Retain Dominance Owing to Presence of Robust Healthcare Infrastructure

Based on product, the neurostimulation devices segment will continue to be the leading revenue contributor until 2023. The commercialization of pathbreaking technologies related to neurostimulation and widening pool of patients suffering from chronic pain such as cancer and musculoskeletal pain are fuelling the dominance of the segment. On the other hand, the analgesic infusion pumps segment will exhibit a significant CAGR of 10.3% during the review period.
Geographically, North America will continue to lead the market until 2023, accounting for 48.7% of the overall market revenue. The increasing incidence of sports-related injuries and presence of advanced healthcare infrastructure are translating into the greater uptake of pain management devices in the region. Asia Pacific is estimated to be the most promising region, owing to the mounting cases of diabetes and chronic wounds.

Growing Geriatric Population to Boost Adoption of Pain Management Devices

The expanding pool of patients suffering from chronic medical conditions such as cancer, diabetes, osteo and rheumatoid arthritis, obesity, and spinal problems, have resulted in an increase in the incidence of chronic pain in individuals. Several studies indicate that over 20% of the adult population across the globe suffers from chronic pain.

Nearly half of the cancer patients, worldwide, have complained about the severe pain they experience at the time of diagnosis and about 75% of them experience a gradual rise in pain with the progression of disease. Occurrence of chronic pain has also been observed in nearly 70% of patients having spinal cord injuries, 28% of patients suffering from multiple sclerosis, and 8% of stroke patients. These factors, collectively, are augmenting the demand for pain management devices.

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“Aged people, who require continual medical care and interventions, represent a sizeable pool of patients suffering from chronic diseases,” says a TMR analyst. Thus, the rapidly growing geriatric population is providing a fillip to the global pain management devices market.

Dearth of Pain Specialists to Hamper Growth Prospects

The soaring concerns regarding pain management devices implantation are holding patients back from adopting them. This is further compounded by the dearth of primary care professionals and pain specialists. These factors are, therefore, keeping the global pain management devices market from realizing its utmost potential. Moreover, the high purchase and procedural costs of these devices are adversely affecting the growth of the market.

In developing and less developed regions, the awareness levels pertaining to the availability and use of these devices are typically low. Along with this, there are limited number of pain clinics in these regions. Hence, the low adoption of pain management devices in these regions is negatively impacting the overall market. Nevertheless, the high unmet medical needs coupled with the rising disposable income of the populace in emerging countries are opening new avenues for players in the global pain management devices market.

The study presented here is based on a report by Transparency Market Research (TMR) titled “Pain Management Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”

Pain Management Devices Market: Impact of Key Factors Influencing the Parent Industry

With billions of people suffering from chronic pain worldwide, the condition not only stresses healthcare budgets but also leads to lost productive time every year. The need to provide timely and effective treatment for pain will fuel the global pain management market until 2023, says Transparency Market Research in a latest report. According to the report, the Pain Management Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023 will post a compounded annual growth rate of 7.6% between 2015 and 2023 as it grows in size from US$3.2 bn in 2014 to US$6.3 bn by the end of 2023.
As more people worldwide enter the 65+ years age band, makers of pain management devices will find new growth avenues in this demographic space. At the same time, many new pain management devices are being commercialized and are thus contributing palpably to the overall revenue of the global pain management devices market.
This 102 page report gives readers a comprehensive overview of the pain management devices market. Browse to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/pain-management-drugs-devices.html
The market will, however, not be devoid of challenges. For instance, a few reported risks associated with neurostimulation implant procedures have created a negative perception about their safety. This could hinder the growth of the global pain management devices market. Moreover, the implementation of the Affordable Care Act in the United States has eroded the profit margins of some key commercial entities in the global pain management devices market.
For a closer analysis of the various dynamics at play in the global pain management devices market, the report segments the market based on product type, application, and region.
Basis product type, the market has been segmented into electrical stimulation devices, analgesic infusion pumps, radiofrequency ablation devices, and neurostimulation devices. Some of these segments have been sub-segmented to the third level. The report states that in 2014, neurostimulation devices stood as the most dominant segment in the market. Their dominance is attributable to an increase in SCS and DBS device implantations among patients reporting pain in the trunk or limbs. The next few years will be especially profitable for the vagus nerve stimulation (VNS) devices. This segment will report an 8% CAGR over the review period of the report.
Request a sample of this report to know what opportunities will emerge in the rapidly evolving pain management devices market during 2015 - 2023: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1143
Each of the key product types have been further studied on the basis of their specific applications. The key application areas studied are: Cancer-related pain, neuropathic pain, trauma, musculoskeletal pain, and migraine and facial pain. The use of pain management devices for treating neuropathic and musculoskeletal pain was the highest as compared to the other types of applications. The use of electrical stimulation devices for treating musculoskeletal pain, for instance, is expected to show healthy growth. TMR analysts project the sub-segment of musculoskeletal pain of the electrical stimulation devices applications segment to exhibit a 7% through the review period.



From the regional standpoint, the global pain management devices market has been split into: North America (Canada and the U.S.), Europe (U.K., Germany, and Rest of Europe), Latin America (Brazil and Rest of Latin America), Asia Pacific (Australia, China, Japan, and Rest of Asia Pacific), and Rest of the World. While the North America region exhibited the largest market for pain management devices, the highest and fastest growth will be shown by the Asia Pacific region until 2023.

Pain Management Devices Market Set to Expand by 2023

With billions of people suffering from chronic pain worldwide, the condition not only stresses healthcare budgets but also leads to lost productive time every year. The need to provide timely and effective treatment for pain will fuel the global pain management market until 2023, says Transparency Market Research in a latest report. According to the report, the Pain Management Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023 will post a compounded annual growth rate of 7.6% between 2015 and 2023 as it grows in size from US$3.2 bn in 2014 to US$6.3 bn by the end of 2023.

As more people worldwide enter the 65+ years age band, makers of pain management devices will find new growth avenues in this demographic space. At the same time, many new pain management devices are being commercialized and are thus contributing palpably to the overall revenue of the global pain management devices market.

The market will, however, not be devoid of challenges. For instance, a few reported risks associated with neurostimulation implant procedures have created a negative perception about their safety. This could hinder the growth of the global pain management devices market. Moreover, the implementation of the Affordable Care Act in the United States has eroded the profit margins of some key commercial entities in the global pain management devices market.

For a closer analysis of the various dynamics at play in the global pain management devices market, the report segments the market based on product type, application, and region.

Basis product type, the market has been segmented into electrical stimulation devices, analgesic infusion pumps, radiofrequency ablation devices, and neurostimulation devices. Some of these segments have been sub-segmented to the third level. The report states that in 2014, neurostimulation devices stood as the most dominant segment in the market. Their dominance is attributable to an increase in SCS and DBS device implantations among patients reporting pain in the trunk or limbs. The next few years will be especially profitable for the vagus nerve stimulation (VNS) devices. This segment will report an 8% CAGR over the review period of the report.

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Each of the key product types have been further studied on the basis of their specific applications. The key application areas studied are: Cancer-related pain, neuropathic pain, trauma, musculoskeletal pain, and migraine and facial pain. The use of pain management devices for treating neuropathic and musculoskeletal pain was the highest as compared to the other types of applications. The use of electrical stimulation devices for treating musculoskeletal pain, for instance, is expected to show healthy growth. TMR analysts project the sub-segment of musculoskeletal pain of the electrical stimulation devices applications segment to exhibit a 7% through the review period.

From the regional standpoint, the global pain management devices market has been split into: North America (Canada and the U.S.), Europe (U.K., Germany, and Rest of Europe), Latin America (Brazil and Rest of Latin America), Asia Pacific (Australia, China, Japan, and Rest of Asia Pacific), and Rest of the World. While the North America region exhibited the largest market for pain management devices, the highest and fastest growth will be shown by the Asia Pacific region until 2023.