What are the Global Growth Factors Pain Management Devices Market?
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 devices, established reimbursement scenario for spinal cord stimulation (SCS) devices in developed countries, and high proven efficacy of pain management devices for the treatment of chronic pain are driving the growth of the global Pain Management Devices Market.
What The Experts Says about the Market Growth?
The market is expected to reach $4.64 Billion by 2021, at CAGR of 8.5% from 2016 to 2021.
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Based on type, the pain management equipment market is categorized into neurostimulation devices (transcutaneous electrical nerve stimulation (TENS) and spinal cord stimulation (SCS)), ablation devices (RF ablation and cryoablation), and analgesic infusion pumps (intrathecal and external infusion pumps). The neurostimulation devices segment is expected to account for the largest share of the market in 2016. This can majorly be attributed to the cost-effectiveness of neurostimulation devices, high efficacy of TENS and SCS devices in alleviating chronic pain, and availability of reimbursement for SCS therapy in developed countries.
On the basis of application, the global pain management devices 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.
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Geographical Analysis:
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.
Key Market Players:
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.
Leading players in the pain management equipment 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.