(PharmaNewsWire.Com, July 22, 2020 ) According to a new market research 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", published by MarketsandMarkets, This report studies the global 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.
Browse 117 market data Tables with 43 Figures spread through 198 Pages and in-depth TOC on "Pain Management Devices Market"
The report analyzes and studies the major market drivers, restraints, opportunities, and challenges in North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
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.
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.
Application of Pain Management Devices Market:
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 devices in neuropathic pain treatment, favorable reimbursement scenario, development of novel neuropathic pain management devices, large patient population base, rising geriatric population across the globe, and side effects of drugs used to treat neuropathic pain.
Regional Growth of Pain Management Devices:
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 devices 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.
Medtronic plc accounted for the largest share of the pain management devices market due to its dominant position in the neurostimulation market. Its wide portfolio of infusion systems and spinal cord stimulation devices, which are used in chronic pain management, is one of the important factors responsible for its leading position and future growth in the pain management devices industry. Furthermore, the company’s wide geographic presence enables it to maintain its strong position in the market.
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