This study covers the market dynamics and trends in major countries that are expected to influence the current market scenario and future status of the Global Pain Management Devices Market over the forecast period.
Pune, India -- (SBWIRE) -- 01/23/2018 -- MarketResearchFuture.com adds "Pain Management Devices Market -2017 Global Analysis, Growth, Trends and Opportunities Research Report Forecasting to 2023" reports to its database.
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The report titled "Pain Management Devices Market -Forecast to 2023? is a direct appreciation by Market Research Future of the market potential of the Pain Management Devices Market. The report intends to provide accurate and meaningful insights, both quantitative as well as qualitative. It can be said with high confidence level, that this report will satisfy the need for comprehensive insights needed to compete and beat other players in today's winner takes all market! Global pain management device market was $3.58 billion in 2016 which is expected to grow at a CAGR of 7.2 % and reach till $5.81 billion by 2023.
Pain Management is the branch of medical science that deals with the minimizing the pain of the patients suffering from acute or chronic pain.
Market Dynamics of Pain Management Devices Market:
The market drivers for pain management devices is rising number of the patient suffering from different chronic neuromuscular diseases, increasing aging population, growing pain rehabilitation centres, growing sports culture, rising research and development in medical devices, growth in industrial manufacturing capacity for medical devices, and others.
The rise in risk factors is also driving the market indirectly. For example obesity is positively correlated with painful conditions. According to WHO, worldwide obesity has more than doubled since 1980 and in 2014, more than 1.9 billion adults, were overweight. A quick look at the ageing population also gives a positive picture of the market. World Health Organization (WHO) estimates that between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. Environmental factors causing a rise in diseases include growth in prevalence and exposure to allergies and asthma.
Technological and product development has also soften the barriers to the market and has also made a positive contribution to the market. Latest pain management devices are portable, battery powered and produces little or no sound. Thus development of light weight, compact, comfortable, and easy to use devices is a major driver of the market.
The market constraints are side effects of pain management devices, high cost, poor efficacy and effectiveness, lack of experimental validation are the major restraining factors for the growth of the market. A strong restraint is the presence of poor and substandard products in the market which are prone to breakdown. Reimbursement is another issue as most pain devices have little or no reimbursement.
There exists no guidelines and standards for the design and manufacturing of devices. There has been a number of contradictory claims about the effectiveness by a number of manufacturers in the market. The pain management device industry is struggling to defend the accusations of a number of critics about the benefits of these devices. To achieve credibility in the eyes of the public and to avoid any legal complications there is a need to standardise the basic requirements of pain management so that reasonable conclusions can be drawn even by a layman about the effectiveness of these devices in alleviating the pain. The current trend for pain management devices include custom made personalized devices for individual patients. These devices are made after mapping the needs of individual patients and to ensure a perfect fit. This is a welcome development and there is growing evidence for partnerships among firms and hospitals.
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Key Players for Global Pain Management Devices Market:
Baxter International Inc. (US), Boston Scientific Corporation (US), Medtronic Plc (US), St. Jude Medical (US), Bio-Medical Research (BMR) Ltd. (UK), Codman and Shurtleff, Inc. (US), Stryker Corporation (US), Hospira Inc. (US), Smiths Medical (UK), Kimberly-Clark Corporation (US), DJO Global LLC (US), B. Braun Melsungen AG. (Germany) and Pain Management, Inc (US).
Segmentation of Pain Management Devices Market:
Global pain management devices market is segmented on basis type into stimulators, pumps, and ablation devices. Stimulators are sub segmented into neuromodulator devices and transcutaneous electrical nerve stimulation (TENS) devices. Neuromodulator devices are further sub segmented into spinal cord stimulator, intrathecal pain pump, peripheral nerve stimulator, dorsal root ganglion stimulation and other. Ablation devices is further segmented into microwave devices, cryoablation devices and others. Pumps are sub segmented as analgesic infusion pumps and other. Analgesic infusion pumps is further segmented into patient control infusion pumps, external infusion pumps, intrathecal infusion pumps and other. On basis of application they are segmented as cancer pain, musculoskeletal pain, migraine, and others.
Regional Analysis of Pain Management Devices Market:
Geographically, North America accounts the largest market for pain management devices followed by Europe. North America is led by the U.S. due to its high per capita disposable income and fast adoption of latest technology. Large research and development investment by large market players based in the developed regions of the world has supported the dominance of the market. Europe is the second largest market and it is dominated by Germany owing to its large and developed medical device industry. However there is strong evidence that the market is shifting in favour of developing regions especially of Asia Pacific. Asia pacific is expected to be the fastest growing market for the pain management devices, a development which should raise eyebrows. Due to a huge population base, development in infrastructure and increasing prevalence of many diseases in this region has provided fuel for the growth of the market. The Asia Pacific market is expected to be led by India and China. Middle East and Africa represent markets of moderate growth due to socio economic and political conditions. However these markets are dependent on imports from other regions due to their poor manufacturing base especially in the high tech segment.
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