Albany, NY -- (SBWIRE) -- 05/09/2018 -- Pain Management Devices Market: Snapshot
Patients suffering from chronic medical conditions such as cancer, diabetes, and obesity are highly susceptible to chronic pains and therefore, their increasing prevalence is providing tremendous momentum to the global pain management devices market. According to various scientific articles published in BioMed Central, over 20% of the adult global population suffers from chronic pain and 10% population are newly diagnosed with chronic pain each year. Changing demographics and widening pool of global geriatric population are bringing a large chunk of population under the chronic illness category. This is, thereby, augmenting the global market.
Moreover, the commercialization of advanced and innovative therapeutic products and the availability of favorable reimbursement policies are creating a staggering volume of global demand for pain management devices. However, the side effects such as surgical infection and skin erosion associated with neurostimulation implants are keeping the market from realizing its utmost potential. With all these factors put together, the global pain management devices market is estimated to reach a valuation of US$6.28 bn by 2023 from US$3.75 bn in 2016, progressing at a 7.6% CAGR between 2015 and 2023.
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Neurostimulation Devices to Remain Most Valuable Product Segment through 2023
On the basis of product, the neurostimulation devices segment will continue to represent the lion’s share in the market. The rising incidence of chronic pain such as musculoskeletal and cancer pain and the commercialization of breakthrough technologies in the field of neurostimulation are driving the growth of the segment. A growing number of people with chronic pain in lower back, limbs, and legs are undergoing implantation of deep brain and spinal cord stimulation devices, which is leading to the greater uptake of effective neurostimulation devices worldwide. The high cost of these devices makes them the leading revenue contributor to the market.
The analgesic infusion pumps segment, on the other hand, is poised to post a remarkable CAGR of 10.3% during the forecast period. The high effectiveness, less pain, and superior safety features of the product are making them a preferred choice for pain management.
Growing Incidence of Lifestyle-related Diseases and Sports-related Injuries Fuels North America’s Dominance
North America will continue to be the leading revenue contributor to the global market, accounting for 48.7% of the overall market. The rising prevalence of lifestyle-related diseases and the growing incidence of sports-related injuries are boosting the demand for pain management devices in the region. Moreover, the growth of the region can be attributed to the birthing of innovative technologies and the presence of advanced healthcare facilities along with the improving access to it. The rapidly growing geriatric population can also be held responsible for the dominance of the region.
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In 2016, Europe was the second leading region. The burgeoning demand for technologically advanced products and increasing adoption of non-invasive and self-administered products are fuelling the growth of the region. However, by the end of the review period, the region is expected to lose its position to Asia Pacific.
Asia Pacific will rise at a CAGR higher than any other region during the same period. The growing incidence of neck and back pain among the populace and increasing cases of diabetes and chronic wounds are propelling the growth of the region. The widening base of geriatric population, particularly in Japan and China, is also playing a vital role in the increased sales of pain management devices in the region.
Some of the key players operating in the global pain management devices market are Boston Scientific Corp., St. Jude Medical, Bio-Medical Research (BMR) Ltd., Medtronic Plc, Smiths Medical, Baxter International Inc., Hospira Inc., Halyard Health, and Stryker Corp.
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