According to the latest report published by Credence Research, Inc. “Global Pain Management Devices Market – Growth, Opportunities, Competitive Analysis, and Forecast, 2016 – 2022,” the pain management devices market was valued at USD 3,187.5 Mn in 2015, and is expected to reach USD 6,241.2 Mn by 2022, expanding at a CAGR of 9.8% from 2016 to 2022.
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Global population aging, increasing prevalence of chronic pain, cancer and similar debilitating conditions, and growth in government initiatives to mitigate the threat of chronic pain are key factors that contribute to an increase in demand for pain management solutions in the global marketplace. The development in the demand for pain management services is strongly supported by a rise in patients suffering from cancer, neurological diseases, trauma, arthritis and other inflammatory diseases. Conventional drug-based therapies always run the risk of side effects, resulting in R&D efforts to introduce advanced pain management options with higher efficacy and safety and therefore pain management devices.
The launch of pain management infusion pumps that provide precise opioid dosage while at the same time meeting the need for compliance with care is a key factor that indicates the growth of this segment in the near future. Neurostimulation systems for deep nerve stimulation, stimulation of the spinal cord and others are a significant segment to be tracked for the drastic incidence of neurological conditions. In terms of treatments, neuropathic pain is expected to dominate the market share of revenue.
United States (North America) will dominate the global pain management devices through the forecast period followed by followed by Europe. The growth in these regions is supported by high prevalence of chronic and life-style related diseases, and neurological pain. Asia-Pacific on the other hand, is estimated to be the fastest growing regional market during the forecast period. Huge population base, growing awareness, and rapid development of healthcare infrastructure significantly contribute to the growth of Asia-Pacific pain management devices market.
The competition among the market players engaged in neuropathic and musculoskeletal pain segments is high with several market players intensively focusing on development of advanced pain management solutions that exhibit efficacy and safety at competitive prices. Some of the major companies operating in the global pain management devices market are Medtronic, Smiths Medical, St. Jude Medical, Boston Scientific Corp., Stryker Corporation and others.