Business & Finance
Pain Management Devices Market to Reach USD 4.64bn by 2021, MarketsandMarkets Predicts
10 June 2016 - - The global pain management devices market is expected to reach USD 4.64bn by 2021, at CAGR of 8.5% from 2016 to 2021, according to a new report from Indian market research firm MarketsandMarkets.

A number of factors drive this market, including 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 devices in developed countries, and high proven efficacy of pain management devices for the treatment of chronic pain.

On the other hand, factors such as low awareness regarding the availability and use of pain management devices, shortage of pain specialists, low number of pain clinics in several countries, existence of a gap in prevalence and treatment of chronic pain, and high procedural and purchase cost of pain management devices are restricting 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.

On the basis of application, the global pain management devices market is segmented into neuropathic pain, cancer pain, facial pain and 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, favourable 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.

Based on the mode of purchase, the market is segmented into over-the-counter 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.

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.

As of 2016, 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.
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