The growth of the pain management devices market is attributed to increase in prevalence of chronic pain across the globe. Furthermore, surge in awareness of pain management devices, launch of innovative products, and rise in adoption of pain management devices are the other factors that contribute to the growth of the market.
Rise in prevalence of chronic disease, surge in geriatric population, and increase in adoption of pain management devices drive the growth of the global pain management devices market. However, preferable use of medications for pain management hampers the market growth. On the contrary, growth opportunities in emerging markets are expected to create lucrative opportunities in the industry.
The global pain management devices market size was valued at $4,017 million in 2018, and is projected to reach $6,777 million by 2026, growing at a CAGR of 6.7% from 2019 to 2026.
Based on application, the cancer pain segment is expected to register the fastest CAGR of 8.3% during the forecast period. This is attributed to rise in incidence of different forms of cancer and increase in adoption of cancer pain drugs. In addition, upsurge in geriatric population and wide availability of pain management devices drive the market growth. However, the neuropathic pain segment dominated the global pain management devices market in 2018, accounting for nearly one-third of the market. The increase in number of target population, rise in number of risk factors such as diabetes, HIV, multiple sclerosis, & cancer, technological advancement in pain management devices, and surge in demand for pain management devices for management of neuropathic pain are driving the growth of the segment.
Key Findings of the Study:
- By product, the neuromodulation & neurostimulation devices segment held more than half share in the global market in 2018.
- Depending on application, the neuropathic pain segment held more than one-third share in the global market in 2018.
- Region wise, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 6.6% during the forecast period.
Leading market players analyzed in market such as Abbott Laboratories, B Braun Melsungen AG, Baxter International Inc., Boston Scientific Corp., DJO Global LLC., Johnson & Johnson (Codman And Shurtleff, Inc.,), Kimberly Clark Corporation, Medtronic Plc., Pfizer, Inc., and Stryker Corp.
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