Rise in prevalence of chronic disease, surge in geriatric population

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.

Global pain management devices industry accounted for $4.01 billion in 2018, and is anticipated to reach $6.77 billion by 2026, registering a CAGR of 6.7% from 2019 to 2026.

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.

However, hypersensitivity reactions post-operative infection caused by the use of these devices limit the growth of the market. Moreover, they are usually used as second line of treatment in patients with chronic pain who become resistant to drug therapy can, which impedes their adoption globally, thereby restraining the market growth.

Cancer Pain segment to portray fastest growth by 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.

Major market players

• B Braun Melsungen AG
• Boston Scientific Corp
• Baxter International Inc
• Abbott Laboratories
• Johnson & Johnson (Codman And Shurtleff, Inc.)
• DJO Global LLC
• Medtronic Plc
• Kimberly Clark Corporation
• Pfizer, Inc
• Stryker Corp

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