According to the latest report published by Credence Research, Inc. “Global Pain Management Devices Industry – Growth, Opportunities, Competitive Analysis, and Forecast, 2016 – 2022,” the pain management devices Industry 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.
Aging global population, rising prevalence chronic pain, cancer and similar such debilitating conditions, and growth in government initiatives in mitigating the threat of chronic pain are the major factors that contribute to the rise in demand for pain management solutions in the global Industry. The Industry growth of pain management devices is greatly supported by the increase in patients suffering from cancer, neurological diseases, trauma, arthritis and other inflammatory diseases. Conventional drug based therapies always come with the threat of side effects thus giving rise to R&D efforts for introducing advanced pain management options with higher efficacy and safety and thus pain management devices.
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Introduction of infusion pumps for pain management that offer precise drug dosage while simultaneously meeting the need for treatment compliance is a prime factor that suggests the growth of this segment in the near future. Neurostimulation devices for deep nerve stimulation, spinal cord stimulation and others is a major segment to watch for considering the staggering prevalence of neurological conditions. In terms of applications, neuropathic pain is estimated to dominate the Industry revenue share.
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 Industry 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 Industry.
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The competition among the Industry players engaged in neuropathic and musculoskeletal pain segments is high with several Industry 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 Industry are Medtronic, Smiths Medical, St. Jude Medical, Boston Scientific Corp., Stryker Corporation and others.
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