Pain Management Devices Market is Expected to Expand at an Impressive Rate by 2023
Pain Management Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023
The global pain management devices market features an increasingly competitive landscape marked by rising level of competition among its players. A plethora of players in the market are vying for higher stakes. To this end, they are focusing on unveiling various types of pain management devices with novel technologies in order to reap competitive benefits. Several prominent players have been engaged in expanding their portfolio to consolidate their shares in the global pain management devices market. Rising investments on research and development activities is likely to up the intensity of competition in the pain management devices market in the coming years.
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Some of the top players operating in the global pain management devices market are Bio-Medical Research (BMR) Ltd., Halyard Health, Stryker Corp, Baxter International Inc., and Boston Scientific Corp.
The global pain management devices market stood US$3.75 billion in 2016 and is projected to touch a valuation of US$6.28 billion by the end of 2023. This represents a CAGR of 7.6% during the forecast period of 2015–2023.
Among the various types of products, neurostimulation devices held the leading share in 2015 and is likely to hold its sway throughout the assessment period. The prevalence of high-impact chronic pain conditions such as those by musculoskeletal is expected to bolster the uptake in the next few years.
Of the key regional markets for pain management devices, North America has been consistently garnering substantial shares over past few years. The regional market for pain management device is anticipated to continue holding prominent shares in the near future, as well. The growth is increasingly fueled by rising incidence sports-related injuries that need pain management devices.
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Prevalence of Sports-Related Musculoskeletal Injuries offers Robust Boost
The rising demand for better management technologies among patient populations world over is a key factor driving the pain management devices market. Globally rising opioid epidemic has offered an attractive impetus to the demand for pain management technologies. Rising elderly populations, especially in developing and developed nations, has contributed to the prevalence of chronic pain. This is a notable trend bolstering the demand for pain management devices. In numerous countries, the rising incidence of sports and recreation-related injuries leading to hospitalization is bolstering the demand for pain management devices. In particular, the demand is increasingly receiving solid boost from the prevalence of sports-related musculoskeletal injuries in developed countries.
The global pain management devices market is likely to get attractive impetus from several government initiatives and favorable regulatory landscape. In developed nations, reimbursements for spinal cord stimulation devices for patient populations have been fueling the market’s growth in developed countries.
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Demand for Better Pain Management Devices for Neuropathic Pain creates Substantial Prospects
The advent of novel pain management devices has created new, exciting avenues in the global market. Increasing pace of commercialization of such devices in recent years has catalyzed rapid market’s expansion.
The global pain management devices market is likely to witness setbacks on account of low level of patient awareness and the high cost of these devices. Moreover, potential side-effects with certain pain management devices have dampened the uptake. The risk of side effects of skin erosion and surgical site infection associated with neurostimulation implants is a case in point.
Nevertheless, the rising incidence of neuropathic pain world over is making room for several lucrative avenues for medical device manufacturers. They are expanding their pipeline of products. Moreover, the rising awareness about the ill effects of prescription pain killers kindles patients’ interest in technologically-advanced pain management devices.
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