Pain Management Devices Market - Top Manufacturers Report

Nov 06, 2019- Million Insights Market Research has published a new report titled ‘Pain Management Devices Market – Global Industry Analysis, Size, Share, Growth, and Forecast, 2018–2026.’ Pain Management Devices market report helps analyze trends and significant developments in the industry.

The pain management devices market was estimated to be USD 3.18 billion globally in 2014. This can be attributed to increasing geriatric population along with rising number of population suffering from diabetes. According to estimates published by International Diabetes Federation, the prevalence of diabetes is predicted to increase to 552.0 million by 2030 from 355.0 million in 2011 globally.

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The increasing incidence of diabetes makes a huge population base susceptible towards development of chronic pain which is expected to drive the growth. The market is primarily driven by aging population base which is more prone to develop various chronic disorders. These chronic disorders include diabetes, cancer and cardiovascular disorders accounting for over 87.0% of disease burden in geriatric population.

In addition, there has been an increasing prevalence of cancer accompanied with chronic pain and serves as a potential contributor towards high potential growth. The trauma is a result of compression of a nerve by tumor and other factors which can be subsided with the use of these devices. According to estimates, over 20.0 to 50.0% of patients suffer from acute pain during diagnosis and about 75.0% as the disease progresses.

The major applications include trauma, musculoskeletal disorders, migraine and facial, neuropathic and cancer, which can be accessed through neurostimulation products. A substantial share was held by neurostimulation devices owing to the efficient results achieved by stimulation of spinal cord. Additionally, these products also have various benefits such as stimulation of customized level based on the activities done by the individual in a day. These show their action by inducing cell necrosis by temperature thermal therapy.

Regional Insights

The market was dominated by North America with a revenue share of around 49.5% in 2014. The dominance can be as a consequence of supportive healthcare infrastructure which helps in increasing accessibility of pain management devices. Moreover, initiatives by government such as Affordable Care Act and Precision Medicine along with favorable reimbursement policies contribute to the regional growth. Also, increasing awareness level amongst individuals coupled with high healthcare expenditure is predicted to broaden the growth potential.

A lucrative growth is expected to be witnessed by Asia Pacific throughout the forecast period as a consequence of supportive governmental policies for improvement in healthcare infrastructure. Also, emerging economies such as China and India have high disposable incomes and is anticipated to drive the demand.

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Prominent players include Stryker Corporation, St. Jude Medical, Smiths Medical, Medtronic Plc, Pfizer, DJO Global LLC, Codman and Shurtleff, Boston Scientific Corporation, Baxter International Inc., Melsungen AG., and B Braun. Key strategies include acquisitions, mergers and alliances to provide a competitive edge.

For instance, Spinal Modulation Inc., developer of axium neurotransmitter system, which helps in targeting neural structure in spine, was acquired by St. Jude Medical in May 2015 which is predicted to strengthen product portfolio of the company.