Pain Management Market Analysis by Opportunity Assessment and Research Report 2019-2023
Owing to the increasing technological advancements, the pain management market is expected to escalate. In the recent years, various new and existing marketers have come up with effective and new advancements in pain management. For instance, a new noninvasive neuromodulation device, Stimpod NMS460 has been introduced by the Xavant Technology to treat the chronic intractable pain. The device received FDA approval on August 01, 2017.
A number of factors such as improved reimbursement policies in developed countries, increasing prevalence of cancer pain, improving regulatory framework, growing research funding, unmet medical needs, rising competition among market players, and increasing government assistance are propelling the growth of the global pain management market.
However, the high cost associated with technology, lack of skilled or trained physicians, and poor healthcare system in low and middle-income countries may hamper the growth of the market.
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It is estimated that the pain management market is expected to register a CAGR 6.0% during the forecast period of 2018 to 2023.
The Americas dominates the pain management market owing to the increasing prevalence of chronic pain, well-developed technology, high healthcare expenditure, and the presence of leading players. According to a study published in the Drug and Alcohol Dependence Journal in 2017, more than 100 million adult Americans are living with chronic pain. Chronic low back pain and headaches are the most commonly diagnosed conditions. It is also stated that such conditions are more prevalent in women than men, i.e., 34.3% in women, and 26.7% in men in the United States.
Europe holds the second position in the pain management market. It is expected that the increasing contribution towards research and development and increasing competition among marketers are likely to drive the European pain management market.
Asia Pacific is the fastest growing pain management market owing to a huge patient pool, increasing demand for treatments, and increasing healthcare expenditure. As per the data suggested by the Australian Institute of Health and Welfare during 2015 to 2016, the total health expenditure was nearly USD 170.4 billion, i.e., 3.6% higher than the expenditure of 2014 to 2015.
The Middle East and Africa holds the lowest share of the global pain management market due to low development, lack of technical knowledge, and poor medical facilities.
Some of the key players in the global pain management market are Abbott Laboratories, Abbvie, Allergan, Astellas Pharma, AstraZeneca plc, Bayer AG, Codman And Shurtleff, Inc, DJO Global LLC, Eli Lilly & Company, Endo Health Solutions, F. Hoffmann-La Roche Ltd, Forest Laboratories, GlaxoSmithKline plc, Johnson & Johnson Services, Inc., Mallinckrodt plc, Medtronic PLC, ST. Jude Medical, Inc., Boston Scientific Corporation, Pfizer Inc., Halyard Health, Inc., Smiths Medical, B. Braun Melsungen AG, Neurotech Na, Inc., Becton, Dickinson and Company, Nevro Corp., Merck & Co. Inc., Novartis AG, Purdue Pharma LP, Sanofi, Stryker Corporation, Teva Pharmaceuticals, and others.
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The global pain management market is segmented on the basis of type of pain management devices, type of pain management drugs, indication, mode of purchase, and end-user.
On the basis of type of pain management devices, the market is classified as neurostimulation devices, analgesic infusion pumps, and ablation devices. Neurostimulation devices are further segmented into Transcutaneous Electrical Nerve Stimulation (TENS) devices and Spinal Cord Stimulation (SCS) devices. Ablation devices are further segmented into RF ablation devices and cryoablation devices.
On the basis of type of pain management drugs, the market is classified as Non-Steroidal Anti-Inflammatory Drugs (NSAIDS), anticonvulsants, anesthetics, opioids, antimigraine agents, antidepressants, and others. The opioids segment is further classified as oxycodones, hydrocodones, tramadol, morphine, codeine, fentanyl, meperidine, methadone, and others.
On the basis of indication, the market is classified as neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, fibromyalgia, chronic back pain, arthritic pain, migraine, post-operative pain, and others.
On the basis of the mode of purchase, the market is classified as over the counter and prescription-based.
On the basis of end-user, the market is classified as hospitals and clinics, pharmaceutical companies, medical device companies, research and academic institutes, and others.
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