Pain Management Devices Market Analysis Report, Reveals Lookout at Biggest Trends Hitting the Industry Over the upcoming 12 Months
Pune, Maharashtra, India, November 23 2020 (Wiredrelease) Allied Analytics –:The global pain management devices market size was valued at $4,017 million in 2018, and is projected to reach $6,777 million by 2026, registering a CAGR of 6.7% from 2019 to 2026. “Pain Management Devices Market by Product (Neuromodulation & Neurostimulation Devices, Analgesic Infusion Pumps, and Ablation Devices) and Application (Neuropathic Pain, Cancer Pain, Facial & Migraine Pain, Musculoskeletal Pain, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026”
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.
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The demand for Pain Management Devices from the all industry has experienced a huge growth to encourage health and safety with Covid-19 impact.
The supply, demand of Pain Management Devices affected by lockdown as it comes under the category of essential factors.
Key Findings of the Study:
By product, the neuromodulation & neurostimulation devices segment held more than half share in the global market in 2018.
Depending on application, the neuropathic pain segment held more than one-third share in the global market in 2018.
Region wise, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 6.6% during the forecast period.
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.
The market across the North America region held the largest share in 2018, accounting for more than two-fifths of the market. The region is expected to maintain its dominance throughout the forecast period, owing to the rise in prevalence of chronic pain, increase in demand for pain management devices, presence of advanced healthcare facilities with trained medical professionals, and higher in number of R & D activities to develop innovative device. On the other hand, the Asia-Pacific region is anticipated to register the fastest CAGR of 8.5% during the forecast period. Improvement in healthcare infrastructure, availability of pain management devices, surge in healthcare reforms, and technological advancements in the field of healthcare are the major factors driving the growth in the region.
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Leading market players:
Leading market players analyzed in market such as Abbott Laboratories, B Braun Melsungen AG, Baxter International Inc., Boston Scientific Corp., DJO Global LLC., Johnson & Johnson (Codman And Shurtleff, Inc.,), Kimberly Clark Corporation, Medtronic Plc., Pfizer, Inc., and Stryker Corp.
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