Global Pain Management Devices Market was valued US$ 4.3 Bn in 2017 and is expected to reach US$ 7.9 Bn by 2026, at CAGR of 7.9% during forecast period.
Pain management devices are usually used by aging population, cancer population, lifestyle associated disease and neuropathic disorders are some of the key factors driving the growth for the global pain management devices market. Additionally, increasing healthcare awareness and rise in healthcare expenditure are also fueling the growth of the global pain management devices market. Technological development happened in this sector has an opportunity for the global pain management devices market.
Furthermore, R&D is also one of the major factors that act as a catalyst for the development of the global pain management devices market. Also the factors affecting the market growth are such as the growing demand for long-term pain management among the geriatric population, large patient population base, adverse effects of pain medications, established reimbursement scenario for spinal cord stimulation (SCS) devices in industrialized countries, improvement of innovative pain management device, and highly verified efficacy of pain management device for the treatment of chronic pain.
At the same time, low awareness regarding the availability and use of pain management device, lack of pain specialists, less number of pain clinics, presence of a gap in prevalence and treatment of chronic pain, and high procedural and purchase cost of pain management device are limiting the growth of the global market.
Based on type, Introduction of infusion pumps for pain management that offer precise drug quantity while concurrently 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 region, North America and Europe are the dominant regions in the market. Owing to a large number of an aging population and favorable regulatory and healthcare reforms like the U.S. Patient Protection and Affordable Care Act of 2010. The Asia Pacific is projected to show a high growth rate during the forecast period in global pain management device market. China and India are likely to be the fastest growing pain management devices markets in the Asia-Pacific region. Some of the major factors that drive the market for pain management devices in developing countries are a large pool of patients, growing healthcare expenditure and increasing government funding and initiatives.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding the global pain management devices market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER's analysis, and SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the global pain management devices market.
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