Pain Management Devices Market Growth And Demand Report During 2014-2018: Radiant Insights, Inc
Global pain management devices market is foreseen to grow at a CAGR of over 9% from 2013 to 2018. Expanding geriatric population along with rising incidences of diabetes is the main market driver.
San Francisco, United States – August 30, 2016 /MarketersMedia/ —
Global pain management devices market is foreseen to grow at a CAGR of over 9% from 2013 to 2018. Expanding geriatric population along with rising incidences of diabetes is the main market driver. Geriatrics, often suffer from various non-communicable illnesses including cardio-vascular disorders, diabetes, cancer, etc. Diabetes makes people highly susceptible to pain. Cancer is also a major contributor to chronic pain. The growing number of cancer cases is affecting the market favorably.
The other market drivers include development of novel pain management devices, an established reimbursement policy for spinal cord stimulation (SCS) in the developed world, and adverse effects of pain medications.
However, the market faces some challenges. There are not enough pain specialists to cater to the burgeoning demand at present. Several countries lack adequate pain clinics. Awareness about the availability and use of pain management devices is also low in some regions. Additionally, the costs associated with purchase and procedure of pain management devices, are still quite high. These factors adversely affect market growth.
On the basis of product types, the market comprises three segments, namely Electrical Stimulation Devices, neurostimulation devices, and analgesic infusion pumps. The first includes TENS devices. While DBS (deep brain stimulators), SCS, and SNS (scaral neurostimulators) constitute neurostimulation devices, Intrathecal pumps and PCA (patient controlled analgesic) are the analgesic infusion devices.
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Neurostimulation devices dominate the market due to their wide applications in management of chronic pain. Examples include stimulation of vagus nerve, deep brain, sacral nerve, etc. It also covers gastric electric stimulation, respiratory electrical stimulation, and repetitive transcranial magnetic stimulation.
Based on regions, the worldwide pain management devices market is segmented into the Americas (North America, South America, & Central America), APAC (Asia Pacific), and EMEA (Europe, Middle East & Africa).
North America occupies a considerable share of the overall market on account of favorable healthcare infrastructure, high awareness levels, and favorable government initiatives. APAC is anticipated to rise due to sustained governmental efforts to improve healthcare infrastructure in the region and economic growth in key markets like India and China.
The major players of the global pain management devices market are Medtronic Inc., Boston Scientific Corp., Kimberly-Clark Corp., & DJO Global, Inc. The other well-known participants include Omron Healthcare Co. Ltd., Baxter Healthcare Corporation, Sorenson Medical Products, Inc., Stryker Corp., and Zynex Medical, Inc. Alliances, mergers & acquisitions are the main competitive strategies in the market.
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About Radiant Insights,Inc
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