The global pain management devices market is dominated by major players such as Boston Scientific Corporation, Baxter International Inc., Kimberly-Clark Corporation, DJO Global LLC, Medtronic, Inc., Smiths Medical, Codman And Shurtleff, Inc, St. Jude Medical, Inc., Hospira Inc., and Stryker Corporation.
Analysts at Zion Market Research claim, the Global pain management devices market added up for USD 2.73 billion in 2015. The global pain management devices market is anticipated to cross USD 4.56 by end of 2021, increasing at a CAGR of almost 6.8% from 2016 to 2021.
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Advanced Health Care To Facilitate The Development Of Global pain management devices market
Analysts at Zion Market Research claim that the global pain management devices market was likely to see the highest development in the years to come owing to advanced health care facilities and rise in the percentage of hospitals all over the world. Moreover, increasing requirement for long-term pain management amongst the elderly population is likely to boost the demand for global pain management devices market. In addition to this, adverse impact of medicine paired with unpalatable taste is believed to be accountable for a major development in the health care industry, which is expected to flourish the global pain management devices market. Apart from this, the introduction of different pain management devices will possibly elevate the requirement for pain management device, thereby enacting the development of global pain management devices market. On the other hand, the high price of pain management machines might act as a limitation for the development of global pain management devices market.
Increasing R&D is also one of the major factors that act as a catalyst for the development of global pain management devices market. For example, in April 2018, NeuroMetrix declared outcomes from a clinical research of its Quell wearable device. It marketed the device’s capability to treat chronic pain. Outcomes from the study were reported in the Journal of Pain Research.
Growth Of Novel Pain Management Devices To Develop The Global pain management devices market In North America
On the basis of application, the global pain management devices market is divided into 5 types such as neuropathic pain, cancer pain, musculoskeletal pain, facial & migraine pain, and others. In application section, neuropathic pain was the dominating section in 2015. This neuropathic pain section was expected to see the highest development in the years to come, majorly due to the high occurrence of diseases leading to neuropathic pain. Almost over 70% of adults experience back pain, which comes below neuropathic pain. This development of global pain device management market is also mainly credited to the rise in a number of hospitals paired with the increment in the number of medical experts all over the world. Based geography, North America was the domination area for global pain management devices market in 2015 in terms of income. This was due to the growth of novel pain management machines in the healthcare market, thereby boosting the global pain management devices market.
The global pain management devices market is segmented as follows:
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