The global pain management devices market is valued at an estimated USD 3.08 Billion in 2016 and is projected to grow at a CAGR of 8.5% during the forecast period of 2016 to 2021. A number of factors, such as the growing demand for long-term pain management among the geriatric population, large patient population base, adverse effects of pain medications, development of novel pain management device, established reimbursement scenario for spinal cord stimulation (SCS) devices in developed countries, and high proven efficacy of pain management device for the treatment of chronic pain are driving the growth of the global market. On the other hand, factors such as low awareness regarding the availability and use of pain management device, shortage of pain specialists, low number of pain clinics in several countries, existence of a gap in prevalence and treatment of chronic pain, and high procedural and purchase cost of pain management device are restraining the growth of the global market.
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The Asia-Pacific region has become an attractive destination for companies engaged in the manufacture of pain management device. The high growth opportunities in this regional segment can be attributed to a number of factors, including growing incidence of chronic diseases, improving healthcare infrastructure in the region, growing middle-class population and disposable income levels, and rising awareness about the safety and efficacy of pain management device. According to the U.S. Department of Commerce, Japan has one of the largest geriatric populations in the world, with at least 20% of its population aged 65 years and above. In 2012, 30 million people in Japan were aged above 65 years and this figure is projected to reach 39 million by 2030 and nearly 43 million by 2050. Driven by its high growth potential, leading companies operating in the market are focusing on expanding their presence in emerging APAC countries. In September 2013, DJO Global announced plans to launch 10 pain management device in India in a phased manner over the next five years. The company also planned to start its operations in India, starting with 40 distribution locations across the country.
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As of 2015, Medtronic plc (Ireland) held the leadership position in the global pain management devices market. Over the last three years, the company adopted new product launches, alliances, geographic expansion, and inorganic growth strategies such as acquisitions and agreements to maintain its leading position in the market. St. Jude Medical, Inc. (U.S.) and Boston Scientific Corporation (U.S.) are the other key players in this market.
Stakeholders
- Pain Management Device Manufacturing Companies
- Distributors and Suppliers
- Government Bodies
- Research Institutions and Universities
- Contract Research Organizations (CROs) and Contract Manufacturing Organizations (CMOs)
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Scope of the Report
This research report categorizes the pain management devices market into the following segments and subsegments:
Global Pain Management Devices Market, by Type
- Neuromodulation Devices
- Transcutaneous Electrical Nerve Stimulation (TENS) Devices
- Spinal Cord Stimulation (SCS) Devices
- Ablation Devices
- Radiofrequency Ablation Devices
- Cryoablation Devices
- Analgesic Infusion Pumps
- Intrathecal Infusion Pumps
- External Infusion Pumps
Global Pain Management Devices Market, by Application
- Neuropathic Pain
- Cancer Pain
- Facial Pain and Migraine
- Musculoskeletal Pain
- Others (Pregnancy/Labor and Menstrual Pain, Sports Injuries, Post-operative Pain, and Trauma Pain)
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