Pain Management Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2029
Pain Management Devices Market: Overview
The growing clinical acceptance of drug-free alternatives to painkiller pharmaceuticals among the general population is a key driver for the evolution in the pain management devices market. Some are available OTC while some require physician’s prescription. The growing prevalence of chronic pain is a key trend shaping the technological strides in the pain management market. More than 100 million suffer from chronic pain in North America and Europe. The prevalence can be as high as 53% in various countries around the world, with the number skewed toward women than men population. In the light of the theses statistics related to epidemiology of chronic pain, pain management devices will see expansion in research and development avenues.
Some of the common transcutaneous electrical nerve stimulator (TENS) devices, radiofrequency ablation, analgesic infusion pumps, and neurostimulators. Oral drugs have become largely ineffective in managing chronic care, with as many as 46% suffering the burden for 10 years or more, according to a recent estimate. The regulatory landscape is also favorable to the growth of the pain management devices market to meet the needs of patients with arthritis, orthopedic degenerative disorders, rheumatoid arthritis, and osteoarthritis.
The growing number of FDA-approved devices in the market pertain to treating chronic conditions arising out of diabetic neuropathy, sciatica, and fibromyalgia. Substantial advancements have been made in biomedical technology, which opens new avenues in the pain management devices market. Further, the prevalence of neurological conditions paly role in prevalence of chronic pain in the patient subset. This is also fueling the demand for different neurostimulation devices.
Pain Management Devices Market: Key Trends
Rise in elderly populations and increasing acceptance of pain management devices in home care are trend encouraging growth in the pain management devices market. Radiofrequency ablation is expected to gather immense traction, the reason having to do with its minimally invasive nature. Some of the key application segments of this type of devices are cosmetology, oncology, gynecology, cardiac rhythm management.
The high prevalence of neuropathic pain in some of the developed nations has also boosted the prospects of the pain management devices market. Oncology is rapidly emerging segment with incredible revenue potential. In recent years, health experts have witnessed the growing popularity of non-pharmacological treatments in managing cancer pain, such as spinal cord stimulation. With rapidly increasing incidence of cancer, the prevalence of cancer pain is expected to rise as a clinical problem.
Pain Management Devices Market: Competitive Assessment
Some of the aspiring players are advancing research in neurobiology of cancer pain. Researchers are geared toward arriving at an acceptable taxonomy of cancer pain, which will help device makers to develop devices that meet the unique characteristics of pain in cancer patients. A case in point is cancer-induced bone pain (CIBP). Numerous key players are relentlessly looking for devices that meet the requirement of diverse therapies. The pain management devices market will gain from the growing array of minimally invasive technologies especially for outpatients. They are looking for improving techniques of spinal cord stimulation, for example.
Some of the key players in the pain management devices market are B. Braun Melsungen AG, Boston Scientific Corp., Colfax Corp., Medtronic Plc., Omron Healthcare, Inc., Stryker Corporation, and Abbott Laboratories. Several of these players are keen on launching FDA-approved devices.
Pain Management Devices Market: Regional Assessment
The early uptake of cutting-edge pain management devices endow vast revenue potential to North America in the global pain management devices. The U.S. is a highly lucrative market. The presence of advanced medical care infrastructure has also fueled the prospects in the region.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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