Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- A new report has been published by Transparency Market Research, titled "Pain Management Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018". TMR, a market intelligence company based in the U.S., states that the global pain management devices market was estimated at US$2.0 billion in 2011 and, growing at a CAGR of 13.1% from 2011 to 2018, is predicted to reach US$5.0 billion by 2018.
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As per the TMR report, in terms of types, the pain management devices market is segmented into electrical stimulators, radiofrequency ablation devices, analgesic pumps, and neurostimulators. Among these, the radiofrequency (RF) ablation technology has emerged to be advantageous for pain management, since it engages the nerve ablation of the affected tissues. Heat produced by radiofrequency ablators deadens the nerves and therefore blocks the pain signal's passage to the brain. RF ablation takes place post all the other methods such as epidural steroid administration, facet joint injection, and nerve blocks. Cervical and lumbar radiofrequency ablations are the majorly performed procedures in pain management. The radiofrequency pain ablation technology market for pain management was estimated to be US$287.0 million in 2011 and is predicted to have the highest growth rate over the forecast period.
According to this TMR report, increased technological developments in the sector of pain management have stimulated the expansion of the market for pain management devices. These devices consist of various instruments such as analgesic pumps, electrical stimulators, neurostimulation devices, and radiofrequency ablation. Lack of adept analgesic drugs, along with increase in chronic diseases such as arthritis, diabetes, and cancer have proven as a growth incentive for the segment. Additionally, reappearance of pain after some years of surgery has pressed the patient population to opt for easy to utilize minimally invasive devices, namely, neurostimulators or implantable analgesic pumps. Additionally, organizations in this sector are collectively working towards the establishment of advanced products that would fulfill patients' unmet needs. Restraints such as accomplishment of read out time, cost efficiency, and miniaturization is being worked on by every key player in this market.
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As per this TMR research report, the pain management devices market is segmented into North America, Europe, Asia, and Rest of the World (RoW). Asia is expected to witness the highest growth rate, 21.7%, between 2012 and 2018. The reason for this surge in growth rate is the rise in disease awareness as well as increasing disposable incomes. In 2011, amongst these regions, North America represented the biggest market for pain management devices. Furthermore, Asia is expected to have the highest incidence of diabetes as well as cancer by 2020, as stated by the World Health Organization. Reimbursement policies that are favorable for the pain management devices and research funding given by governments in this region would also impart the necessary impetus for the development of the pain management devices market.Key players in this market include St. Jude Medical, Kimberly Clark, Medtronic Inc, Boston Scientific, and others.
Key segments of the Pain Management Devices Market
Pain Management Market, By Types
- Intrathecal pumps
- External pumps
Radiofrequency Ablation Devices
- Spinal Cord Stimulators (SPS)
- Sacral Nerve Stimulators (SNS)
- Deep Brain Stimulators (DBS)
Pain Management Market, By Applications
- Cancer Pain
- Neuropathic Pain
- Facial & Migraine Pain
- Musculoskeletal Pain
Pain Management Market, By Geography
- North America
- Rest of the World (RoW)
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source:Transparency Market Research