Albany, NY, April 13, 2016 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research “Pain Management Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023”, the global pain management devices market was valued at US$3.2 bn in 2014 and is projected to expand at a CAGR of 7.6% from 2015 to 2023 to reach US$6.3 bn in 2023.
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Pain management devices are medical products used to manage pain in patients suffering from both chronic pain and acute pain. These devices are available in both implantable and non-implantable forms. These devices have proven to be beneficial for long-term pain alleviation and preferred for chronic conditions such as cancer, neuropathic and arthritis pain. Breakthrough technologies such as implantable intrathecal drug administration and drug pumps have provided hope to patients suffering from chronic pain. Similarly, continuous research and development has helped scientists understand the various mechanisms of pain and devise methods of prevention.
Major factors likely to boost the growth of the market are rising prevalence of chronic medical conditions, commercialization of technologically advanced therapeutic products, changing patient pool demographics and increasing geriatric population, and encouraging reimbursement policies. However, risks associated with neurostimulation implant procedures as well as low endorsement from regulatory bodies and presence of alternative pharmacotherapy regimen would hamper the growth of the pain management devices market during the forecast period.
Electrical stimulation devices (ESDs), radiofrequency ablation devices, analgesic infusion pumps, and neurostimulation devices collectively formed the overall the pain management devices market. ESDs are further segmented into transcutaneous electrical nerve stimulation (TENS) devices, neuromuscular electrical stimulation (NMES/EMS) devices, and other electrical stimulation devices (electrotherapy devices, combination devices, TNS, TMS, etc.). Analgesic infusion pumps are further segmented into intrathecal infusion pumps and external infusion pumps. Similarly, neurostimulation devices are segmented into spinal cord stimulation (SCS) devices, deep brain stimulation devices, vagus nerve stimulation devices, and sacral nerve stimulation devices. Neurostimulation devices segment accounted for the largest market share in 2014 due to increasing number of DBS and SCS devices implantation in patients suffering from chronic pain of limbs or trunk, which includes pain associated with lower back, or legs, post-back surgery syndrome coupled with increasing base of patients suffering from neuropathic pain.
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Based on application the electrical stimulation devices market has been segmented into neuropathic pain, cancer pain, facial & migraine pain, musculoskeletal pain, and trauma. Neurostimulation devices market is segmented neuropathic pain, cancer pain, facial & migraine pain, and musculoskeletal pain. Analgesic infusion pumps market is segmented into neuropathic pain, cancer pain, musculoskeletal pain, and trauma. Similarly, by application areas, radiofrequency ablation devices market is segmented into neuropathic pain, cancer pain, and musculoskeletal pain. Among these, neuropathic pain and musculoskeletal pain dominated the application areas of various pain management devices.
Key companies studied and profiled in this report include Baxter International Inc., Bio-Medical Research (BMR) Ltd., Boston Scientific Corporation, Codman & Shurtleff, Inc., DJO Global, Inc., Halyard Health, Hospira, Inc., Medtronic plc, St. Jude Medical, Smiths Medical, and Stryker Corporation. Collaborative agreements, product launches, and acquisitions are analyzed to be a significant part of business stratagems that are usually being adopted by global players to strengthen and secure their position in the market.
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research