Global Pain Management Devices Market is anticipated to grow at a 13.4% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Pain Management Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global pain management devices market is estimated to be over US$ 3.5 Bn in 2017. It is anticipated to grow at a CAGR of 13.4% from 2019 to 2030.
Technological advancements, growing geriatric population coupled with increasing awareness among patients have been pivotal in dictating the growth of the pain management devices market. Moreover, growing burden of chronic diseases worldwide and increasing expenditures on healthcare is anticipated to be the major drive the growth of the global pain management devices market between 2019 and 2030. Furthermore, key players have extensively focused on collaborating with several educational and research institutes, organizations and societies to amplify R&D activities and meet the overall demands of the healthcare industry. For instance, the IMI-PainCare was launched in 2018, to address the global burden of chronic pain. The initiative is a collaboration between 40 partners from 14 different nations, namely University of Heidelberg, Petra Bloms-Funke, and several others.
Increasing Geriatric Population
The population of geriatric population across the world has grown rapidly over the past several decades. Moreover, this growth has witnessed an unprecedented rate in recent times. In 2016, it was approximated that the population of individuals aged 65 years or older was 8.5% or 617 million of the entire world population. Furthermore, it is projected that the figure will witness an increment to 17% i.e. 1.6 billion by the end of 2050. Such rapid growth of geriatric population is anticipated to present a remunerative growth opportunity for the global pain management devices market in the coming times. Since, the utilization of pain management devices products for assisting treatment and facilitating faster recovery from pain among aged population is enormously crucial.
Increasing burden of chronic diseases to boost the market growth
Increasing global burden of conditions such as cancer, several musculoskeletal pains, neuropathic pain and others are projected to be the major factors leading to the market growth. According to American Cancer Society, in 2017, there were over 1.6 million new cancer cases in the U.S. Continually incrementing incidences and prevalence of chronic disorder worldwide is anticipated to present a lucrative growth opportunity for the pain management market in the coming times.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Pain Management Devices Market by Type (Ablation Devices (Radiofrequency Ablation, Cryoablation), Neurostimulation Devices (Transcutaneous Electrical Nerve Stimulation (TENS), Spinal Cord Stimulation (SCS)), Analgesic Infusion Pumps (Intrathecal Infusion, External Infusion)), Application (Neuropathic Pain, Facial Pain & Migraine, Cancer Pain, Musculoskeletal Pain) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents: https://www.marketindustryreports.com/pain-management-devices-market/30
High Costs of Pain Management Devices Products to Restrain the Market
High costs associated with pain management devices products are one of the major factors affecting the growth of the pain management devices market. Availability of affordable and cheaper alternatives of pain medications high device costs associated with pain management devices products is anticipated to be one of the major hindrances in the growth of the global pain management devices market.
Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing geriatric population, continuously growing economy, increasing burden of chronic diseases and increasing awareness regarding latest healthcare technology is anticipated to present a lucrative growth scenario for the pain management devices market in this region. Furthermore, improving healthcare facilities, increasing disposable incomes coupled with supportive government healthcare regulations and norms is expected to present an attractive growth prospect for the market in the coming years.
Major Players in the Pain Management Devices Market
The prominent players in the global pain management devices market are Medtronic, ST. Jude Medical, Inc. (A subsidiary of Abbott), Boston Scientific Corporation, Hospira, Inc. (A subsidiary of Pfizer Inc.), Smiths Medical, B. Braun Melsungen AG, Halyard Health, Inc. (O&M Halyard or its affiliates) BIO-MEDICAL RESEARCH LTD, BD, and Nevro Corp. among others
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