The global pain management devices industry accounted for $4.01 billion in 2018, and is anticipated to reach $6.77 billion by 2026

12/nov/2020 16:51:59 Automotive Market Research Reports Contatta l'autore

Increase in prevalence of chronic disease, rise in geriatric population, and surge in adoption of pain management devices drive the growth of the global pain management devices market

Rise in prevalence of chronic disease, surge in geriatric population, and increase in adoption of pain management devices drive the growth of the global pain management devices market. However, preferable use of medications for pain management hampers the market growth. On the contrary, growth opportunities in emerging markets are expected to create lucrative opportunities in the industry.

Pain Management Devices

The global pain management devices industry accounted for $4.01 billion in 2018, and is anticipated to reach $6.77 billion by 2026, registering a CAGR of 6.7% from 2019 to 2026.

Covid-19 scenario:

  • The demand for Pain Management Devices from the all industry has experienced a huge growth to encourage health and safety with Covid-19 impact.
  • The supply, demand of Pain Management Devices affected by lockdown as it comes under the category of essential factors.

Based on product, the neuromodulation and neurostimulation devices segment held the largest share in 2018, contributing to more than three-fifths of the global pain management devices market. This is attributed to the rise in adoption of neurostimulation & neuromodulation devices for management of pain due to prevalence of neurological disorders such as Parkinson’s disease and migraine. On the other hand, the analgesic infusion pumps segment is expected to register the fastest CAGR of 8.2% during the forecast period, owing to the increase in prevalence of chronic diseases, rise in aging population, technological innovations in analgesic pumps, and surge in adoption of infusion pumps.

Major market players

  • B Braun Melsungen AG
  • Boston Scientific Corp
  • Baxter International Inc
  • Abbott Laboratories
  • Johnson & Johnson (Codman And Shurtleff, Inc.)
  • DJO Global LLC
  • Medtronic Plc
  • Kimberly Clark Corporation
  • Pfizer, Inc
  • Stryker Corp

The market across the North America region held the largest share in 2018, accounting for more than two-fifths of the market. The region is expected to maintain its dominance throughout the forecast period, owing to the rise in prevalence of chronic pain, increase in demand for pain management devices, presence of advanced healthcare facilities with trained medical professionals, and higher in number of R&D activities to develop innovative device. On the other hand, the Asia-Pacific region is anticipated to register the fastest CAGR of 8.5% during the forecast period. Improvement in healthcare infrastructure, availability of pain management devices, surge in healthcare reforms, and technological advancements in the field of healthcare are the major factors driving the growth in the region.

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