Growing Prevalence of Chronic Diseases Will Promulgate Growth of Pain Management Devices Market - ZMR
Pain management is a study of medical science that relaxes the suffering of patients from chronic pain. Acute pain has an instant onset of action while chronic pain stays for a comparatively longer duration and that is why it requires proper management. The pain management devices are the ones that are utilized in the management of the different types of chronic pain like musculoskeletal pain, cancer pain, neuropathic pain, and others.
The growing prevalence of chronic diseases is one of the major factors driving the growth of the global pain management devices market. Also, the increasing cases of lifestyle disorders like diabetes and obesity have significantly boosted the sale of nerve and muscle stimulators. The surging rate of cancer cases all across the globe is significantly augmenting the demand for pain management devices. A major part of the geriatric population is suffering from osteoporosis, arthritis, and orthopedic degenerative disorders which results in the inability to carry out routine tasks, thereby promulgating the need for pain management devices. Manufacturers are boosting the research & development activities to develop innovative products and discover the untapped potential of the market. The high cost of hospitalization along with the fear of surgeries is inclining people towards adopting pain management devices to heal their pain and suffering.
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The global pain management devices market can be segmented into application, product, and region.
By application, the market can be segmented into trauma, musculoskeletal disorder patients & migraine neuropathic pain, cancer, and others. The neuropathic pain segment accounts for the largest share in the global pain management devices market due to the surging preference of the target population along with growing initiatives by prominent leaders to launch innovative products in the market to heal neuropathic pain.
By product, the market can be segmented into neurostimulation, radiofrequency ablation, and electrical stimulator.
North America accounts for the largest share in the global pain management devices market due to the presence of prominent market leaders in the region. Also, the growing initiatives from the government like favorable reimbursement policies are further contributing towards the growth of the regional market.
Some of the significant players in the global pain management devices market are Stimwave LLC, Omron Healthcare, Inc., Stryker, Abbott, Nevro Corp., Medtronic Plc, Colfax Corp., Boston Scientific Corp., Baxter, B. Braun Melsungen AG, and Smiths Medical. To cite, Abbott in May 2019 partnered with the U.S. National Institutes of Health (NIH). The partnership was aimed to develop unique applications of different neuromodulation therapies.
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