Pain Management Devices Market – Growing Market Demand and Upcoming Trends in the Industry
The growing clinical acceptance of drug-free alternatives to painkiller pharmaceuticals among the general population is a key driver for the evolution in the pain management devices market. Some are available OTC while some require physician’s prescription. The growing prevalence of chronic pain is a key trend shaping the technological strides in the pain management market. More than 100 million suffer from chronic pain in North America and Europe. The prevalence can be as high as 53% in various countries around the world, with the number skewed toward women than men population. In the light of the theses statistics related to epidemiology of chronic pain, pain management devices will see expansion in research and development avenues.
Some of the common transcutaneous electrical nerve stimulator (TENS) devices, radiofrequency ablation, analgesic infusion pumps, and neurostimulators. Oral drugs have become largely ineffective in managing chronic care, with as many as 46% suffering the burden for 10 years or more, according to a recent estimate. The regulatory landscape is also favorable to the growth of the pain management devices market to meet the needs of patients with arthritis, orthopedic degenerative disorders, rheumatoid arthritis, and osteoarthritis.
The growing number of FDA-approved devices in the market pertain to treating chronic conditions arising out of diabetic neuropathy, sciatica, and fibromyalgia. Substantial advancements have been made in biomedical technology, which opens new avenues in the pain management devices market. Further, the prevalence of neurological conditions paly role in prevalence of chronic pain in the patient subset. This is also fueling the demand for different neurostimulation devices.
Pain Management Devices Market: Key Trends
Rise in elderly populations and increasing acceptance of pain management devices in home care are trend encouraging growth in the pain management devices market. Radiofrequency ablation is expected to gather immense traction, the reason having to do with its minimally invasive nature. Some of the key application segments of this type of devices are cosmetology, oncology, gynecology, cardiac rhythm management.
The high prevalence of neuropathic pain in some of the developed nations has also boosted the prospects of the pain management devices market. Oncology is rapidly emerging segment with incredible revenue potential. In recent years, health experts have witnessed the growing popularity of non-pharmacological treatments in managing cancer pain, such as spinal cord stimulation. With rapidly increasing incidence of cancer, the prevalence of cancer pain is expected to rise as a clinical problem.
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Pain Management Devices Market: Competitive Assessment
Some of the aspiring players are advancing research in neurobiology of cancer pain. Researchers are geared toward arriving at an acceptable taxonomy of cancer pain, which will help device makers to develop devices that meet the unique characteristics of pain in cancer patients. A case in point is cancer-induced bone pain (CIBP). Numerous key players are relentlessly looking for devices that meet the requirement of diverse therapies. The pain management devices market will gain from the growing array of minimally invasive technologies especially for outpatients. They are looking for improving techniques of spinal cord stimulation, for example.
Some of the key players in the pain management devices market are B. Braun Melsungen AG, Boston Scientific Corp., Colfax Corp., Medtronic Plc., Omron Healthcare, Inc., Stryker Corporation, and Abbott Laboratories. Several of these players are keen on launching FDA-approved devices.
Pain Management Devices Market: Regional Assessment
The early uptake of cutting-edge pain management devices endow vast revenue potential to North America in the global pain management devices. The U.S. is a highly lucrative market. The presence of advanced medical care infrastructure has also fueled the prospects in the region.
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