Pain Management Devices Market: Rise in Prevalence of Chronic Diseases to Drive the Market
Wilmington, Delaware, United States, Transparency Market Research Inc.: According to Transparency Market Research’s latest report on the global pain management devices market for the historical period 2017–2019 and forecast period from 2021 to 2028, increase in the geriatric population, rise in prevalence of chronic diseases, and introduction of novel technologies are projected to boost the growth of the global pain management devices market during the forecast period.
Pain Management Devices Market Outlook 2028
- The global pain management devices market was valued at US$ 4.1 Bn in 2020
- It is estimated to expand at a CAGR of 6.4% from 2021 to 2028
- The global pain management devices market is expected to reach the value of US$ 7.1 Bn by the end of 2028
Increase in Demand for Effective Pain Management Solutions Drives Global Market
The approach of pain management devices has made new, energized inroads into the worldwide market. The expanding pace of commercialization of such gadgets as of late has catalyzed fast market development. The worldwide pain management devices market is probably going to experience setback due to low degree of patient awareness and significant expense of these gadgets.
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The danger of reactions of skin disintegration and careful site disease related with neurostimulation inserts is a valid example. The rising occurrence of neuropathic torment globally is likely to offer opportunities to pain management devices producers. They are expanding their pipeline of products. Moreover, rising chronic debilitating diseases and geriatric population are factors driving the demand for pain management devices.
Strong Presence of Market Players to Fuel Pain Management Devices Market Growth
There is a significant presence of players operating in the global pain management devices market. The global pain management devices market includes is driven by high degree of rivalry among its players. A plenty of players in the market are competing for higher stakes. Thus, they are concentrating on divulging different kinds and executive gadgets with novel advancements to stay competitive in the global market. A few noticeable players have been occupied with extending their portfolio to merge their offers in the worldwide torment the board gadgets showcase. Rising speculations on innovative work exercises is likely to fuel the power of rivalry in the pain management devices market in the upcoming years. The pain management devices market is expected to witness substantial growth as a result of technological advancements in this industry.
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Increase in Applications of Neurostimulation Gadgets Globally
The rising demand of the pain management devices such as electrical incitement gadgets, radiofrequency removal gadgets, pain relieving imbuement siphons gadgets, and neurostimulation gadgets is expected to drive the global market growth in the upcoming years. Neurostimulation gadgets are high in demand due to the growing occurrence of incessant agony; for instance, disease torment and musculoskeletal. The commercialization of the devices in the field of neurostimulation is driving development of the section. An increasing number of individuals with interminable agony in appendages, lower back, and legs are experiencing implantation of profound mind and spinal rope incitement gadgets, which is relied upon to build take-up of viable neurostimulation gadgets around the world.
North America Offers Lucrative Growth Opportunities
North America is a major market for pain management devices mainly due to advancements in novel pain management devices. This development is also due to the rising pervasiveness of interminable ailments and developing games related wounds, which are boosting the interest for pain management devices in the area. Besides, development of the area can be ascribed to rising creative innovations combined with nearness of cutting-edge social insurance offices. Increasing investments in R&D of pain management devices in the region is boosting the market growth.
Latin America presents significant opportunities to market players to grow due to increase in disposal income and rise in awareness about the safety of pain management devices. The rising cases of chronic wounds and diabetes, along with growing incidence of back and neck pain is boosting the expansion of the Asia Pacific pain management devices market. Asian countries such as China and India are likely to dominate the market due to its rapidly developing healthcare infrastructure.
Rise in Number of Surgeries Performed: Key Driver
The number of surgical procedures performed across the world has increased significantly over the past few years. This can be attributed to the increase in geriatric population and rise in rates of obesity and other lifestyle diseases. Obesity is one of the leading causes of cardiovascular and orthopedic diseases.
The primary application of infusion pumps is analgesia/pain management. Following bariatric surgery, cardiothoracic surgery, and laparoscopic cholecystectomy, infusion pumps are commonly used for the local administration of narcotic analgesics and anesthetics.
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Increase in Chronic Medical Conditions Boosts Market Growth
Rise in prevalence of chronic medical conditions, commercialization of technologically advanced therapeutic products, changing patient demographics, increase in the geriatric population, and favorable reimbursement policies are expected to fuel the growth of the global market
Product Recall to Restrain Market Growth
Pain management devices are used to administer critical fluids, neurostimulations, and ablation procedures, which could include the use of high-risk medications. Errors in the use of these systems can result in serious harm to patients and even death. According to the Institute of Medicine, in the U.S., around 1.5 million patients are affected by medication errors each year, which cost an average of US$ 8,750 per potential adverse drug event (PADE).
The Emergency Care Research Institute (ECRI) has included errors in drug administration involving infusion pumps in its top 10 list of health technology hazards for the past five years. The impact of product recalls due to safety and efficacy issues on pain management device sales is a major concern for device manufacturers. These recalls compel manufacturers to replace faulty devices with updated models and to pay for serious injuries caused by accidents. Consequently, product recalls hamper the growth of the global pain management devices market.
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Pain Management Devices Market: Competition Landscape
This report profiles major players in the global pain management devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global pain management devices market is quite competitive, with the top 10 players accounting for major share of the market and companies focusing on research & development to produce better pharmaceutical & vaccine products for existing diseases
Leading players operating in the global pain management devices market are
- Baxter International, Inc.
- Bio-Medical Research (BMR) Ltd.
- Boston Scientific Corporation
- DJO Global, Inc.
- Medtronic plc
- Stryker Corporation
- B. Braun Melsungen AG
- Avanos Medical, Inc.
- Microtransponde
- Among others
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