Pain Management Devices Market Size 2022: Global Market Trends, Regional Demand and Growth Forecast to 2026
Pain Management Devices Market – Overview
Progress in technology and better research capabilities have led to the development of devices that can control pain with limited use of drugs. Focused Market reports connected to the healthcare sector among others lately have been made available by Market Research Future which publishes a report on this sector. The industry for Pain Management Devices Market Size is expected touch revenue levels worth $5.81 billion by the year 2023 while expanding with a CAGR of 7.2 per cent.
The development of pain management devices has been useful to control pain in a wide range of ailments. The level of relief from pain that is experienced, is one of the major driving factors for the industry, as patients who use such devices are prone to chronic pain on a daily basis. Cancer patients and the geriatric population are among the major user segments for the pain management devices as medication alone may not be sufficient to provide pain relief in their situation. The industry is anticipated to demonstrate a good growth rate through the forecast period.
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Global Competitive Analysis
Competitors who are a part of the industry have devised their corporate strategy blueprint in a way that that can bring the best outcomes for development in the current scenario, while also simultaneously delivering customer value unfailingly. The ability to sustain their competitive edge is one of the main causes fuelling their efforts in this period. The scope for development in the industry appears to be promising through the forecast period. The rising interest for diversification in the industry, has indirectly allowed the players to utilize many prospects available in the industry. This scenario has created opportunities for portfolio improvements along with diversification in the sector, which has improved the scenario for market competitors tremendously in this industry. The organizations in this industry are also trying to enhance and maintain financial liquidity that can be crucial to invest in growth opportunities as and when they become available.
Pain Management, Inc (US), Baxter International Inc. (US), Medtronic Plc (US), St. Jude Medical (US), Boston Scientific Corporation (US), Codman and Shurtleff, Inc. (US), Stryker Corporation (US), Bio-Medical Research (BMR) Ltd. (UK), Hospira Inc. (US), Kimberly-Clark Corporation (US), Smiths Medical (UK), DJO Global LLC (US) and B. Braun Melsungen AG. (Germany) are a few of the key players in the industry for pain management device industry.
Industry Segments
The industry for pain management devices is segmented into the segments of type and application. On basis of type, the market segment comprises of stimulators, ablation devices and pumps. The ablation devices are moreover divided into microwave devices and cryoablation devices among others. The stimulators are sub segmented into neuromodulator devices and transcutaneous electrical nerve stimulation devices. The neuromodulator devices are additionally sub segmented into intrathecal pain pump, spinal cord stimulator, dorsal root ganglion stimulation and peripheral nerve stimulator among others. The pumps are additionally sub divided into analgesic infusion pumps and others. The analgesic infusion pumps are also segmented into patient control infusion pumps, external infusion pumps, intrathecal infusion pumps among others. Lastly, on the basis of application the segments comprise of migraine, musculoskeletal pain, cancer pain, and others.
Detailed Regional Analysis
The regional analysis for the pain management devices market covers regions such as Europe, North America, Asia Pacific and rest of the world. The North American region is the chief region for devices that control pain management followed by the European region. The expansion of the industry is supported by huge investments and development in research along with new product development. The degree of development and research in neurostimulation based pain management devices has secured the expansion of the sector. The Asia pacific region is a quickly growing region for the pain management devices. Owing to a huge population base, the expansion in infrastructure and rising occurrence of many diseases in the region has created a better impetus for the expansion of the industry.
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