Market Highlights:
The growing number of patients battling chronic neuromuscular diseases, along with the increasing pain rehabilitation center, is projected to augment the market substantially in the forthcoming period. Further, the aftereffect of the pain medication and the large patent population base is further projected to escalate the market substantially. Besides, the development of novel pain management device and an established reimbursement schemes for spinal cord stimulation (SCS) in developed countries are anticipated to accelerate the market additionally. Moreover, the proven efficiency of pain management devices is recognized to be another crucial factor in driving the global market.
It is estimated that the pain management devices market is expected to register a CAGR 6.0% during the forecast period of 2018 to 2023.
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.
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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Segmentation
The global pain management market is segmented on the basis of type of pain management devices, type of pain management drugs, indication, mode of purchase, and end-user.
On the basis of type of pain management devices, the market is classified as neurostimulation devices, analgesic infusion pumps, and ablation devices. Neurostimulation devices are further segmented into Transcutaneous Electrical Nerve Stimulation (TENS) devices and Spinal Cord Stimulation (SCS) devices. Ablation devices are further segmented into RF ablation devices and cryoablation devices.
On the basis of type of pain management drugs, the market is classified as Non-Steroidal Anti-Inflammatory Drugs (NSAIDS), anticonvulsants, anesthetics, opioids, antimigraine agents, antidepressants, and others. The opioids segment is further classified as oxycodones, hydrocodones, tramadol, morphine, codeine, fentanyl, meperidine, methadone, and others.
On the basis of indication, the market is classified as neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, fibromyalgia, chronic back pain, arthritic pain, migraine, post-operative pain, and others.
On the basis of the mode of purchase, the market is classified as over the counter and prescription-based.
On the basis of end-user, the market is classified as hospitals and clinics, pharmaceutical companies, medical device companies, research and academic institutes, and others.
Key Players
Some of the key players in the global pain management market are Abbott Laboratories, Abbvie, Allergan, Astellas Pharma, AstraZeneca plc, Bayer AG, Codman And Shurtleff, Inc, DJO Global LLC, Eli Lilly & Company, Endo Health Solutions, F. Hoffmann-La Roche Ltd, Forest Laboratories, GlaxoSmithKline plc, Johnson & Johnson Services, Inc., Mallinckrodt plc, Medtronic PLC, ST. Jude Medical, Inc., Boston Scientific Corporation, Pfizer Inc., Halyard Health, Inc., Smiths Medical, B. Braun Melsungen AG, Neurotech Na, Inc., Becton, Dickinson and Company, Nevro Corp., Merck & Co. Inc., Novartis AG, Purdue Pharma LP, Sanofi, Stryker Corporation, Teva Pharmaceuticals, and others.
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