Published Date : Dec 30, 2015
Electric currents, radiofrequency ablation, and minimally aggressive procedures such as neurostimulation are some of the ways to control the pain. Pain management devices include various therapeutic products that are used to relieve the pain. These pain management devices are advantageous for treating long-term pain, especially various chronic conditions such as arthritis and cancer. Factors such as rising occurrence of chronic diseases, increasing geriatric population, the introduction of new technologies, and escalating occurrence of chronic medical conditions are expected to propel the global pain management devices market.
The global pain management devices market stood at US$3.2 bn in 2014 and is predicted to reach US$6.3 bn by 2023 at a 7.60% CAGR. The pain management devices are available in the form of non-implantable and implantable forms. Advanced technologies such as drug pumps and implantable intrathecal drug administration have helped patients recover from chronic pain. Constant efforts by the leading players in improving their pain management devices and with continuous research and development activities have assisted scientists better understand various mechanisms of pain and methods of prevention.
Risks of using pain management devices, high cost of the devices, and low endorsements from various regulatory bodies are some of the factors expected to restrict the growth of the global pain management devices market. Commercialization of advanced therapeutic products, increasing ageing population, and changing patient pool demographics are some of the factors expected to propel the global pain management devices market in the years to come. Radiofrequency ablation devices, neuro-stimulation devices, electrical stimulation devices, and analgesic infusion pumps are some of the commonly used pain management devices in the global market.
The global pain management devices market is geographically divided into the Middle East and Africa, Latin America, North America, Europe, and Rest of the World. The increasing number of advanced pain management devices introduced in the North America region is expected to propel the global pain management devices market in the years to come. The market is predicted to be highly competitive in the years to come as the new entrants are focusing on introducing new pain management devices with enhanced features.