Published Date : Dec 31, 2015
The introduction of pain management devices has proved to be a blessing in the medical world. These devices consist of different therapeutic products that are required to relieve pain. Pain management devices comprise various therapeutic products used to relieve pain. These devices are very beneficial for a short-term as well as for long-term treatments of pain, especially for chronic disorders such as arthritis and cancer. Pain can be significantly controlled by using analgesic pumps, electrical currents, radiofrequency ablation or nominally invasive process such as neurostimulation. The stakeholders of the global pain management devices market include original equipment manufacturers, product distributors, and new entrants, who are looking forward to being a part of the global pain management devices market.
Some of the prominent factors that are expected to fuel the growth of the global pain management market are rising incidence of many chronic medical conditions, changing patient pool demographics, commercialization of advanced therapeutic products, tremendously rising geriatric population, and encouraging policies for reimbursement. Nevertheless, the risks related with neurostimulation implant processes, the low endorsement from regulatory authorities, and the presence of substitute pharmacotherapy regimen are the factors which are anticipated to curb the growth of the global market for pain management devices in the next few years.
The global pain management devices market majorly finds application in facial pain, migraine pain, cancer pain, trauma, musculoskeletal pain, and neuropathic pain. The technological advancement in these devices is forcing many players around the globe in setting their foot in this industry and enjoy the competitive advantage of the cutthroat competition. Some of the prominent players that are operating in the global pain management devices market comprises Stryker Corporation, Hospira, Inc., Bio-Medical Research (BMR) Ltd., St. Jude Medical, Boston Scientific Corporation, Codman & Shurtleff, Inc., Halyard Health, Medtronic plc, Baxter International Inc., Smiths Medical, and DJO Global, Inc. Most of these players are spending a whooping amount on research and development; moreover new product launches, collaborative agreements, and major merger and acquisitions are some of the key strategies followed by the market players to create a niche and secure a dominant position in the global market.