The market for pain management devices has experienced an exponential growth and has introduced a number of pain alleviating devices since numerous decades. Owing to the present rise in attention in favor of the growing epidemic of chronic pain globally is the major factor for the growth of the pain management devices. There are a number of factors propelling the market for pain management devices. The key factors impacting the growth of the market have been elaborated upon as under:
- Increasing Occurrence of Chronic Medical Conditions: A number of chronic diseases including type 2 diabetes, cancer, arthritis, stroke, and obesity are amongst the most common health issues globally are also the major causes of mortality. As per the U.S. National Health Council, within the U.S. alone, chronic diseases impacted more than 133 mn people of the nation, constituting more than 40% of the nation’s overall population in 2013. This number is predicted to touch 157 mn by 2020.
- Shifting Patient Pool Dynamics and Increasing Aging Population: As per the United Nations World Prospects, in 2013, the people above 60 years of age were estimated to constitute 840 mn i.e. 12% of the total population. This count is predicted to expand to 2 bn i.e. 21% of the global population by 2050. The reason for this aging population is due to the growing requirement for numerous health services for age-related problems, amongst which is chronic pain.
- Plethora of Cutting-Edge Therapeutic Products: The increasing focus of medical device manufacturers and pharmaceutical companies on the commercially cost-effective and advanced products has come up as a prime driver fuelling the market for pain management devices globally. The presence and easy availability of effective and advanced pain management products have aided the market to substantially in the past some years. Numerous pain management devices such as electrical stimulators, analgesic pumps, and radiofrequency ablation devices are easily available in the global market, thus impacting the market positively.
Thus, the market for pain management devices is predicted to grow in the coming years. However, the rising risks related with neurostimulation implant procedures and the introduction of the Affordable Care Act as well as medical device tax are amongst the major factors that may impede the growth of the market.