A new research report by Transparency Market Research states that the global pain management devices market is competitive in nature and is projected to grow at a fast pace in the coming years. The presence of a large number of players and the rising focus on the expansion of the product portfolio are anticipated to enhance the competitive environment of the market over the next few years. In addition to this, the rise emphasis on innovations and research activities are predicted to support the development of the pain management devices market in the coming years. The leading players engaged in the pain management devices market across the globe include Smiths Medical, Boston Scientific Corp., Baxter International Inc., Medtronic Plc, Stryker Corp, Halyard Health, Bio-Medical Research (BMR) Ltd., Hospira Inc., and St. Jude Medical.
As per the market research report by TMR, the global market for pain management devices is expected to reach a value of US$6.3 bn by the end of year 2023. The market is further estimated to register a healthy 7.60% CAGR between 2015 and 2023. In the last few years, North America accounted for a large share of the pain management devices market and is further expected to retain its position over the next few years. The rising sports-related injuries and the growing cases of chronic diseases are the key factors estimated to ensure the market growth in the near future. In terms of products, the neurostimulation devices is projected to witness a high growth in the coming few years, owing to the increasing incidence of chronic pain.
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The presence of a large number of patients and the rising demand for long-term management of pain, especially for the geriatric population are the key factors projected to ensure the growth of the market in the coming few years. The harsh effects of pain medication and the high proven efficiency of the pain management devices for the treatment of chronic pain are further estimated to accelerate the growth of the pain management devices market over the next few years.
In addition to this, the favorable reimbursement environment for the spinal cord stimulation devices, particularly in developed economies is another key factor that is likely to support the growth in the near future. Also, the rapid development of the novel pain management devices is estimated to ensure the growth of the market throughout the forecast period.
The global market for pain management devices is likely to face challenges in the near future, thus experiencing a slight downfall in the growth. The presence of a gap in the rising prevalence and the treatment of pain is predicted to curtail the market growth. The low awareness among people concerning the availability of pain management devices and treatments and the high cost of these devices are further estimated to restrict the market growth in the near future. Moreover, the presence of several alternative treatments is expected to hamper the growth in the coming years.
Nonetheless, the development of a strong pipeline for pain management devices and the rising number of patients that are suffering from neuropathic pain are predicted to ensure high development of the market. Also, the rise in the number of pain management centers is expected to offer immense growth opportunities for the players in the next few years.
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