The dynamic nature and immense potential held by the global pain management devices market have created high competitive rivalry among key players, observes Transparency Market Research (TMR) in a new study. Companies such as St. Jude Medical Inc., Medtronic PLC, and Boston Scientific Corp. are the torch bearers in the global arena, owing to the excellent distribution channels and extensive supply capabilities. This, along with their diversified product portfolio, ensure their prominence in the market.
“However, a raft of medical device manufacturers are expected to foray into the global market, which is likely to alter the current dynamics and intensify the competition over the coming years,” says TMR’s lead analyst. The global market for pain management devices is anticipated to reach a valuation of US$6.3 bn by 2023, progressing at a CAGR of 7.60% between 2015 and 2023.
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North America to Retain Dominance Owing to Presence of Robust Healthcare Infrastructure
Based on product, the neurostimulation devices segment will continue to be the leading revenue contributor until 2023. The commercialization of pathbreaking technologies related to neurostimulation and widening pool of patients suffering from chronic pain such as cancer and musculoskeletal pain are fuelling the dominance of the segment. On the other hand, the analgesic infusion pumps segment will exhibit a significant CAGR of 10.3% during the review period.
Geographically, North America will continue to lead the market until 2023, accounting for 48.7% of the overall market revenue. The increasing incidence of sports-related injuries and presence of advanced healthcare infrastructure are translating into the greater uptake of pain management devices in the region. Asia Pacific is estimated to be the most promising region, owing to the mounting cases of diabetes and chronic wounds.
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Growing Geriatric Population to Boost Adoption of Pain Management Devices
The expanding pool of patients suffering from chronic medical conditions such as cancer, diabetes, osteo and rheumatoid arthritis, obesity, and spinal problems, have resulted in an increase in the incidence of chronic pain in individuals. Several studies indicate that over 20% of the adult population across the globe suffers from chronic pain.
Nearly half of the cancer patients, worldwide, have complained about the severe pain they experience at the time of diagnosis and about 75% of them experience a gradual rise in pain with the progression of disease. Occurrence of chronic pain has also been observed in nearly 70% of patients having spinal cord injuries, 28% of patients suffering from multiple sclerosis, and 8% of stroke patients. These factors, collectively, are augmenting the demand for pain management devices.
“Aged people, who require continual medical care and interventions, represent a sizeable pool of patients suffering from chronic diseases,” says a TMR analyst. Thus, the rapidly growing geriatric population is providing a fillip to the global pain management devices market.
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