18th January 2021 – The pain management devices
market was estimated to be USD 3.18 billion globally in 2014. This can be
attributed to increasing geriatric population along with rising number of
population suffering from diabetes. According to estimates published by
International Diabetes Federation, the prevalence of diabetes is predicted to
increase to 552.0 million by 2030 from 355.0 million in 2011 globally.
The increasing incidence of diabetes makes a huge population
base susceptible towards development of chronic pain which is expected to drive
the growth. The market is primarily driven by aging population base which is
more prone to develop various chronic disorders. These chronic disorders
include diabetes, cancer and cardiovascular disorders accounting for over 87.0%
of disease burden in geriatric population. In addition, there has been an
increasing prevalence of cancer accompanied with chronic pain and serves as a
potential contributor towards high potential growth. The trauma is a result of
compression of a nerve by tumor and other factors which can be subsided with
the use of these devices. According to estimates, over 20.0 to 50.0% of
patients suffer from acute pain during diagnosis and about 75.0% as the disease
progresses.
Access
Pain Management Devices Market Report with TOC
@ https://www.millioninsights.com/industry-reports/pain-management-devices-market
The products included in the market are neurostimulation devices,
analgesic infusion, electrical stimulators and others. The market was dominated
by neurostimulation implants such as sacral neurostimulators, deep brain
stimulators, spinal cord stimulators in 2014 having revenue share of over
48.9%. This can be attributed to the wide array of applications of these
implants in stimulation of vagus nerve, scaral nerve, deep brain, spinal cord,
respiratory and others. When compared to traditional methods, neurostimulation
implants are more efficient owing to their ability to produce sustained
reduction in pain threshold. Moreover, the adverse effects associated with
traditional medicine therapy will contribute to the shifting focus towards
usage of neurostimulation implants. On the contrary, it is expected that
radiofrequency ablation devices will witness a lucrative growth throughout the
forecast period. This growth can be as consequence of the extensive use of
these devices for treatment of varicose veins, cardiac disease and tumors. The
effect of ablation therapy lasts for around 6 to 12 months making it the most
effective treatment. Radiofrequency ablation products are also used for
treatment of neuropathic, musculoskeletal and cancer pain.
The
major applications include trauma, musculoskeletal disorders, migraine and facial,
neuropathic and cancer, which can be accessed through neurostimulation
products. A substantial share was held by neurostimulation devices owing to the
efficient results achieved by stimulation of spinal cord. Additionally, these
products also have various benefits such as stimulation of customized level
based on the activities done by the individual in a day. These show their
action by inducing cell necrosis by temperature thermal therapy. The market was dominated by North America with
a revenue share of around 49.5% in 2014. The dominance can be as a consequence
of supportive healthcare infrastructure which helps in increasing accessibility
of pain management devices. Moreover, initiatives by government such as
Affordable Care Act and Precision Medicine along with favorable reimbursement
policies contribute to the regional growth. Also, increasing awareness level
amongst individuals coupled with high healthcare expenditure is predicted to
broaden the growth potential. A lucrative growth is expected to be witnessed by
Asia Pacific throughout the forecast period as a consequence of supportive
governmental policies for improvement in healthcare infrastructure. Also,
emerging economies such as China and India have high disposable incomes and is
anticipated to drive the demand.
Prominent players include Stryker Corporation, St. Jude Medical,
Smiths Medical, Medtronic Plc, Pfizer, DJO Global LLC, Codman and Shurtleff,
Boston Scientific Corporation, Baxter International Inc., Melsungen AG., and B
Braun. Key strategies include acquisitions, mergers and alliances to provide a
competitive edge. For instance, Spinal Modulation Inc., developer of axium
neurotransmitter system, which helps in targeting neural structure in spine,
was acquired by St. Jude Medical in May 2015 which is predicted to strengthen
product portfolio of the company.
Request
a Sample Copy of Pain Management Devices Market Report @ https://www.millioninsights.com/industry-reports/pain-management-devices-market/request-sample
Comments
Post a Comment