The global pain management devices market is estimated to grow at a CAGR of 8.5% from 2016 to 2021 to reach USD 4.64 Billion by 2021. The growth in this market is primarily driven by factors such as the presence of a large patient population base and adverse effects associated to the use of pain medications.
Pain management device are used to manage chronic and acute pain in patients suffering from various conditions, such as cancer, neurological disorders, and musculoskeletal disorders. These devices restore the ability of patients to do everyday activities, decrease the need for oral pain medications, and improve the quality of life of patients suffering from these conditions.
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On the basis of applications, the pain management devices market is segmented into neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, and other applications (pregnancy/labor and menstrual pain, sports injuries, post-operative pain, and trauma pain). The neuropathic pain segment is estimated to witness the highest growth during the forecast period, primarily due to the high prevalence of diseases resulting in neuropathic pain.
On the basis of mode of purchase, the market is categorized into over-the-counter and prescription-based pain management device. The prescription-based devices segment is estimated to command a larger share, majorly due to the longer market presence of these devices with established safety and efficacy profiles and their long-term cost effectiveness.
Leading players in the pain management devices market are focusing on the strategies of new product launch and geographic expansion. These strategies help market players to strengthen their product portfolios, streamline their manufacturing capabilities, expand their distribution networks, and penetrate into high-growth markets.
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