“Pain Management Devices Market by Device Type (Neurostimulation, SCS, TENS, RF Ablation, Infusion Pumps), Application (Cancer, Neuropathy, Musculoskeletal, Migraine, Facial), by Mode of Purchase (OTC, Prescription-Based) – Global Forecasts to 2021“, published by MarketsandMarkets, This report studies the global market over the forecast period of 2016 to 2021. The market is expected to reach ~USD 4.64 Billion by 2021, at CAGR of 8.5% from 2016 to 2021.
This report covers three major pain management device types, namely, neurostimulation devices, ablation devices, and analgesic infusion pumps. The neurostimulation devices segment is expected to witness the highest growth and account for the largest share of the pain management devices market in 2016. This can be attributed to the advantages of neurostimulation over alternative therapies for managing chronic pain. Also, the long-term cost efficiency and technological developments in neurostimulation devices are contributing to the growth of this market segment.
Request Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=91418163
On the basis of application, the global pain management device market is segmented into neuropathic pain, cancer pain, facial pain & migraine, musculoskeletal pain, and others. The neuropathic pain application segment is estimated to witness the highest growth during the forecast period, primarily due to the presence of substantial clinical evidence in the favor of high efficacy of pain management device in neuropathic pain treatment, favorable reimbursement scenario, development of novel neuropathic pain management device, large patient population base, rising geriatric population across the globe, and side effects of drugs used to treat neuropathic pain.
Based on the mode of purchase, the market is segmented into over-the-counter (OTC) devices and prescription-based devices. The prescription-based devices segment is expected to account for the largest share of the global pain management devices market in 2016, whereas the OTC devices segment is expected to grow at the highest CAGR during the forecast period. The high growth in this segment is attributed to the availability of a number of OTC devices in the market and FDA approvals for new OTC devices in the coming years.
The Asia-Pacific region has become an attractive destination for companies engaged in the manufacture of pain management device. The high growth opportunities in this regional segment can be attributed to a number of factors, including growing incidence of chronic diseases, improving healthcare infrastructure in the region, growing middle-class population and disposable income levels, and rising awareness about the safety and efficacy of pain management device.
As of 2015, Medtronic plc (Ireland) held the leadership position in the global pain management devices market. Over the last three years, the company adopted new product launches, alliances, geographic expansion, and inorganic growth strategies such as acquisitions and agreements to maintain its leading position in the market. St. Jude Medical, Inc. (U.S.) and Boston Scientific Corporation (U.S.) are the other key players in this market.
Driven by its high growth potential, leading companies operating in the market are focusing on expanding their presence in emerging APAC countries. In September 2013, DJO Global announced plans to launch 10 pain management device in India in a phased manner over the next five years. The company also planned to start its operations in India, starting with 40 distribution locations across the country.
Know More: https://www.marketsandmarkets.com/Market-Reports/pain-management-devices-market-91418163.html
