Market focused reports linked with the information and healthcare industry have been recently available by Market Research Future, which issues report on this industry. The global pain management market is set to inflate positively at a CAGR of 6.0% during the forecast period (2018–2023)
Pain is related to clinical, social, and economic burden communities across the world, whereas chronic pain is associated with various health conditions. Therefore, the increasing prevalence of pain pushes the demand for advanced diagnosis and treatment. Pain management offers a 360-degree view of the activities being carried out on various pain conditions.
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Market Drivers & Trends
The global pain management market is mainly driven by increasing technological advancements, which is expected to expand exponentially in the years to come. Apart from this, the increasing occurrences of chronic pain conditions are also continuously motivating marketers to introduce more technologically advanced products, which, in turn, is bolstering the market at a rapid pace. In this support a new non-invasive neuromodulation device, Stimpod NMS460 was introduced by the Xavant Technology for the treatment of chronic intractable pain. The device received an FDA approval on August 01, 2017.
On the other hand, various other factors such as mounting geriatric population, improved reimbursement policies in developed countries, the growing prevalence of cancer pain, developing regulatory framework, increase in funding for research, unmet medical needs, rising competition among key players, and growing government aid are uninterruptedly helping in the development of the global pain management market.
Abbott Laboratories, Abbvie, Allergan, Astellas Pharma, AstraZeneca plc, Bayer AG, Codman And Shurtleff, Inc, DJO Global LLC, Eli Lilly & Company, Endo Health Solutions, F. Hoffmann-La Roche Ltd, Forest Laboratories, GlaxoSmithKline plc, Johnson & Johnson Services, Inc., Mallinckrodt plc, Medtronic PLC, ST. Jude Medical, Inc., Boston Scientific Corporation, Pfizer Inc., Halyard Health, Inc., Smiths Medical, B. Braun Melsungen AG, Neurotech Na, Inc., Becton, Dickinson and Company, Nevro Corp., Merck & Co. Inc., Novartis AG, Purdue Pharma LP, Sanofi, Stryker Corporation, Teva Pharmaceuticals, and others are some of the best players in the global pain management market.
The segmentation of the global pain management devices market is carried out on the basis of the type of pain management devices, type of pain management drugs, indication, mode of purchase, and end-user.
By type of pain management devices: neurostimulation devices, analgesic infusion pumps, and ablation devices are the segments, out of which neurostimulation devices are further segmented into Transcutaneous Electrical Nerve Stimulation (TENS) devices and Spinal Cord Stimulation (SCS) devices. Ablation devices are also segmented into RF ablation devices and cryoablation devices.
By type of pain management drugs: Non-Steroidal Anti-Inflammatory Drugs (NSAIDS), anticonvulsants, anesthetics, opioids, antimigraine agents, antidepressants, and others are the segments. Among them, the opioids segment is also classified as oxycodone, hydrocodone, tramadol, morphine, codeine, fentanyl, meperidine, methadone, and others.
By mode of purchase: counter and prescription-based are the segments.
By end-user: hospitals and clinics, pharmaceutical companies, medical device companies, research and academic institutes, and others are the segments.
Regional Market Outlook
The Americas leads in the pain management market due to the growing occurrence of chronic pain, well-developed technology, high healthcare expenditure, and the existence of leading players. In the study, according to a study published in the Drug and Alcohol Dependence Journal in 2017, more than 100 million adult Americans suffer from chronic pain. Types of pain, such as chronic low back pain and headaches, are the most common conditions that are diagnosed. Moreover, these conditions are more found in women than men, which states 34.3% in women and 26.7% in men in the United States.
Europe owes to be in the second position in the market pf pain management with an increasing contribution towards research and development as well as swelling competition among marketers are likely to drive the European pain management market profoundly.
Whereas, the Asia Pacific is the fastest growing pain management market due to the vast patient pool, increasing demand for treatments, and rising healthcare expenditure.
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