The global pain management market is expected to gain prominence over the forecast period (2018–2023). It is estimated that the pain management market is expected to register a CAGR of 6.0% during the forecast period of 2018–2023.
Pain is considered as a clinical, social, and economic burden in communities around the world, as chronic pain is associated with various health conditions. The increasing prevalence of pain pushes the demand for better diagnosis and treatments.
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Notably, the market is expected to expand in the near future due to increasing technological advancements. The increasing occurrences of chronic pain conditions are continuously motivating marketers to come up with more technologically advanced products. For instance, a new noninvasive neuromodulation device, Stimpod NMS460 was introduced by the Xavant Technology to treat the chronic intractable pain. The device has received an FDA approval on August 01, 2017.
According to a study published in the Current Pain and Headache Reports Journal in 2016, it was found that Peripheral Nerve Stimulation (PNS) is a widely accepted treatment procedure for chronic pain. The StimRouter neuromodulation system by Bioness, Inc is a PNS technology-based device specifically designed to treat chronic pain. The device received the FDA approval in 2015.
Various other factors such as increasing geriatric population, improved reimbursement policies in developed countries, the increasing prevalence of cancer pain, improving regulatory framework, growing research funding, unmet medical needs, rising competition among market players, and increasing government assistance are continuously contributing to the growth of the global pain management market.
Despite these drivers, there are some issues associated with the pain management market. The high cost associated with the technology, lack of skilled or trained physicians, and poor healthcare system in low and middle-income countries may hamper the growth of the market.
Some of the key players in the global pain management market are 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.
- Pharmaceutical Companies
- Medical Devices Companies
- Research and Development (R&D) Companies
- Government Research Institutes
- Academic Institutes and Universities
The global pain management market is segmented on the basis of type of pain management devices, type of pain management drugs, indication, mode of purchase, and end-user.
On the basis of type of pain management devices, the market is classified as neurostimulation devices, analgesic infusion pumps, and ablation devices. The neurostimulation devices are further segmented into Transcutaneous Electrical Nerve Stimulation (TENS) devices and Spinal Cord Stimulation (SCS) devices. Ablation devices are further segmented into RF ablation devices and cryoablation devices.
On the basis of type of pain management drugs, the market is classified as Non-Steroidal Anti-Inflammatory Drugs (NSAIDS), anticonvulsants, anesthetics, opioids, antimigraine agents, antidepressants, and others. The opioids segment is further classified as oxycodones, hydrocodone, tramadol, morphine, codeine, fentanyl, meperidine, methadone, and others.
On the basis of indication, the market is classified as neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, fibromyalgia, chronic back pain, arthritic pain, migraine, post-operative pain, and others.
On the basis of the mode of purchase, the market is classified as over the counter and prescription-based.
On the basis of end-user, the market is classified as hospitals and clinics, pharmaceutical companies, medical device companies, research and academic institutes, and others.
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