LOS ANGELES, July 15, 2019 (GLOBE NEWSWIRE) -- According to a new report published by Acumen Research and Consulting, titled “Pain Management Devices Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019-2026.”
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According to the Cancer Research of U.K, in 2018 around 17 million new cases of cancer were diagnosed globally. Cancer pain is a common problem of cancers owing to chronic and progressiveness of cancer. Its pain is very severe and results from tissue damage. Thus, increasing prevalence of cancer across the globe is increasing demand for cancer pain management. Additionally, according to the World Health Organization (WHO), in 2015, approximately 322 million people were living with depression across the globe. Various pain management devices are used in the management of these diseases and thereby driving the pain management devices market growth.
Rapidly increasing prevalence of the various chronic diseases, increasing number of accident, rising geriatric population and increasing healthcare spending of the people have driven the pain management devices market growth. Additionally, increasing government support and rapidly increasing investment in the healthcare sector have supported the growth of the pain management devices market. On the other hand, high cost of the devices and lack of awareness among the people may slow the growth of the pain management devices market.
The global pain management devices market is segmented by types and application.
On the basis of types, the pain management devices market is segmented into electrical stimulators, analgesic pumps, radiofrequency ablation devices, neurostimulators. Electrical stimulators are further segmented into Transcutaneous Electrical Nerve Stimulators (TENS), and others. Analgesic pumps are subsegmented into intrathecal pumps and external pumps. And neurostimulators is further classified into spinal cord stimulators (SPS), sacral nerve stimulators (SNS), deep brain stimulators (DBS), and others. Neurostimulators devices holds the major share in the global pain management devices market by types. High accuracy of the treatment, increasing demand for the devices and better results than other available devices have driven the growth of these pain management devices market.
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On the basis of application, the pain management devices market is segmented into cancer pain, facial & migraine pain, musculoskeletal pain, neuropathic pain, and others. Neuropathic pain holds the major share in the pain management devices market by application. Continuously increasing prevalence of the neurological diseases and rising demand for the neurological pain management devices will boost the market for neuropathic pain.
Geographically, the global pain management devices market is segmented into North America, Europe, Asia Pacific, Latin America and The Middle East & Africa (LAMEA).
North America is likely to account for the largest share of the global pain management devices market market during the forecast period 2019–2026. Growth of the region is attributed to the chronic back pain and lower back pain which is the leading disease in the U.S. Additionally, increasing number of incidences of cancer such as cervical cancer, brain cancer is escalating the market growth. U.S. is expected to dominate the North America pain management devices market owing to the presence of huge geriatric population, high healthcare spending, and well developed economy.
Europe accounts for significant share of the global pain management devices market market. Geriatric people are more susceptible to the diseases such as arthritis, epilepsy, joint or bone pain, depression, nerve damages, diabetic neuropathy will drive the Europe pain management devices market. Increasing geriatric population in the region is expected to demand for advanced pain management devices in which turn is anticipated to fuel the pain management devices market growth.
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Asia–Pacific is expected to be the fastest growing pain management devices market during the forecast period 2019–2026. Significant growth of the pain management devices market is attributed to the increasing prevalence of neurological disorder such as epilepsy in India due to unhealthy lifestyle and changing lifestyle trends. Huge population, changing lifestyle huge patient population, and continually increasing healthcare expenditure will support eh growth of the pain management devices market in Asia Pacific region.
On the other hand LAMEA is expected to witness a considerable growth in the pain management devices market during the forecast period 2019-2026. The significant growth in the regional market is attributed due to increasing prevalence of chronic diseases and disorders, high spending from Middle East countries. Increasing urbanization, high disposable income and improving healthcare infrastructure, are projected to drive the pain management devices market growth to some extent. Africa region is witnessing the healthy opportunity for the pain management devices market due to increasing investment in this region, rising healthcare spending and entry of the many major players in this region.
Some of the key players in the global pain management devices market include T Boston Scientific Corp.; B Braun Melsungen AG.; Baxter International, Inc.; Smiths Medical; Stryker Corp.; Codman and Shurtleff; Medtronic Plc; DJO Global LLC; Pfizer, Inc.; and St. Jude Medical.
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