Pune India, Dec. 21, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Pain management devices market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the pain management devices market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product type, application and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global pain management devices market are Stryker, Medtronic, ICU Medical Inc., Boston Scientific Corp., Envois, OMRON Healthcare, Inc., Abbott, B Braun Melsungen AG, Nevro Corp., Stimwave LLC, DJO Global LLC, LivaNova among others. To achieve a substantial market share in the worldwide aluminium foil packing market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Increasing rates of diabetes, cancer, and mental diseases are predicted to contribute to the market growth for pain management devices throughout the anticipated time frame. The use of neurostimulation devices, such as transcutaneous electrical nerve stimulation devices, has also shown to be successful in treating spinal cord injuries and neuropathic pain, which will accelerate the growth of the market for pain management devices. The global market for pain treatment is anticipated to profit from technical developments in the field of pain management. The prevalence of musculoskeletal conditions such as rheumatoid arthritis, arthritis, orthopaedic degenerative illnesses, etc. that cause pain and impairment is also rising significantly. Because of the discomfort, these disorders have created, chronic pain and the inability to perform daily duties have become more common, which has led to an increase in the use of pain management devices, which has been shown to be good for the expansion of the market for these products. As chronic illnesses and awareness of the benefits of these devices over opioids spread, there will be a rise in the demand for pain management devices in the future. The market for pain management devices is expanding as a result of manufacturers' ongoing efforts to create novel pain management devices that will enhance patients' quality of life. This is due to the increasing technological advancements in medical technology.
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Scope of Aluminium foil packaging market report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Product Type, Application and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Stryker, Medtronic, ICU Medical Inc., Boston Scientific Corp., Envois, OMRON Healthcare, Inc., Abbott, B Braun Melsungen AG, Nevro Corp., Stimwave LLC, DJO Global LLC, LivaNova among others |
Segmentation Analysis
The neurostimulation devices segment is expected to be the fastest-growing segment in 2021.
The product type segment includes neurostimulation devices, ablation devices, RFA and others. The neurostimulation devices segment is expected to witness the highest growth rate during the forecast period. In 2021, the neurostimulation market category held more than 57.5% of the market share, which is related to the rise in neurological disorders. Additionally, it is anticipated that the market would be fueled by ageing populations, expanding product demand, and technological advancements.
The neuropathic pain segment is expected to be the fastest-growing segment in 2021.
The application segment includes musculoskeletal pain, cancer pain, neuropathic pain and others. The neuropathic pain segment is expected to witness the highest growth rate during the forecast period. The target audience's increasing prevalence as well as the industry's intensified attempts to enhance sales of pain management devices are important factors in this segment's growth. Additionally, significant investments in the field of research and development will create new potential for the market's expansion.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the pain management devices include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The North America region witnessed a major share. Due to the well-established healthcare facilities, elevated risk of chronic illnesses, and expanding elderly population, there is an ageing population that is getting older, a high prevalence of hypertension and stroke, and an increase in the elderly population.
Country Analysis
- Germany
Germany's pain management devices market size was valued at USD 0.50 billion in 2021 and is expected to reach USD 1.03 billion by 2029, at a CAGR of 9.5% from 2022 to 2029. The region's varied healthcare sector, increased R&D efforts, and rise in chronic illnesses present participants in the pain management devices market with significant development potential.
- China
China’s pain management devices market size was valued at USD 0.75 billion in 2021 and is expected to reach USD 1.58 billion by 2029, at a CAGR of 9.8% from 2022 to 2029. The market for smart agriculture in China is anticipated to expand quickly and sustainably as a result of rising demand for contemporary agricultural machinery and ongoing R&D and deployment of new technologies.
- India
India's pain management devices market size was valued at USD 0.52 billion in 2021 and is expected to reach USD 1.08 billion by 2029, at a CAGR of 9.6% from 2022 to 2029. The region's market is expanding as a result of an ageing population and an increase in orthopaedic ailments. Additionally, the region is becoming more appealing for market expansion thanks to a number of trade agreements.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increasing demand due to the increasing elderly population suffering from orthopedic degenerative disorders and the rising demand for sports injuries.
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