Pain Management Devices Market to Garner $6.77 Bn, Globally, by 2026 at 6.7% CAGR, Says Allied Market Research

Increase in prevalence of chronic disease, rise in geriatric population, and surge in adoption of pain management devices drive the growth of the global pain management devices market

PORTLAND, Oregon, Feb. 6, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Pain Management Devices Market by Product (Neuromodulation & Neurostimulation Devices, Analgesic Infusion Pumps, and Ablation Devices) and Application (Neuropathic Pain, Cancer Pain, Facial & Migraine Pain, Musculoskeletal Pain, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global pain management devices industry accounted for $4.01 billion in 2018, and is anticipated to reach $6.77 billion by 2026, registering a CAGR of 6.7% from 2019 to 2026.

Chief reasons for market fluctuations

Rise in prevalence of chronic disease, surge in geriatric population, and increase in adoption of pain management devices drive the growth of the global pain management devices market. However, preferable use of medications for pain management hampers the market growth. On the contrary, growth opportunities in emerging markets are expected to create lucrative opportunities in the industry.

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The Neuromodulation and Neurostimulation Devices segment dominated the market

Based on product, the neuromodulation and neurostimulation devices segment held the largest share in 2018, contributing to more than three-fifths of the global pain management devices market. This is attributed to the rise in adoption of neurostimulation & neuromodulation devices for management of pain due to prevalence of neurological disorders such as Parkinson's disease and migraine. On the other hand, the analgesic infusion pumps segment is expected to register the fastest CAGR of 8.2% during the forecast period, owing to the increase in prevalence of chronic diseases, rise in aging population, technological innovations in analgesic pumps, and surge in adoption of infusion pumps.

Cancer Pain segment to portray fastest growth by 2026

Based on application, the cancer pain segment is expected to register the fastest CAGR of 8.3% during the forecast period. This is attributed to rise in incidence of different forms of cancer and increase in adoption of cancer pain drugs. In addition, upsurge in geriatric population and wide availability of pain management devices drive the market growth. However, the neuropathic pain segment dominated the global pain management devices market in 2018, accounting for nearly one-third of the market. The increase in number of target population, rise in number of risk factors such as diabetes, HIV, multiple sclerosis, & cancer, technological advancement in pain management devices, and surge in demand for pain management devices for management of neuropathic pain are driving the growth of the segment.

North America to lead throughout the forecast period

The market across the North America region held the largest share in 2018, accounting for more than two-fifths of the market. The region is expected to maintain its dominance throughout the forecast period, owing to the rise in prevalence of chronic pain, increase in demand for pain management devices, presence of advanced healthcare facilities with trained medical professionals, and higher in number of R&D activities to develop innovative device. On the other hand, the Asia-Pacific region is anticipated to register the fastest CAGR of 8.5% during the forecast period. Improvement in healthcare infrastructure, availability of pain management devices, surge in healthcare reforms, and technological advancements in the field of healthcare are the major factors driving the growth in the region.

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Major market players

• B Braun Melsungen AG
• Boston Scientific Corp
• Baxter International Inc
• Abbott Laboratories
• Johnson & Johnson (Codman And Shurtleff, Inc.)
• DJO Global LLC
• Medtronic Plc
• Kimberly Clark Corporation
• Pfizer, Inc
• Stryker Corp

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