Pain Management Devices Market to Reap Excessive Revenues by 2023

Posted by vinit sawant on April 20th, 2021

Market dynamics of Pain management devices market

The market drivers for pain management devices is rising number of the patient suffering from different chronic neuromuscular diseases, increasing aging population, growing pain rehabilitation centres, growing sports culture, rising research and development in medical devices, growth in industrial manufacturing capacity for medical devices, and others.

The rise in risk factors is also driving the market indirectly. For example obesity is positively correlated with painful conditions. According to WHO, worldwide obesity has more than doubled since 1980 and in 2014, more than 1.9 billion adults, were overweight.  A quick look at the ageing population also gives a positive picture of the market. World Health Organization (WHO) estimates that between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. Environmental factors causing a rise in diseases include growth in prevalence and exposure to allergies and asthma.

Global pain management device market size is expected to grow at a CAGR of 7.2 % and reach till .81 billion by 2023.

Regional Analysis of pain management devices market

Geographically, North America accounts the largest market for pain management devices followed by Europe. North America is led by the U.S. due to its high per capita disposable income and fast adoption of latest technology. Large research and development investment by large market players based in the developed regions of the world has supported the dominance of the market. Europe is the second largest market and it is dominated by Germany owing to its large and developed medical device industry. However there is strong evidence that the market is shifting in favour of developing regions especially of Asia Pacific.

Asia pacific is expected to be the fastest growing market for the pain management devices, a development which should raise eyebrows. Due to a huge population base, development in infrastructure and increasing prevalence of many diseases in this region has provided fuel for the growth of the market. The Asia Pacific market is expected to be led by India and China. Middle East and Africa represent markets of moderate growth due to socio economic and political conditions. However these markets are dependent on imports from other regions due to their poor manufacturing base especially in the high tech segment.

Key Players for Global Pain Management Devices Market

Baxter International Inc. (US), Boston Scientific Corporation (US), Medtronic Plc (US), St. Jude Medical (US), Bio-Medical Research (BMR) Ltd. (UK), Codman and Shurtleff, Inc. (US), Stryker Corporation (US), Hospira Inc. (US), Smiths Medical (UK), Kimberly-Clark Corporation (US), DJO Global LLC (US), B. Braun Melsungen AG. (Germany) and Pain Management, Inc (US).