2014-03-13 04:07:01 - Pain Management Devices: A Global Strategic Business Report - a new market research report on companiesandmarkets.com
The global Pain Management Devices market is forecast to reach US$5.0 billion by 2018, chiefly driven by the growing aging population and the improvement in the affordability factor of patient population in developing regions.
Pain notifies prospective or real damage to the body caused from an injury or a disease. Pain inhibits the process of recovery from an injury or illness and adversely affects the individuals health and outlook. Currently, more than 1.5 billion people worldwide suffer from chronic pain of varying degrees. With increasing aged population and absence of a full-fledged pain management therapy, demand for better pain management therapies, addressing acute and chronic pain, is on the rise. While a major portion of conventional treatment for pain management is
cornered by opioid and non-opioid therapies, devices are making their presence felt in the pain management space. Technological innovations, greater clinical validation proving the efficacy and safety of pain management devices coupled with the rising awareness are key factors expected to play a pivotal role in increasing the adoption rate of pain management devices among patient population.
As R&D activity continues extensively in this field, it is expected that technological advancements could increase uptake of pain management devices among larger patient population. Further, in developed markets, the number of pain management centers is increasing at an incredible rate. As the number of pain management centers possessing expertise in diagnosis and treatment of chronic pain increases, there would be a greater probability that pain management devices would be utilized as a part of treatment plan for patients suffering chronic pain. Another factor which is expected to influence the adoption rate is awareness level among patient and physician population about pain management devices. Manufacturers in the upcoming years would not only focus on increasing awareness and developing devices with proven clinical efficacy and safety, but focus would also be shed on developing devices which take into account factors such as reimbursement, ease of use and cost-efficiency among others.
The US represents the largest regional market for pain management devices worldwide, followed by Europe. Pain management devices market is dominated by the US, both in terms of production and sales. The US leads the research and development of pain management devices on the global front. Investments are particularly strong in field of neurostimulation based pain management devices, such as spinal cord simulation (SCS) devices. The US pain management device market is backed by huge investments, extensive research, and development activity. Currently, the ageing baby boomer population in need of medical devices is driving the US market. However, fastest growth is expected to emanate from Asia-Pacific region. A large population base and largely underserved markets offer enormous growth prospects for pain management devices.
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