May 26, 2020 5:42 PM ET
iCrowd Newswire – May 26, 2020
Ablation Devices Segment by Type is Expected to Grow at a Fast Pace During the Forecast Period
According to the latest study on ‘Pain Management Devices Market to 2027 – Covid-19 Impact and Global Analysis and Forecast by Product Type and Application,’ the market is expected to reach US$ 8,388.67 million in 2027 from US$ 4,527.31 million and in 2019. The market is estimated to grow at a CAGR of 8.1% from 2020 to 2027. The report provides trends prevailing in the global pain management devices market and the factors driving market along with those that act as hindrances.
Based on the type, the global pain management devices market is segmented into neuromodulation devices, ablation devices, and analgesic infusion pumps. The neuromodulation devices segment held the largest share of the market in 2019; however, the ablation devices segment is estimated to register the highest CAGR in the market during the forecast period. Growing demand for minimally invasive surgeries and product developments by the market players are likely to enhance the market growth of the segment during the forecast period. In February 2019, Medtronic received FDA approval and launched its Accurian radiofrequency ablation system for treatment of chronic pain in the US. Based on application, the pain management devices market is segmented into neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, and others.
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Increasing Chronic Pain Incidences
The increasing incidences of chronic diseases such as cancer, cardiovascular diseases, neurovascular diseases, and musculoskeletal diseases are likely to drive the growth of the pain management devices market. These diseases affect a person’s health critically by lowering immunity and resulting in chronic pain. The incidences of the aforementioned diseases are most commonly seen in adults and geriatric population. According to the Centers for Disease Control and Prevention data of October 2019, in the US, 6 in 10 adults live with at least one chronic disease. Additionally, in the US, 4 in 10 adults live with two types of chronic disease. Moreover, it has been observed that the aforementioned diseases are noticeably increasing among children.
The incidences of chronic pain are commonly seen among athletes, sportspersons, and people living with past injuries. The chronic pain incidences increase the dependency of a person on others for various daily activities. Therefore, pain management is essential to carry out normal daily routine. The pain management devices provide relief for longer durations and also improve their health. A wearable pain management device is easy to use and operate; thus, it reduces the person’s dependency on others. Therefore, owing to the advantages of pain management devices, the demand for the same is rising among patients with chronic diseases.
Based on application, the pain management devices market is segmented into production neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, and others. The neuropathic pain segment held the largest share of the market in 2019; however, the musculoskeletal pain segment is estimated to register the highest CAGR in the market during the forecast period.
Product launches and FDA approval strategies are commonly adopted by companies to expand their footprint and product portfolio worldwide in order to meet the growing demand. The market players operating in the pain management devices market adopt the strategy of collaborations to enlarge customer base across the world, which also permits the players to maintain their brand name globally.
The key factors that are driving growth of the pain management devices market are increasing chronic pain incidences, rising product launches, and growing geriatric population. Moreover, technological advancements in pain management devices are likely to have positive impact on the market. However, the lack of awareness regarding pain management and high cost of pain management devices are likely to restrict the market growth.
Medtronic plc, ST. Jude Medical, Inc., Boston Scientific Corporation, Hospira, Inc., Halyard Health, Inc, Smiths Medical, B. Braun Melsungen AG, Neurotech NA, Inc., BD, and Nevro Corp. are among the leading companies operating in the pain management devices market.
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