Favorable reimbursement policies in developed countries, rising awareness among patients about neuropathic pain treatment and technological advancements for developing novel devices to reduce pain are major factors accelerating the industry growth. High cost of devices and side-effects caused such as skin allergy, hyper pigmentation and redness can restrain the pain management devices market size during the forecasted period.
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Neurostimulation devices market is expected to witness lucrative growth owing to benefits offered such as long-term efficiency to provide relief from chronic pain coupled with established insurance coverage for these products in developed countries. The segment is categorized into spinal cord stimulation (SCS), transcutaneous electric nerve stimulation (TENS), deep brain and sacral neuro stimulators.
Radiofrequency ablation devices market will exhibit healthy growth rate in the coming years due to wide application in managing cancer pain and various cardiac diseases. Analgesic infusion pumps market including intrathecal and external pumps will show prominent growth in the future. Neuropathy pain market will witness tremendous growth in the future due to growing elderly patient pool, increasing prevalence of chronic disorders leading to chronic and acute pain.
Based on the mode of purchase, the industry is bifurcated into prescription-based and over-the-counter (OTC) devices. The prescription-based segment holds the major industry share whereas the OTC segment will witness tremendous growth during the forecast timeline due to higher availability and awaiting FDA approvals for new products.
U.S. will drive the pain management devices market size over the forecast timeframe owing to the rising awareness among the increasing elderly patient pool, established healthcare infrastructure and technological advancements. France and Germany are two vibrant countries of Europe accelerating the business due to increasing prevalence of chronic diseases and growing elderly population.
Asia Pacific will witness lucrative growth opportunities in the coming years due to growing geriatric population susceptible to chronic disorders and rising awareness among patients for adoption of effective products. Increasing disposable income and rising government support in India and China will fuel the regional pain management devices market share.
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Some of the prominent industry players include Medtronic, B. Braun Melsungen, Becton Dickinson and Company, Abbott (St. Jude Medical), Stryker, Halyard Health and Boston Scientific. Key players are focusing on differentiated strategies such as acquisitions, agreements and R&D efforts to develop novel products to expand their product portfolio and capture higher market share. Some of the other participants are Baxter International, Neurotech, Smiths Medical, Hospira (Pfizer) and Codman & Shurtleff. Collaborations and geographic expansion are some other growth strategies adopted by key players to enhance their manufacturing capabilities and increase presence across the globe.
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