Pain Management Devices Market worth $4.64 Billion by 2021 | Know The Latest Industry Trends

The global pain management devices market is valued at an estimated USD 3.08 Billion, at a CAGR of 8.5%.

(EMAILWIRE.COM, October 24, 2018 ) According to a new market research report " Pain Management Devices Market by Device Type (Neurostimulation, SCS, TENS, RF Ablation, Infusion Pumps), Application (Cancer, Neuropathy, Musculoskeletal, Migraine, Facial), by Mode of Purchase (OTC, Prescription-Based) - Global Forecasts to 2021", published by MarketsandMarkets, This report studies the global market over the forecast period of 2016 to 2021. The market is expected to reach ~USD 4.64 Billion by 2021, at CAGR of 8.5% from 2016 to 2021.

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A number of factors, such as the growing demand for long-term pain management among the geriatric population, large patient population base, adverse effects of pain medications, development of novel pain management device, established reimbursement scenario for spinal cord stimulation (SCS) devices in developed countries, and high proven efficacy of pain management device for the treatment of chronic pain are driving the growth of the global market.

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On the other hand, factors such as low awareness regarding the availability and use of pain management devices, shortage of pain specialists, low number of pain clinics in several countries, existence of a gap in prevalence and treatment of chronic pain, and high procedural and purchase cost of pain management devices are restricting the growth of the global pain management devices market.

This report covers three major pain management device types, namely, neurostimulation devices, ablation devices, and analgesic infusion pumps. The neurostimulation devices segment is expected to witness the highest growth and account for the largest share of the pain management devices market in 2016. This can be attributed to the advantages of neurostimulation over alternative therapies for managing chronic pain. Also, the long-term cost efficiency and technological developments in neurostimulation devices are contributing to the growth of this market segment.

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North America held the largest share of the global pain management devices market, followed by Europe. However, the Asia-Pacific market is expected to grow at the highest CAGR from 2016 to 2021. A number of factors, including growing incidence of chronic diseases, improving healthcare infrastructure in the region, growing middle-class population and disposable income levels, and rising awareness about the safety and efficacy of pain management device are stimulating the growth of the pain management devices market in the Asia-Pacific region.