FREMONT, California, Aug. 7, 2019 /PRNewswire/ -- According to a new market intelligence report by BIS Research, titled "Global Non-Opioid Pain Relief Device Market – Analysis and Forecast, 2019-2029", the global non-opioid pain relief device market was valued at $3.7 billion in 2018 and is projected to grow over $8.8 billion by 2029. The market is expected to grow at a steady CAGR of 8.26% between 2019 and 2029. The growth is driven by the rise in global chronic pain incidences and high number of side effects pertaining to the opioid usage.
Browse 164 Figures spread through 230 Pages and in-depth TOC on "Global Non-Opioid Pain Relief Device Market"
According to an analysis by CDC for National Health Interview Survey (NHIS) in 2016, an estimated 20.4% (50.0 million) of U.S. adults suffered from chronic pain, and 8.0% of U.S. adults (19.6 million) suffered from high-impact chronic pain, high prevalence of both chronic pain and high-impact chronic pain was reported among women and older adults.
The National Center for Complementary and Integrative Health states that the annual societal costs of chronic pain in the U.S. was valued to be $635 billion in 2012. For European Union, it was valued to be $356 billion in 2013. The high socioeconomic burden of chronic pain is attributed to factors including the costs pertaining to longer hospital stays, increased rates of re-hospitalization, high frequency of outpatient visits, and loss of work productivity due to high emotional distress, among other such reasons.
The adoption of non-opioid pain relief devices is rapidly growing, owing to the changing healthcare infrastructure and rising patient demands for non-opioid pain relief therapy. The significant growth in the global pain relief device market can be attributed to the increasing concern and stringent regulatory norms related to side effects caused due to the usage of opioid for pain management. Further, the increasing prevalence of chronic and lifestyle-associated diseases, growing geriatric population, and increasing regulatory requirements for diagnostic devices are the prominent factors propelling the growth of the global pain relief device market.
BIS Research Report: https://bisresearch.com/industry-report/non-opioid-pain-relief-device-market.html
The technological developments in interventional pain management procedures and breakthroughs in neural anatomy have resulted in the development of treatment technologies based on neural activity modulation and hence advanced the technologies serving pain management. In addition, the specificity and potential of these technologies to treat chronic pain disorders with minimal aftereffects have resulted in a massive adoption of pain relief devices.
According to Satish Tiwari, Lead Analyst at BIS Research "In 2018, North America held the largest market share and constituted over 39.5% of the revenue share, owing to increased incidences of chronic pain and the stringent regulations and standards followed in the region. However, Asia-Pacific is projected to be the fastest growing region and is anticipated to grow at a CAGR of over 9.9% from 2019 to 2029."
- The Electroanalgesia technology is expected to witness the highest CAGR during the forecast period of 2019-2029.
- The wearable TENS technology within Electroanalgesia is anticipated to witness the highest CAGR of 13.5%, and the company Neurometrix Inc. holds the highest share of wearable TENS technology market presently.
- The other emerging sector comprising products based on technologies such as light therapy, therapeutic lasers, cryotherapy, AR-VR based, among others is expected to depict a steady growth rate in the forecast period.
- According to BIS Research Analysis, Abbott Laboratories currently holds the maximum market share in the overall global non-opioid pain relief device market.
- Limited success rates of opioids and rising geriatric population with the advent of sedentary lifestyle are expected to act as drivers to the non-opioid pain relief device market.
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This market intelligence report provides a multidimensional view of the global non-opioid pain relief device market in terms of market size and growth potential. This research report aims at answering various aspects of the global non-opioid pain relief device market with the help of key factors driving the market, threats that can possibly inhibit the overall market growth, and the current growth opportunities that are expected to shape the future trajectory of the market expansion.
Furthermore, the Competitive Landscape chapter in the report explicates the competitive nature of the global market and enables the reader to be acquainted with the recent market activities, such as product launches, partnerships, collaborations, business expansions, as well as mergers and acquisitions, among others. The research report provides a comprehensive analysis of the trend analysis by segments and demand analysis by region.
This study is a meticulous compilation of research on more than 35 players in the market ecosystem and draws upon insights from opinions and interviews from leaders of major players, market participants, and vendors. The report also profiles 15 key companies, namely Abbott Laboratories, Medtronic plc, Boston Scientific Corporation, Koninklijke Philips N.V., Stryker, Nuvectra Corporation, Omron Corporation, Neurometrix, Inc, Calmare Therapeutics Incorporated, Bayer AG, Bioelectronics Corporation, Zynex Medical, SPR Therapeutics, Stimwave LLC, and Thermotek Inc.
Key Questions Answered in the Report:
- What was the value generated by the global non-opioid pain relief device market in 2018, and how is it expected to grow during the forecast period from 2018 to 2029?
- What are the major drivers, challenges, and opportunities in the global non-opioid pain relief device market?
- What are the major non-opioid pain relief devices available within the market, and what are their benefits?
- How the global non-opioid pain relief device market based on applications such as neuromuscular pain, musculoskeletal pain, injuries, diabetic neuropathy, and others is expected to grow during the forecast period?
- How is the market based on technology such as electroanalgesia, radiofrequency ablation, and other emerging technologies is expected to grow during the forecast period?
- How is the global market based on end user such as hospitals, pain management centers, and homecare is expected to grow during the forecast period?
- How each region, namely North America, Europe, Asia, Latin America, and Middle East and Africa of the global non-opioid pain relief device market is expected to perform during the forecast period?
- What are the key developmental strategies implemented by the key players to stand out in this market?
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends, which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
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What distinguishes BIS Research from the rest of the players is that we don't simply provide data but also complement it with valuable insights and actionable inputs for the success of our clients.
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