Transparency Market Research (TMR), after a thorough analysis of market dynamics, predicted that the global pain management devices market would grow at a healthy CAGR of 7.60% over the period between 2015 and 2023. Furthermore, the global market for pain management devices is expected to accumulate revenues worth US$ 6.3 bn by the turn of 2023. Based on geography, the market for pain management devices has been growing most boisterously in North America.
High Incidence of Chronic Diseases to Push Market Growth
It is evident that the occurrence and incidence of diseases such as cancer, diabetes, cardiovascular illnesses, and other inflictive problems has increased in recent times. This rise in the prevalence of several pain-inducing diseases has also led to the growth of counteractive treatments that include the use of pain management devices. Hence, the demand within the global market for pain management devices has been escalating at a robust rate over the past decade.
The healthcare industry hasn't just managed to elevate its performance quotient but has also ensured that there are adequate relief mechanisms installed across major hospitals and healthcare centers. This has also played to the advantage of the global market for pain management devices. People suffering from minor and major disorders and diseases are swift to resort to treatments that relieve them of pain or ailments, thus, giving a push to market growth.
North America Dominates Global Market
The healthcare industry in the US and Canada has unquestionably outperformed the healthcare sectors of all other regional pockets. Several factors including heavy investment on healthcare, introduction of health benefit schemes, and a robust healthcare infrastructure have led to the growth of the regional markets. This has also resulted in the growth of the market for pain management devices across North America. Furthermore, the constant efforts of the governments in Asia Pacific and Europe to upgrade the healthcare standards of their respective regions are expected to boost the growth prospects these markets.
The global market for pain management devices has witnessed an escalating graph of competition over the past decade. Several new trends and propensities in the healthcare industry have created a host of opportunities for the market players in the pain management devices market. The market players have locked horns with each other in the global market and are making tireless efforts to gain supremacy over their counterparts. This cut-throat competition is expected to prove beneficial for the consumers who will now have a wide range of vendors, each of whom is willing to go an extra mile to attract the consumers.
The leading players in the global market for pain management devices have been aligning their operations with the needs of the healthcare sector. This has hugely helped these players in retaining a consumer base in the long run while fetching new consumers at all points in time. Some of these key players in the global market for pain management devices are Medtronic PLC, St. Jude Medical Inc., and Boston Scientific Corp. The successful operations of their distribution channels and ability to penetrate far-off regions are the key reasons behind the growth of the aforementioned market players. One of the key strategies that can help the current market players in growing their consumer base is expansion of their product portfolio.
The review is based on TMR's report titled "Pain Management Devices Market (Devices - Stimulators, Pumps, and TENS; Application - Cancer, Musculoskeletal, and Neuropathic Pain) Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023".
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