ALBANY, New York, Feb. 15, 2019 /PRNewswire/ -- According to TMR, the global pain management devices market accounted for the value of US$3.75 bn in the year 2016 and is projected to attain revenue of US$6.28 bn by the end of 2023. The market is expected to expand with a CAGR of 7.6% over the forecast period from 2015 and 2023.
Based on product, neurostimulation devices segment dominated the global pain management devices market and likely to remain dominant over the forecast period. However, the analgesic infusion pumps segment is projected to expand with a lucrative CAGR of 10.3% over the forecast period. Based on the region, North America dominated the global pain management devices market by accounting for 48.7% shares of the global market. This growth is primarily owed to the growing incidences of chronic diseases coupled with a high occurrence of sports-related injuries.
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Growing Patient Pool to Propel Market Growth
The pain management devices market is gaining traction due to the presence of a large patient pool and a growing geriatric population that requires high attention and long term management of pain. The product improvement and enhanced efficiency of the pain management devices mainly for the treatment of the chronic pain are accelerating the growth of the pain management devices market.
Additionally, the presence of a favorable reimbursement environment is propelling the growth of the global pain management devices market. Especially, in developing countries, governments are imposing numerous reimbursement environment. This is propelling the growth of the global pain management devices market. Furthermore, rapid investments for the development of novel pain management devices reflect positively on the growth of the pain management devices market.
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Furthermore, growing investment in healthcare globally and mainly in the developing countries such as India and China for enhancement of the healthcare facilities is propelling growth of the global pain management device market.
High Cost of Devices to Inhibit Growth of Market
The global pain management devices market is facing challenges which are constraining the steady expansion in the pain management devices market. Factors such as gaps between rising prevalence and treatment of pain and low awareness about pain management devices are restraining growth of the global pain management devices market. Additionally, the high cost of the devices, coupled with possible side effects, is estimated to restrain the growth of the pain management devices market.
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Nonetheless, a large number of pipeline products in the pain management devices are expected to offer substantial growth avenues for players to capitalize on in the pain management devices market.
Transparency Market Research (TMR) observes that the global pain management devices market has an intensely competitive landscape. Some of the companies operating in the global pain management devices market are Smiths Medical, Baxter International Inc., Boston Scientific Corp., Medtronic Plc, and Bio-Medical Research (BMR) Ltd. A large number of players operating in the global pain management devices market are increasing the level of competition on the global level. In order to gain a competitive edge, the key players are focusing on the improvement of pain management devices.
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This information is encompassed in the report by TMR, 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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