June 19, 2020
As per the report titled ‘Pain Management Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product Type; Application, available with Market Study Report LLC, global pain management devices market is expected to reach USD 8388.67 million by 2027 registering a CAGR of 8.1% over 2020-2027.
Chronic pain increases with age, and surges even more after the age of 65. Increasing chronic pain cases, surging product launches, and growing geriatric population are slated to drive the growth of global pain management devices market. However, less awareness about pain management can hamper the market growth to some extent, cites the study.
The demand for advanced pain management therapies is increasing in aged population as majority of them are suffering with chronic pain. This makes them weaker, resulting in inability to perform their day-to-day tasks. Old-age population also suffers from bone and joint disorders, arthritis, cancer, and other chronic disorders. As per the World Health Organization (WHO), by 2050, geriatric population is anticipated to grow by 22%.
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Global pain management devices market is classified in terms of product type, regions, and application.
Based on type, the market is divided into ablation devices, neuromodulation devices, and analgesic infusion pumps. The neuromodulation devices segment accounted for the largest market share in 2019; however, analgesic infusion pumps segment is slated to record the highest y-o-y growth rate in the forecast timeline.
Based on application, neuropathic pain segment was the largest shareholder of the market in 2019, while, musculoskeletal pain segment is anticipated to record the highest growth rate in the subsequent years.
Major companies operating in global pain management devices market are BD, Boston Scientific Corporation, Abbott, Avanos Medical Inc., NEVRO CORP., Medtronic, Braun Melsungen AG, Pfizer Inc., Theragen Inc, and Smiths Group plc among others.