According to a new market report published by Transparency Market Research “Pain Management Devices Market (Electrical Stimulators, Radiofrequency Ablation, Analgesic Pumps, Neurostimulation Devices) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018,” in 2011, the global pain management devices market was valued at USD 2.0 billion and is expected to grow at a CAGR of 13.1% from 2012 to 2018 to reach a market of USD 5.0 billion by 2018.
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Increased sophistication and technological advances have revolutionized the pain management sector. Significant research to understand various pain sensations and their neurotransmission processes has helped in pain reduction to a great extent. Rise in aging population has consequently led to rise in chronic diseases such as arthritis, diabetes and cancer. In addition, serious side-effects caused due to prolonged use of pain management drugs have triggered the growth of the pain management devices market.
Pain management devices comprise a variety of instruments such as electrical stimulators, analgesic pumps, radiofrequency ablation and neurostimulation devices. Robust support from healthcare institutes, universities and hospitals coupled with positive involvement from government bodies has unquestionably assisted in further growth of this sector. Companies in this sector are collaboratively working towards introduction of innovative products which would satisfy the unmet needs of patients. Moreover, limitations like miniaturization, achievement of read out time and cost efficiency are being worked on by all the major players of this market.
Electrical stimulators especially the TENS (Transcutaneous Electrical Nerve Stimulators) are currently the most widely used by patients. The market for electrical stimulators was valued to be USD 208.7 million in year 2011 and is expected to grow at a CAGR of 8.2% from year 2012 to 2018. Although electrical stimulators and analgesic pumps are currently the most commonly used devices, radiofrequency ablation (RF ablation) and neurostimulation devices are anticipated to register high growth rate in the coming years of forecast. The rise in neuropathic diseases such as trigeminal neuralgia, peripheral neuralgia and spinal injuries has encouraged the growth of the neurostimulation devices market, which is slated to grow at a CAGR of 15.2% from 2012 to 2018.
Geographically, the North American region constituted the largest market in year 2011; however, Asia is predicted to foresee the highest growth rate of 21.7% from 2012 to 2018. This growth has been attributed to increase in disease awareness and rising disposable incomes. In addition, the Asian region has been predicted to have the highest incidence rates of cancer and diabetes by 2020, by the World Health Organization. Favorable reimbursement policies and research funding by governments in the region will also provide the required impetus for the growth of the market.
The pain management devices market is predominantly an oligopolistic market and is ruled by players such as Medtronic Inc, St. Jude Medical, Boston Scientific, Kimberly Clark and others.
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