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(MoneyNewsWire.Net, December 04, 2018 ) A number of factors, such as the growing demand for long-term pain management among the geriatric population, large patient population base, adverse effects of pain medications, development of novel pain management device, established reimbursement scenario for spinal cord stimulation (SCS) devices in developed countries, and high proven efficacy of pain management device for the treatment of chronic pain are driving the growth of the global pain management devices market.
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On the basis of application, the global pain management device market is segmented into neuropathic pain, cancer pain, facial pain & migraine, musculoskeletal pain, and others. The neuropathic pain application segment is estimated to witness the highest growth during the forecast period, primarily due to the presence of substantial clinical evidence in the favor of high efficacy of pain management device in neuropathic pain treatment, favorable reimbursement scenario, development of novel neuropathic pain management device, large patient population base, rising geriatric population across the globe, and side effects of drugs used to treat neuropathic pain.
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North America held the largest share of the global pain management devices market, followed by Europe. However, the Asia-Pacific market is expected to grow at the highest CAGR from 2016 to 2021. A number of factors, including growing incidence of chronic diseases, improving healthcare infrastructure in the region, growing middle-class population and disposable income levels, and rising awareness about the safety and efficacy of pain management device are stimulating the growth of the pain management devices market in the Asia-Pacific region.
Medtronic plc (Ireland), Boston Scientific Corporation (U.S.), and St. Jude Medical Inc. (U.S.) are the major players in the global pain management devices market.
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