Pain Management Devices Market Worth
PORTLAND, OREGON, UNITED STATES, February 20, 2024 /EINPresswire.com/ -- Increase in prevalence of chronic diseases, rise in R&D investments, and launch of innovative products drive the growth of the global pain management devices market. However, hypersensitivity reactions and postoperative infections caused by use of these devices hinder their adoption, which in turn, restricts the market growth. On the other hand, untapped potential in developing countries would present new opportunities in the coming years.
According to the report published by Allied Market Research, the global Pain Management Devices Market garnered $3.68 billion in 2020, and is expected to reach $5.76 billion by 2028, manifesting a CAGR of 6.3% from 2021 to 2028.
The growth of the pain management devices market is attributed to increase in prevalence of chronic pain across the globe. Furthermore, surge in awareness of pain management devices, launch of innovative products, and rise in adoption of pain management devices are the other factors that contribute to the growth of the market.
The pain management devices market is expected to experience significant growth during the forecast period, owing to rise in prevalence of chronic pain, surge in demand for long-term pain management devices, adverse effects associated with pain therapeutics, and availability of technologically advanced devices coupled with rise in adoption of these devices. According to the U.S. Centers for Disease Control and Prevention (CDC), more than 50 million of American adults suffer from chronic pain. The American Academy of Pain Medicine reports that more than 1.5 billion people worldwide suffer from chronic pain and that approximately 5%–7% of the global population suffers from neuropathic pain.
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Covid-19 Scenario:
Many clinics and pain management services were open to the public for a limited period to avoid cross-contamination. A lot of hospitals & clinics have witnessed a considerable drop in the number of patient visits.
Most of the chronic pain facilities were considered non-urgent. Outpatient and elective interventional procedures were stopped or limited during the Covid-19 pandemic to minimize client contact and the spread of the virus.
Owing to considerable rise in Covid-infected patients in hospitals, the staff was allocated to take care of patients in Covid wards. This reduced the manpower for pain management services.
The report offers detailed segmentation of the global pain management devices market based on type, application, and region.
Based on type, the neuromodulation and neurostimulation devices segment contributed to the largest share in 2020, holding more than three-fifths of the total market share, and is estimated to maintain its leadership status during the forecast period. However, the analgesic infusion pumps segment is expected to maintain the largest CAGR of 7.7% from 2021 to 2028.
Based on application, the neuropathic pain segment held the highest market share, accounting for nearly one-third of the global pain management devices market in 2020, and is expected to maintain its lead position during the forecast period. However, the cancer pain segment is projected to portray the fastest CAGR of 7.8% from 2021 to 2028.
Based on region, North America accounted for the highest share in 2020, holding more than two-fifths of the total market share, and is estimated to continue its dominant share in terms of revenue by 2028. However, Asia-Pacific is projected to manifest the highest CAGR of 7.9% during the forecast period.
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Leading players of the global pain management devices market analyzed in the research include Abbott Laboratories, Baxter International Inc., B Braun Melsungen AG, DJO Global LLC., Boston Scientific Corp., Kimberly Clark Corporation, Johnson & Johnson (Codman And Shurtleff, Inc.), Pfizer, Inc., Medtronic Plc., and Stryker Corp.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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