Pain Management Devices Market expected
Pain management devices market was valued at $3,689.20 million in 2020, and is projected to reach $5,767.69 million by 2028, registering a CAGR of 6.3%
PORTLAND, OREGON, UNITED STATES, July 13, 2022 /EINPresswire.com/ -- 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 report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
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.
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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.
In addition, increase in demand for pain management devices, upsurge in awareness among people toward pain management devices, and increase in healthcare expenditure across the globe are expected to drive the growth of the global pain management devices market. However, hypersensitivity reactions post-operative infection caused by the use of these devices limit the growth of the market. Moreover, they are usually used as second line of treatment in patients with chronic pain who become resistant to drug therapy, which impedes their adoption globally, thereby restraining the market growth. The pain management devices market is segmented into type, application, and region.
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.
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.
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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.
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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We also Offers Regional and Country Reports-
Japan Pain Management Devices Market
South Korea Pain Management Devices Market
Singapore Pain Management Devices Market
China Pain Management Devices Market
Indonesia Pain Management Devices Market
Australia Pain Management Devices Market
Taiwan Pain Management Devices Market
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