DUBLIN--(BUSINESS WIRE)--The "Pain Management Devices Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global pain management devices market is expected to grow at a compound annual growth rate of 11.04% over the forecast period to reach a market size of US$10.059 billion in 2026 from US$4.834 billion in 2019.
As of late there is expanded utilization of pain management devices because of ascending in maturing populace. Expansion in malignancy populace, expanding predominance of a way of life-related sickness, and expanding neuropathic messes are a portion of the key variables driving the development of the global pain management devices market.
Furthermore, expanding medical services mindfulness and ascend in medical care consumption are likewise energizing the development of the worldwide pain management devices market. Be that as it may, results, for example, skin excessive touchiness, redness, and hyper-pigmentation, and accessibility of substitutes, for example, pain alleviation prescriptions are a portion of the main considerations limiting the development for worldwide pain management devices market.
Lastly, taking into account the estimated increase in demand for pain management devices in the upcoming years, market players all around the globe are undertaking various strategic actions to develop new products and subsequently, increase their market share too.
Rising prevalence of pain-inducing diseases
The rising cancer cases are expected to further increase the demand for pain management devices over the forecast period. Besides, the high predominance of musculoskeletal problems, like joint inflammation, osteoarthritis, muscular degenerative issues, and rheumatoid joint pain, and a resultant ascent in instances of ongoing pain and failure to do routine errands, will support item interest.
The incapability of oral medications is boosting patients to search for elective treatment choices, for example, pain management devices. The significant expenses related to hospitalization are additionally expected to help the pain management devices market as these significant expenses related to hospitalization have expanded the requirement for a diminished medical clinic stay and the need to move to more affordable consideration settings, in this way boosting item interest.
Rising elderly population
The consistently rising population of people above the age of 65 years is also expected to contribute to the pain management devices market growth.
Due to increasing life expectancy and falling fertility levels, the UN explained that for the first time in history, individuals aged 65 or above outnumbered children under five years of age globally. Moreover, by 2050, one in six people in the world will be over the age of 65 (16%), up from one in 11 in 2019 (9%). Thus, with the increasing geriatric population, the demand for pain management devices is also expected to increase, considering the prevalence of arthritis in them.
COVID - 19 Impact on pain management devices market
The COVID-19 outbreak affected most of the sectors including the medical device industry. Cross country lockdowns have affected patients who explicitly depended on practice projects or PT as a pain management routine. In addition, numerous elective systems, in-person persistent visits have been suspended or postponed, which is relied upon to build the interest for at-home pain treatment, thus expected to affect the pain management devices market growth.
The increasing demand for pain management devices has led to the entry of several new market players like Pain Management Technologies in the pain management devices market. The entry of these new players in a market where traditional pharma behemoths like Abbott Laboratories and Boston Scientific Corporation already exist is expected to lead to further innovation in the pain management market.
Moreover, in order to further increase their clientele as well as increase their market share in the upcoming years, many of these market players have taken various strategic actions like partnerships and the development of novel solutions which primarily focus on providing comfort to the patient.
For instance, in June 2020, Abbott partnered with Tandem Diabetes Care to develop integrated diabetes solutions. These strategic actions by the various competitive market players are expected to keep the market competitive and constantly evolving.
- NeuroMetrix, Inc.
- Boston Scientific Corporation
- Zynex Medical
- BioElectronics Corporation
- Pain Management Technologies
- SPR Therapeutics
- Becton, Dickinson, and Company
- Nevro Corp
- Electrical Stimulators
- Neurostimulation Devices
- Analgesic Infusion Pumps
- Ablation Devices
- Facial & Migraine Pain
- Neuropathic Pain
- Cancer Pain
- Musculoskeletal Pain
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