Pain Management Devices Market Size, Share, Trends, Industry Analysis and Forecast to 2024

1. Pain Management Devices Market size is projected to experience significant growth from 2017 to 2024.: Global Market Insights Inc. Fuel Cell Market size worth $25.5bn by 2024 Low Power Wide Area Network

2. Regional Analysis of Pain Management Devices Market: • Increasing elderly population is a pivotal factor driving pain management devices market. As per WHO, the global population aged 60 years and above is expected to reach 2 billion by 2050 from 900 million in 2015. • Increasing age is directly linked to rising prevalence of age related chronic disorders such as cancer, musculoskeletal and neurological disorders requiring pain management devices. • Favorable reimbursement policies in developed countries, rising awareness among patients about neuropathic pain treatment and technological advancements for developing novel devices to reduce pain are major factors accelerating the industry growth. • High cost of devices and side-effects caused such as skin allergy, hyper pigmentation and redness can restrain the pain management devices market size during the forecasted period.

3. Neurostimulation devices market is expected to witness lucrative growth owing to benefits offered such as long-term efficiency to provide relief from chronic pain coupled with established insurance coverage for these products in developed countries. • The segment is categorized into spinal cord stimulation (SCS), transcutaneous electric nerve stimulation (TENS), deep brain and sacral neuro stimulators. • Radiofrequency ablation devices market will exhibit healthy growth rate in the coming years due to wide application in managing cancer pain and various cardiac diseases. Analgesic infusion pumps market including intrathecal and external pumps will show prominent growth in the future. • Neuropathy pain market will witness tremendous growth in the future due to growing elderly patient pool, increasing prevalence of chronic disorders leading to chronic and acute pain.

4. Competitive Market Share of Pain Management Devices Market • Based on the mode of purchase, the industry is bifurcated into prescription-based and over-the-counter (OTC) devices. • The prescription-based segment holds the major industry share whereas the OTC segment will witness tremendous growth during the forecast timeline due to higher availability and awaiting FDA approvals for new products. • U.S. will drive the pain management devices market size over the forecast timeframe owing to the rising awareness among the increasing elderly patient pool, established healthcare infrastructure and technological advancements. • France and Germany are two vibrant countries of Europe accelerating the business due to increasing prevalence of chronic diseases and growing elderly population.

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