Globally pain management devices market is valued at an estimated USD 3.08 Billion in 2016 and is projected to grow at a CAGR of 8.5% during the forecast period of 2016 to 2021. Several factors, such as the mounting demand for long-term pain management among the geriatric population, large patient population base, adverse effects of pain medications, progress of novel pain management device, conventional compensation scenario for spinal cord stimulation (SCS) devices in established countries, and high proven efficiency of pain management device for the treatment of chronic pain are driving the growth of the global market.
This report covers three major pain management device types, namely, neurostimulator devices, ablation devices, and analgesic infusion pumps. The neurostimulator devices segment is expected to witness the highest growth and account for the largest share of the pain management devices market in 2016. This can be attributed to the advantages of neurostimulator over alternative therapies for managing chronic pain. Also, the long-term cost efficiency and technological developments in neurostimulator devices are contributing to the growth of this market segment.
Based on 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 maximum growth during the forecast period, principally due to the presence of substantial clinical evidence in the favour of high efficacy of pain management device in neuropathic pain treatment, favourable 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.