The global rise in the elderly population, along with the preference of pain management devices over pain killer pharmaceutical drugs, in anticipated to fuel the growth of the pain management devices market. The increasing prevalence of chronic pain problems in adults is a key driver shaping technological developments in the pain management market. Majority of pain management devices have applications in healthcare sectors such as cardiac rhythm management, oncology, cosmetology, and gynecology.
Oncology sector is a rapidly emerging segment in pain management devices market. The increasing prevalence of severe neuropathic pain in some of the developed countries is also seen to bolster the growth in the market.
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The growing number of FDA-approved pain management devices used for treating the chronic pains arising from conditions such as fibromyalgia, diabetic neuropathy, and sciatica is anticipated to increase the revenue of global pain management devices market.
Key players keen on launching FDA-approved devices
Aspiring players in the field of pain management devices market are seen engaging in research and development for the treatment of chronic pain diseases such as cancer. Specialized research in the neurobiology of the cancer pain paves the way for innovation. Players and the manufacturers of medical devices to design pain management devices by understanding unique characteristics of pain in various cancer patients, such as cancer induced bone pain (CIBP).
Some of the major players in the pain management devices market are Boston scientific Corp., Stryker Corporation, Medtronic Plc., Colfax Corp, and Omron healthcare Inc.
Regionally, North America region is leading in revenue generation in the global pain management devices market due to the early uptake of cutting-edge pain management devices. Presence of the advanced infrastructure for medical care has made U.S. a very lucrative market for pain management devices.
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