Various factors are propelling the pain management market. These factors, as stated by the MRFR report, include increasing technological advancements, rising prevalence of cancer pain, improved reimbursement policies, especially in developed countries, and improving regulatory framework. Additional factors boosting market growth include increasing government assistance, rising competition between market players, unmet medical needs, and growing research funding.
The global pain management devices market is predicted to grow at a 6.0% CAGR over the forecast period (2018-2023), as per the latest Market Research Future (MRFR) report. Pain can be frustrating and debilitating and can interfere with activities, time with family and friends, work, and sleep. Pain management can offer relief so people can enjoy life. This covers a huge spectrum of conditions such as post-operative pain, sciatica, neuropathic pain, and others. Pain management is a medical specialty that is growing rapidly and takes a multi-disciplinary approach to treat all forms of pain.
On the contrary, poor healthcare systems, lack of trained or skilled physicians, and high cost associated with technology in middle and low-income countries are factors that are likely to impede the pain management market growth over the forecast period.
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Market Segmentation
The Market Research Future report offers a complete segmental analysis of the global pain management market based on Type of pain management Drugs, and Type of pain management Devices, Indication, Mode of Purchase, End-user.
- By Type of pain management Devices, the pain management market is segmented into ablation devices, analgesic infusion pumps, and neurostimulation devices.
- By Type of pain management Drugs, the pain management market is segmented into antidepressants, antimigraine agents, opioids, anesthetics, anticonvulsants, and non-steroidal anti-inflammatory drugs (NSAIDS), and others.
- By Indication, the pain management market is segmented into post-operative pain, migraine, arthritic pain, chronic back pain, fibromyalgia, musculoskeletal pain, facial pain & migraine, cancer pain, neuropathic pain, and others.
- By Mode of Purchase, the pain management market is segmented into prescription-based and over the counter.
- By End-user, the pain management market is segmented into research & academic institutes, medical device companies, pharmaceutical companies, hospitals and clinics, and others.
Key Players
Leading players profiled in the pain management market report include Teva Pharmaceuticals, Stryker Corporation, Sanofi, Purdue Pharma LP, Novartis AG, Merck & Co. Inc., Nevro Corp., Dickinson and Company, Becton, Neurotech Na, Inc., B. Braun Melsungen AG, Smiths Medical, Halyard Health, Inc., Pfizer Inc., Boston Scientific Corporation, ST. Jude Medical, Inc., Medtronic PLC, Mallinckrodt plc, Johnson & Johnson Services, Inc., GlaxoSmithKline plc, Forest Laboratories, F. Hoffmann-La Roche Ltd, Endo Health Solutions, Eli Lilly & Company, DJO Global LLC, Codman And Shurtleff, Inc, Bayer AG, AstraZeneca plc, Astellas Pharma, Allergan, Abbvie, Abbott Laboratories, and others.
Regional Analysis
By region, the pain management market report covers the latest trends and growth opportunities across the Americas, the Asia Pacific (APAC), Europe, and the Middle East and Africa (MEA). Of these, the Americas will have the lion’s share in the market during the forecast period. Various factors propelling the growth of the pain management market in the region include the presence of many leading players, high healthcare expenditure, well-developed technology, and rising incidence of chronic pain.
The pain management market in Europe will have the second-largest share in the market during the forecast period for the growing competition among marketers and increasing contribution in R&D activities.
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The global pain management market in the APAC region will grow at the fastest pace during the forecast period. Various factors propelling the growth of the pain management market in the region include increasing healthcare expenditure, growing demand for treatments, and a huge patient pool.
The pain management market in the MEA will have a minimal share during the forecast period for poor medical facilities, lack of technical knowledge, and low development.
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