The Global Market for Pain Management Devices is Forecast to Reach US$5.2 Billion by 2020

Technological Developments, Better Patient Awareness & Affordability Drive the Pain Management Devices Market, According to a New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Pain Management Devices. The global market for Pain Management Devices is forecast to reach US$5.2 billion by 2020, driven by the development of high quality pain management devices, and the growing demand for long-term rehabilitation pain management among the aging population.

Aging world population and government efforts to develop and establish chronic pain rehabilitation centers are driving demand for better pain management therapies. Growth in the market is poised to benefit from the rise in acute and chronic pain as a result of the increase in chronic health conditions such as Cancer, degenerative diseases, osteoarthritis, osteoporosis, inflammatory diseases, and rheumatoid arthritis, among others. While conventional treatment for pain management is dominated by opioid and non-opioid therapies, devices are gradually making their presence felt in the pain management space. Extensive R&D activity and technologically advanced offerings, coupled with greater clinical validation of efficacy and safety, are expected to increase acceptance of pain management devices among larger patient population. In developed markets, the rapid increase in the number of pain management centers is helping spur growth. Another major factor driving growth is the rising levels of patient awareness over available treatment options for chronic pain conditions and their importance in enhancing quality of life. Manufacturers in the coming years will focus on developing cost-effective devices with proven clinical efficacy and safety.

As stated by the new market research report on Pain Management Devices, the United States represents the largest market for pain management devices worldwide, followed by Europe. Growth in the country is supported by huge investments and extensive R&D, especially in the field of neurostimulation based pain management devices. Asia-Pacific is forecast to exhibit the fastest CAGR of about 15.1% over the analysis period. A large population base, underserved markets, and developing healthcare infrastructure are key factors driving growth in the region. Future opportunities for growth are forecast to come from individuals suffering from neuropathic pain. Neuropathic pain afflicts millions of people worldwide and is highly underserved in terms of patient needs. Untapped future potential exists in therapeutic areas, such as postherpetic neuralgia, painful diabetic neuropathy, and painful HIV neuropathy. Unmet needs in the field of neuropathic pain will therefore offer significant opportunities for the growth of neuropathic pain devices including spinal cord stimulation devices and Transcutaneous Electrical Nerve Stimulation (TENS) devices.

Major players covered in the report include Boston Scientific Corp. , Codman & Shurtleff Inc., DJO Global Inc., Halyard Health, Bio-Medical Research (BMR) Ltd., Medtronic Inc., Smiths Medical, St. Jude Medical Inc., Stryker Corporation, and Theralase Technologies Inc., among others.

The research report titled "Pain Management Devices: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of the pain management devices market, current market trends, key growth drivers, overview of the major pain management device types, new product approvals, recent industry activity of major/niche global as well as regional companies. The report provides annual sales estimates and projections for the pain management devices market for years 2014 through 2020 by the following geographic markets - US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific, Latin America, and Rest of World. Also, a six-year (2007-2013) historic analysis is provided for additional perspective.