Global Pain Management Market - Segmented by Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global pain management market is expected to grow at a CAGR of 8.4% over the forecast period, 2018-2023. Pain management is a medical approach that draws on disciplines in science and alternative healing to study the prevention, diagnosis, and treatment of pain.
High Proven Efficacy of Pain Management Devices for the Treatment of Chronic Pain
The demand for pain management devices will be driven by the rise in acute and chronic pain as a result of chronic health conditions like osteoarthritis, inflammatory diseases, cancer, degenerative diseases, and rheumatoid arthritis, among others. Traditionally, the treatment of pain involves the usage of opoid and non-opoid therapies. Lately, the increasing awareness about the efficacy of devices has led to their adoption for pain management practices. Moreover, extensive R&D activity and clinical validation of the safety and efficacy of these devices are major factors for the acceptance of pain management devices. This, along with other factors, such as growing demand for long-term pain management among the geriatric population, high proven efficacy of pain management devices for the treatment of chronic pain, and development of novel pain management devices, among others, will lead to the growth of the pain management devices market.
Low Awareness about the Availability and Use of Pain Management Devices
Pain management devices are a new addition to the market and are now very widely known or accepted in the healthcare industry. Also, the general population is not aware of the benefits of the usage of these devices. Along with this, there is a huge lack of special endeavors that will help promote these products, such as television commercials, educational handouts, public exhibitions, etc. This will lead to the slowdown of the market in the forecast years. Other factors that can affect the growth of this market negatively include shortage of pain specialists, low number of pain clinics in several countries, and high procedural and purchase cost of pain management devices.
North America to Maintain Lead in the Market
North America and Europe respectively currently hold the largest market share for pain management devices. Asia-Pacific will show the fastest growth over the forecast period. The main factors affecting the growth of the market include a large population base and quickly developing healthcare infrastructure.
Key Developments in the Market: