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Pain Management Devices Market

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Pain Management Devices Market

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

  2. Pain Management Devices Market, By Product Type (Electrical Stimulators (TENS, Others), Radiofrequency Ablation, Analgesic Pumps(Intrathecal, External), Neurostimulation Devices (Spinal Cord Stimulation, Sacral Stimulation, Deep Brain Stimulation)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 PAIN MANAGEMENT DEVICES MARKET ANALYSIS

  3. The global pain management devices market is estimated to account for US$ 17,004.2 Mn in terms of value by the end of 2027. • Global Pain Management Devices Market: Drivers • Increasing prevalence of osteoarthritis is expected to propel growth of the global pain management devices market over the forecast period. For instance, according to the study ‘Osteoarthritis in Europe: Impact on health status, work productivity and use of pharmacotherapies in five European countries’ that examined the impact of peripheral joint osteoarthritis across five European countries, UK (43.6%), France, (25.6%), Germany, (15.2%), Spain, (8.4%), and Italy (7.1%) recorded high prevalence of peripheral joint osteoarthritis, with majority of cases aging 55-74 years. • Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the United Nations April 2019 data, the share of geriatric population in India is expected to increase to nearly 20% in 2050.

  4. Figure 1: Global Pain Management Devices Market Share (%) Value, By Region, 2019

  5. Market Restraints • Side effects of pain management devices are expected to hinder growth of the market. Use of neurostimulators may lead to increased risk of infection and conditions where the blood for hematoma may leak into the area where the neurostimulator is placed. Device complications may also require additional surgical intervention such as relocation, repair or replacement of certain parts. • Moreover, imposition of an excise duty on medical devices is also expected to limit growth if the market. For instance, in the U.S., Affordable Healthcare for America Act was implemented in 2010. One of the clauses imposes an excise duty of 2.5% on all medical devices

  6. Market Opportunities • Increasing prevalence of cancer is expected to offer lucrative growth opportunities for players in the global pain management devices market. For instance, according to the World Health Organization, around 18.1 million new cases and 9.6 million deaths were registered due to cancer worldwide in 2018. • Moreover, increasing investment R&D of devices is also expected to aid in growth of the market. For instance, in July 2019, Tivic Health Systems, a developer of sinus pain relief devices, raised US$ 8 million in seed funding, which will be utilized to market the launch of its ClearUP device. • Statistics: • The global pain management devices market was valued at US$ 5,745.0 Mn in 2019 and is forecast to reach a value of US$ 17,004.2 Mn by 2027 at a CAGR of 14.7% between 2020 and 2027.

  7. Figure 2: Global Pain Management Devices Market Value (US$ Mn), 2016 – 2027

  8. Market Trends • Increasing prevalence of neurological disorders is boosting growth of the market. For instance, according to Public Health England’s Statistical commentary: dementia profile, April 2019 update, in U.K. geriatric population, the prevalence rate of recorded dementia was 4.3 per 100 registered general practice population in 2018, which accounted for 448,300 cases with dementia, 10,200 more than in 2017. • Moreover, R&D in non-invasive pain treatment devices is also expected to aid in growth of the market. For instance, in April 2019, researchers from the University of Rome Tor Vergata, Rome, Italy reviewed the efficacy of the Scrambler therapy (ST), which is an electro-analgesia therapy for noninvasive treatment of chronic neuropathic and cancer pain.

  9. Competitive Landscape • Major players operating in the global pain management devices market include, Baxter International Inc., B. Braun Melsungen AG, Boston Scientific Corporation, Codman and Shurtleff, Inc., DJO Global LLC, NeuroMetrix, Inc., Hospira Inc., Kimberly-Clark Corporation, Medtronic, Plc, Smiths Medical, Axonics Modulation Technologies, Inc., NeuroSigma, Inc., and Abbott   • Global Pain Management Devices Market: Key Developments • Major players in the market are focused on approval and launch of new devices to expand their product portfolio. For instance, in April 2019, NeuroSigma, Inc. received the U.S. FDA marketing approval for its Monarch external Trigeminal Nerve Stimulation (eTNS) System for the treatment of attention deficit hyperactivity disorder. 

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  11. Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: • Customized Market Research Services • Industry Analysis Services • Business Consulting Services • Market Intelligence Services • Long term Engagement Model • Country Specific Analysis About Us

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