pain management devices Market

The global pain management devices market is expected to reach US$ 8,388.67 millionin 2027 from US$ 4,527.31 millionin 2019. The market is estimated to grow with a CAGR of 8.1% from 2020 to 2027.

Increasing chronic pain incidences, rising product launches and growing geriatric population are the major  factorsdriving the growth of the pain management devices market. However, lack of awareness regarding pain management is likely to restrictthe growth of the pain management devices market during the forecast period. 

Growing geriatric population across the world is demanding for new pain management therapies. Chronic Pain increases with age, and it continues to rise after 65 years of age.The majority of older people live with chronic pain, resulting in reduced strength to carry out their daily routine. The geriatric population widely suffers from bone and joint disorders, arthritis, cancer, and other chronic disorders associated with pain. Therefore, the demand for pain management devices is higher among the geriatric population.

Increasinggeriatric population is a significant factor which is creating a significant demand for pain management devices, which in turn is driving the growth of the market. According to the World Health Organization’s (WHO) data of February 2018, the geriatric population is likely to double. It is estimated that by 2050, the growth of the geriatric population will grow by 22% from 12% in 2015. The data has also determined that nearly 80% of the geriatric population will grow in the lowand middleincome countries..

The global pain management devices marketis segmented by product type, and application. Based on type, the pain management devices marketis segmented into neuromodulation devices, ablation devices, and analgesic infusion pumps. The neuromodulation devicessegment held the largest share of the market in 2019 andanalgesic infusion pumps is anticipated to register the highest CAGR in the market during the forecast period. Based on application, the pain management devices markethas been segmented into neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, and others. The neuropathic pain segment held the largest share of the market in 2019. Whereas, musculoskeletal pain segment is estimated to register the highest CAGR in the market during the forecast period.

Canadian Pain Task Force, World Health Organization (WHO), Centers For Disease Control and Prevention, Pain Management Programmes, National Center for Health Statistics, and German Pediatric Pain Centre are some of the essential secondary sources included in the report.