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A number of factors, such as the growing demand for long-term pain management among the geriatric population, large patient population base, adverse effects of pain medications, development of novel pain management devices, established reimbursement scenario for spinal cord stimulation (SCS) devices in developed countries, and high proven efficacy of pain management devices for the treatment of chronic pain are driving the growth of the global pain management devices market.
The Asia-Pacific region has become an attractive destination for companies engaged in the manufacture of pain management device. The high growth opportunities in this regional segment can be attributed to a number of factors, including growing incidence of chronic diseases, improving healthcare infrastructure in the region, growing middle-class population and disposable income levels, and rising awareness about the safety and efficacy of pain management device.
According to the U.S. Department of Commerce, Japan has one of the largest geriatric populations in the world, with at least 20% of its population aged 65 years and above. In 2012, 30 million people in Japan were aged above 65 years and this figure is projected to reach 39 million by 2030 and nearly 43 million by 2050. Driven by its high growth potential, leading companies operating in the market are focusing on expanding their presence in emerging APAC countries.
Browse and in-depth TOC on „Pain Management Devices Market“
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Based on the mode of purchase, the market is segmented into over-the-counter (OTC) devices and prescription-based devices. The prescription-based devices segment is expected to account for the largest share of the global pain management devices market in 2016, whereas the OTC devices segment is expected to grow at the highest CAGR during the forecast period. The high growth in this segment is attributed to the availability of a number of OTC devices in the market and FDA approvals for new OTC devices in the coming years.
As of 2016, North America held the largest share of the global pain management devices market, followed by Europe. However, the Asia-Pacific market is expected to grow at the highest CAGR from 2016 to 2021. A number of factors, including growing incidence of chronic diseases, improving healthcare infrastructure in the region, growing middle-class population and disposable income levels, and rising awareness about the safety and efficacy of pain management device are stimulating the growth of the pain management devices market in the Asia-Pacific region.
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Medtronic plc (Ireland), Boston Scientific Corporation (U.S.), and St. Jude Medical Inc. (U.S.) are the major players in the global pain management devices market.