The multibillion-dollar market for pain management devices has been serving the global marketplace through a variety of pain alleviating devices since several decades. Yet it is due to the current rise in attention towards the rising epidemic of chronic pain on a global front that the market for pain management devices is witnessing a revolution.
Pain is a global issue. Analysts suggest that nearly 20% of adults globally suffer from pain and nearly 10% new patients are diagnosed with chronic pain every year. Despite the rising prevalence of pain, whether chronic, acute, or intermittent, pain has not been addressed by public health practitioners and scholars as a public health problem. But the scenario is rapidly changing and health practitioners, government institutions, and pharmaceutical and medical device manufacturing companies are increasingly regarding pain as a public health priority. Advanced pain management devices and therapeutics are entering the market at a steady pace and commercialization of products is making them available across distant corners of the world.
A recent market research report published by Transparency Market Research projects healthy growth prospects for the global pain management devices market over the period between 2015 and 2023. The report states that the market will expand at a favorable 7.6% CAGR and rise from a valuation of US$3.2 bn in 2014 to US$6.3 bn by 2023.
Among the major drivers that are expected to significantly influence the overall growth dynamics of the global market for pain management devices, the most prominent ones are:
Rising Prevalence of Chronic Medical Conditions
Chronic diseases and conditions such as type 2 diabetes, heart diseases, obesity, cancer, stroke, and arthritis have become the most common health problems on a global front and are by far the leading cause of mortality in the world. According to the U.S National Health Council, in U.S. alone, chronic diseases affected over 133 million people in the country, representing over 40% of the country’s total population in 2013. By 2020, the number is projected to rise to an estimated 157 million.
Across the globe too, more and more people are living with not only one chronic diseases, but with two or more such conditions. This staggering rise in the global population with chronic illnesses is one of the biggest opportunities for pain management devices market.
Rising Global Geriatric Population and Changing Patient Pool Dynamics
According to the United Nations World Prospects the total population of people above age of 60 years was estimated to be nearly 840 million or 12% of the global population in 2013. This number is expected to rise to two billion or 21% of the world’s population by 2050. This rising geriatric population correlates with the rising need for a variety of health services for age-related conditions, one of which is that of chronic pain.
Commercialization and Easy Availability of Technologically Advanced Therapeutic Products
The rising focus of pharmaceutical companies and medical device manufacturers on commercializing technologically advanced and cost-effective products has proved to be a major driver of the global pain management devices market on a global front in the past few years. The easy availability of highly effective and advanced pain management products has helped the market expand substantially in the past few years.
A variety of pain management devices, including radiofrequency ablation devices, electrical stimulators, neurostimulators, and analgesic pumps are commonly available in the global marketplace.
Browse Research Release: http://www.transparencymarketresearch.com/pressrelease/pain-management-drugs-devices.htm