Increase in prevalence of chronic diseases, rise in R&D investments, and launch of innovative products drive the growth of the pain management devices market.
PORTLAND, OREGON, UNITED STATES, September 15, 2021 /EINPresswire.com/ — The research report published by Allied Market Report states that, the global Pain Management Devices Market garnered $3.68 billion in 2020, and is expected to reach $5.76 billion by 2028, manifesting a CAGR of 6.3% from 2021 to 2028. The growing number of chronic diseases is one of the key factors that is expected to support the market growth over the forecast period. The increasing prevalence of lifestyle disorders such as obesity and diabetes has resulted in increased demand for muscle and nerve stimulants, which is driving market growth. An increase in cancer rates is expected to increase demand for products over the forecast period. In addition, the prevalence of musculoskeletal disorders such as arthritis, osteoporosis, degenerative diseases and rheumatoid arthritis, which lead to increased chronic pain and the inability to perform routine tasks, increases the demand for the product.
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Chief reasons for market fluctuations
Rise in prevalence of chronic disease, surge in geriatric population, and increase in adoption of pain management devices drive the growth of the global pain management devices market. However, preferable use of medications for pain management hampers the market growth. On the contrary, growth opportunities in emerging markets are expected to create lucrative opportunities in the industry.
Many clinics and pain management services were open to the public for a limited period to avoid cross-contamination. A lot of hospitals & clinics have witnessed a considerable drop in the number of patient visits.
Most of the chronic pain facilities were considered non-urgent. Outpatient and elective interventional procedures were stopped or limited during the Covid-19 pandemic to minimize client contact and the spread of the virus.
Owing to considerable rise in Covid-infected patients in hospitals, the staff was allocated to take care of patients in Covid wards. This reduced the manpower for pain management services.
The report offers detailed segmentation of the global pain management devices market based on type, application, and region.
Cancer Pain segment to portray fastest growth by 2026
Based on application, the cancer pain segment is expected to register the fastest CAGR of 8.3% during the forecast period. This is attributed to rise in incidence of different forms of cancer and increase in adoption of cancer pain drugs. In addition, upsurge in geriatric population and wide availability of pain management devices drive the market growth. However, the neuropathic pain segment dominated the global pain management devices market in 2018, accounting for nearly one-third of the market. The increase in number of target population, rise in number of risk factors such as diabetes, HIV, multiple sclerosis, & cancer, technological advancement in pain management devices, and surge in demand for pain management devices for management of neuropathic pain are driving the growth of the segment.
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Major market players
B Braun Melsungen AG
Boston Scientific Corp
Baxter International Inc
Johnson & Johnson (Codman And Shurtleff, Inc.)
DJO Global LLC
Kimberly Clark Corporation
Key Findings Of The Study
By type, the neuromodulation & neurostimulation devices segment held largest share in the global market in 2020.
On the basis of application, the neuropathic pain segment held largest share in the global market in 2020.
Region wise, Asia-Pacific is expected to experience growth at the highest rate during the forecast period.
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