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Pain Management Market Growth set to Inflate Positively at a CAGR of 6% by Segmential Overview, Current Trends, Global Share and Regional Scope by Key Players Development Analysis 2019 – 2023

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Pain Management Market Growth set to Inflate Positively at a CAGR of 6% by Segmential Overview, Current Trends, Global Share and Regional Scope by Key Players Development Analysis 2019 – 2023

September 17
05:15 2019
Pain Management Market Growth set to Inflate Positively at a CAGR of 6% by Segmential Overview, Current Trends, Global Share and Regional Scope by Key Players Development Analysis 2019 – 2023

Pain Management Market
Pain Management Market Global Development and Growth Research By Devices (Neurostimulation, Ablation Devices, Others), Drugs (NSAIDS, Anticonvulsants, Opioids, Others), Indication (Neuropathic Pain, Fibromyalgia, Others), Mode of Purchase, End-User – Global Forecast Till 2023

Pain Management Market Outllok

Market focused reports linked with the information and healthcare industry have been recently available by Market Research Future, which issues report on this industry. The global pain management market is set to inflate positively at a CAGR of 6.0% during the forecast period (2018–2023).

Pain is related to clinical, social, and economic burden communities across the world, whereas chronic pain is associated with various health conditions. Therefore, the increasing prevalence of pain pushes the demand for advanced diagnosis and treatment. Pain management offers a 360-degree view of the activities being carried out on various pain conditions. Activities such as pain therapy, medicinal therapy, physiotherapy, exercise, and more come under the preview of the pain management system. The changing healthcare sector has encouraged the pain management market to a great extent.

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Key Players

some of the best players in the global pain management market are,

  • Abbott Laboratories
  • Abbvie
  • Allergan
  • Astellas Pharma
  • AstraZeneca plc
  • Bayer AG
  • Codman And Shurtleff Inc
  • DJO Global LLC
  • Eli Lilly & Company
  • Endo Health Solutions
  • Hoffmann-La Roche Ltd
  • Forest Laboratories
  • GlaxoSmithKline plc
  • Johnson & Johnson Services Inc.
  • Mallinckrodt plc
  • Medtronic PLC
  • Jude Medical Inc.
  • Boston Scientific Corporation
  • Pfizer Inc.
  • Halyard Health Inc.
  • Smiths Medical
  • Braun Melsungen AG
  • Neurotech Na Inc.
  • Becton
  • Dickinson and Company
  • Nevro Corp.
  • Merck & Co. Inc.
  • Novartis AG
  • Purdue Pharma LP
  • Sanofi
  • Stryker Corporation
  • Teva Pharmaceuticals
  • and others

Market Segmentation

The segmentation of the global pain management market is carried out on the basis of the type of pain management devices, type of pain management drugs, indication, mode of purchase, and end-user.

By type of pain management devices: neurostimulation devices, analgesic infusion pumps, and ablation devices are the segments, out of which neurostimulation devices are further segmented into Transcutaneous Electrical Nerve Stimulation (TENS) devices and Spinal Cord Stimulation (SCS) devices. Ablation devices are also segmented into RF ablation devices and cryoablation devices.

By type of pain management drugs: Non-Steroidal Anti-Inflammatory Drugs (NSAIDS), anticonvulsants, anesthetics, opioids, antimigraine agents, antidepressants, and others are the segments. Among them, the opioids segment is also classified as oxycodone, hydrocodone, tramadol, morphine, codeine, fentanyl, meperidine, methadone, and others.

By indication: neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, fibromyalgia, chronic back pain, arthritic pain, migraine, post-operative pain, and others are the segments.

By mode of purchase: counter and prescription-based are the segments.

By end-user: hospitals and clinics, pharmaceutical companies, medical device companies, research and academic institutes, and others are the segments.

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Regional Market Outlook

The Americas leads in the pain management market due to the growing occurrence of chronic pain, well-developed technology, high healthcare expenditure, and the existence of leading players. In the study, according to a study published in the Drug and Alcohol Dependence Journal in 2017, more than 100 million adult Americans suffer from chronic pain. Types of pain, such as chronic low back pain and headaches, are the most common conditions that are diagnosed. Moreover, these conditions are more found in women than men, which states 34.3% in women and 26.7% in men in the United States.

Europe owes to be in the second position in the market pf pain management with an increasing contribution towards research and development as well as swelling competition among marketers are likely to drive the European pain management market profoundly.

Whereas, the Asia Pacific is considered to be the fastest growing pain management market due to the vast patient pool, increasing demand for treatments, and rising healthcare expenditure. In this study, according to the data proposed by the Australian Institute of Health and Welfare through 2015 to 2016, the total health expenditure was approximately USD 170.4 billion, i.e., which is 3.6% higher than the investment of 2014 to 2015. Lastly, the Middle East and Africa have the lowest share of the global pain management market owing to diminutive development, lack of technical knowledge, and inadequate medical facilities.

Intended Audience

  • Pharmaceutical Companies
  • Medical Devices Companies
  • Research and Development (R&D) Companies
  • Government Research Institutes
  • Academic Institutes and Universities

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Market Drivers & Trends

The global pain management market is mainly driven by increasing technological advancements, which is expected to expand exponentially in the years to come. Apart from this, the increasing occurrences of chronic pain conditions are also continuously motivating marketers to introduce more technologically advanced products, which, in turn, is bolstering the market at a rapid pace. In this support a new non-invasive neuromodulation device, Stimpod NMS460 was introduced by the Xavant Technology for the treatment of chronic intractable pain. The device received an FDA approval on August 01, 2017.

On the other hand, various other factors such as mounting geriatric population, improved reimbursement policies in developed countries, the growing prevalence of cancer pain, developing regulatory framework, increase in funding for research, unmet medical needs, rising competition among key players, and growing government aid are uninterruptedly helping in the development of the global pain management market.

Regardless of these drivers, on the flip side, the existence of some issues associated with the pain management market such as high cost of technology, lack of skilled or trained physicians, and weak healthcare system in low and middle-income countries could act as a hamper to the growth of the global pain management market.

TABLE OF CONTENTS:

Chapter 1. Report Prologue

Chapter 2. Market Introduction

Chapter 3. Research Methodology

Chapter 4. Market Dynamics

4.1 Drivers

4.2 Restraints

4.3 Opportunities

4.4 Challenges

4.5 Macroeconomic Indicators

4.6 Technology Trends & Assessment

Chapter 5. Market Factor Analysis

5.1 Porter’s Five Forces Analysis

5.1.1 Bargaining Power Of Suppliers

5.1.2 Bargaining Power Of Buyers

5.1.3 Threat Of New Entrants

5.1.4 Threat Of Substitutes

…To be Continued.

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About Market Research Future:  MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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