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Pain Management Market AnalysisPain can be frustrating and debilitating and can interfere with activities, time with family and friends, work, and sleep. Pain management can offer relief so people can enjoy life. This covers a huge spectrum of conditions such as post-operative pain, sciatica, neuropathic pain, and others. Pain management is a medical specialty that is growing rapidly and takes a multi-disciplinary approach to treat all forms of pain.
The global pain management market is predicted to grow at a 6.0% CAGR over the forecast period (2018-2023), as per the latest Market Research Future (MRFR) report.
Various factors are propelling the pain management market growth. These factors, as stated by the MRFR report, include increasing technological advancements, rising prevalence of cancer pain, improved reimbursement policies, especially in developed countries, and improving regulatory framework. Additional factors boosting market growth include increasing government assistance, rising competition between market players, unmet medical needs, and growing research funding.
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On the contrary, poor healthcare systems, lack of trained or skilled physicians, and high cost associated with technology in middle and low-income countries are factors that are likely to impede the pain management market growth over the forecast period.
July 2019: Conroe, a leading pain management investment company, has acquired VIP Surgical Center. VIP is a renowned center which uses cutting edge technology to enable physicians in offering exemplary treatments to patients.
Key Players
Leading players profiled in the pain management market report include Teva Pharmaceuticals, Stryker Corporation, Sanofi, Purdue Pharma LP, Novartis AG, Merck & Co. Inc., Nevro Corp., Dickinson and Company, Becton, Neurotech Na, Inc., B. Braun Melsungen AG, Smiths Medical, Halyard Health, Inc., Pfizer Inc., Boston Scientific Corporation, ST. Jude Medical, Inc., Medtronic PLC, Mallinckrodt plc, Johnson & Johnson Services, Inc., GlaxoSmithKline plc, Forest Laboratories, F. Hoffmann-La Roche Ltd, Endo Health Solutions, Eli Lilly & Company, DJO Global LLC, Codman And Shurtleff, Inc, Bayer AG, AstraZeneca plc, Astellas Pharma, Allergan, Abbvie, Abbott Laboratories, and others.
Pain Management Market 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
Market Segmentation
The Market Research Future report provides a wide segmental analysis of the pain management market based on end user, mode of purchase, indication, type of pain management drugs, and type of pain management devices.
Based on pain management devices, the pain management market is segmented inti ablation devices, analgesic infusion pumps, and neurostimulation devices. The neurostimulation device is again segmented into spinal cord stimulation (SCS) and transcutaneous electrical nerve stimulation (TENS) devices. Of these, the neurostimulation segment will have the largest share in the market over the forecast period.
Based on the type of pain management drugs, the pain management market is segmented into antidepressants, antimigraine agents, opioids, anesthetics, anticonvulsants, non-steroidal anti-inflammatory drugs (NSAIDS), and others. The opioids segment is again segmented into methadone, meperidine, fentanyl, codeine, tramadol, hydrocodone, oxycodone, and others.
Based on indication, the pain management market is segmented into post-operative pain, migraine, arthritic pain, chronic back pain, fibromyalgia, musculoskeletal pain, facial pain, cancer pain, neuropathic pain, and others. Of these, the neuropathic pain segment will dominate the market over the forecast period.
Based on the mode of purchase, the pain management market is segmented into prescription-based and over the counter.
Based on end user, the pain management market is segmented into research and academic institutes, medical device companies, pharmaceutical companies, hospitals and clinics, and others.
Regional Analysis
Based on the region, the pain management market report covers growth opportunities and the latest trends across Europe, the Americas, the Asia Pacific, and the Middle East and Africa. Of these, the Americas will lead the market over the forecast period. This is owing to the growing prevalence of chronic pain, high health expenditure, well-developed technology, and the presence of various leading players in the region.
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The pain management market in Europe is predicted to have the second-largest share in the market over the forecast period. This is owing to the rising competition among marketers and rising contribution towards R&D.
The pain management market in the APAC region is predicted to grow at the fastest pace over the forecast period. This is owing to increasing healthcare expenditure, a huge patient pool, and rising demand for treatments.
The pain management market in the Middle East and Africa will have the lowest share in the market over the forecast period. This is owing to poor medical facilities, lack of technical knowledge, and low development in the region.
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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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