According to a new market research report “Pain Management Devices Market by Device Type (Neurostimulation, SCS, TENS, RF Ablation, Infusion Pumps), Application (Cancer, Neuropathy, Musculoskeletal, Migraine, Facial), by Mode of Purchase (OTC, Prescription-Based) – Global Forecasts to 2021″, published by MarketsandMarkets, This report studies the global market over the forecast period of 2016 to 2021. The market is expected to reach ~USD 4.64 Billion by 2021, at CAGR of 8.5% from 2016 to 2021.
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.
Medtronic plc accounted for the largest share of the pain management devices market due to its dominant position in the neurostimulation market. Its wide portfolio of infusion systems and spinal cord stimulation devices, which are used in chronic pain management, is one of the important factors responsible for its leading position and future growth in the pain management devices industry. Furthermore, the company’s wide geographic presence enables it to maintain its strong position in the market. The company expanded its research capabilities by establishing several training and research facilities in developing countries. In 2014, it established the Covidien Center of Innovation Brazil (CCI), Covidien Center of Innovation Turkey (CCI Turkey), and Covidien Center of Innovation Korea (CCI Korea). This helped the company to intensify its research activities, strengthen its product portfolio, increase its global reach, and strengthen its position in the pain management devices market. Medtronic also focuses on new product launches, strategic acquisitions, and expansion as its key business strategies to ensure its growth in this market.
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Boston Scientific held the second position in the pain management devices market in 2015. Over the past three years, the company has been focusing on new product launches in order to increase its share in the market. Recently, in June 2015, the company launched the Precision Novi Spinal Cord Stimulator (SCS) System for the treatment of chronic pain, in Europe. Furthermore, the company launched several other products, including fiXate Tissue Band in the U.S. and Precision Spectra Spinal Cord Stimulator (SCS) System in the U.S. and Europe. In recent years, the company received FDA and CE mark approvals for a number of its products. For instance, its CoverEdge 32 and CoverEdge X 32 Surgical Leads received CE mark in October 2014. Its strong geographic presence and large customer base enable Boston Scientific to maintain its leading position in the pain management devices market.
Leading players are adopting the strategies of new product launches, geographic expansion, agreements, acquisitions, and collaborations to expand their presence in the global pain management devices market. Market players adopted these strategies to expand their product portfolios, enter into growing markets, and increase their market share in the industry. Other companies operating in this market include Hospira, Inc. (U.S.), Halyard Health, Inc. (U.S.), Smiths Medical (U.S.), B. Braun Melsungen AG (Germany), Becton, Dickinson and Company (U.S.), Neurotech NA, Inc. (U.S.), and Nevro Corp. (U.S.).
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