Market Trends of Global Pain Management Devices Industry
This section covers the major market trends shaping the Pain Management Devices Market according to our research experts:
The neuropathic pain management devices segment counted for the largest share of the global market and witness significant growth
Neuropathic pain can happen if the nervous system is damaged or not working correctly. The neuropathic pain management device segment has witnessed dominance in this pain management devices market. The growth of neuropathic pain management devices has increased attributed due to the increase in the prevalence population of neuropathic pain. For instance, the Centers for Disease Control and Center, 2021 reports that about one in five adults suffers from neuropathic pain. Due to an increase in the incidence rate of the population dealing with neuropathic pain
The increase in cases of COVID-19 had witnessed an increase in the symptoms of chronic pain including neuropathic pain. For instance, the article titled 'Potential for the increased prevalence of neuropathic pain after the COVID-19 pandemic' in the journal Pain Reports 2021, states that COVID-19 also causes peripheral or central neurological complications of neuropathic pain. Increased complications of COVID-19 including in particular Guillain-Barré syndrome, myelitis, and stroke are reviewed with regards to their potential risk of chronic neuropathic pain. This increase in the prevalence of chronic neuropathic pain after COVID-19 is another reason boosting the market growth.
Traditional therapy for pain management includes drugs and medicine, but due to the side effects associated with drugs, people are shifting towards neurostimulation pain management devices to overcome neuropathic pain. Thus because of the above-mentioned reasons neuropathic pain management devices segment is witnessing the largest share in this pain management devices segment.
North America is Expected to Dominate the Pain Management Devices Market
North America has dominated the pain management devices market and is expected to dominate this market due to the presence of advanced technology, key market players, and the large incorporation of pain management devices in ambulatory centers.
The United States accounts for the increasing number of individuals suffering from pain. For instance, the Journal of Pain and Palliative Therapy, 2021 accounts that approximately 20.28% of the United States population is suffering from chronic pain and 5% of this population comprises adults who are suffering from high-impact chronic pain. Therefore, with the increasing prevalence of the population suffering from chronic pain in the United States rapidly drives its market for pain management devices. Also due to the high prevalence of neuropathic pain and higher incidence of the chronic disease reported in the United States, the population there is more dependent on pain management devices rather than on medicines. For instance, according to an article in the journal Pain Medicine, about 2% of the United States population suffers from neuropathic pain. Additionally, as the article in journal International Journal of Environmental Health and Public Resource, 2021 mentioned that approximately 45%, (or 133 million) of all Americans suffer from at least one chronic disease thus due to the high prevalence of population in North America suffering from chronic diseases. The increase in patient population suffering from pain will in turn propel the market growth.
Due to high growth potential, a significant increase in the patient base population, and high disposable income the demand of the pain management devices market is expected to increase during the forecast period.
