Aging Population & Affordability Factor of Patient Population Drives the Pain Management Devices Market, According to New Report by Global Industry Analysts, Inc.
San Jose, California, Feb 27, 2013 (PRWeb.com via COMTEX) --
Follow us on LinkedIn - Pain notifies prospective or real damage to the body caused from an injury or a disease. Pain inhibits the process of recovery from an injury or illness and adversely affects the individual's health and outlook. Currently, more than 1.5 billion people worldwide suffer from chronic pain of varying degrees. With increasing aged population and absence of a full-fledged pain management therapy, demand for better pain management therapies, addressing acute and chronic pain, is on the rise. While a major portion of conventional treatment for pain management is cornered by opioid and non-opioid therapies, devices are making their presence felt in the pain management space. Technological innovations, greater clinical validation proving the efficacy and safety of pain management devices coupled with the rising awareness are key factors expected to play a pivotal role in increasing the adoption rate of pain management devices among patient population.
Devices are presently being used as alternatives for pharmaceuticals in managing debilitating pain, particularly in cases where pharmaceuticals or surgery have failed to make a difference. Even though devices for treatment of chronic pain have been around for a relatively longer time, quality and efficiency of such devices was questionable. However, thanks to technological advancements in the past few years, rapid strides have been made in improving the efficiency and quality of pain management devices, thereby increasing the uptake by patients as well as physicians. A noteworthy technological advancement in the pain management space is innovations made in the area related to neurotechnology. Presently, implantable neurostimulation devices are gaining wider acceptance as a probable treatment for pain management over traditional methods such as drug therapy or surgery. Spinal Cord Stimulation (SCS) is a major implantable neurostimulation based device, which is expected to become a major contributor in the pain management devices market, all thanks to the rapid uptake of spinal fusion procedure coupled with rising aging population.
The pain management devices market, although perceived to be resilient, is not immune to changes in the macroeconomic environment. Given the strained economic conditions globally across the healthcare domain, there is an increasing stress towards containing healthcare costs. Healthcare spending in the US and Europe in particular is increasing at an alarming rate and much faster than available funding raised through taxation and insurance. Families, employers, workers, as well as government programs continue to bear the burden of soaring healthcare costs, making health insurance expensive and increasing the number of uninsured individuals. Population growth and growing proportion of elderly contribute significantly to the rise in healthcare costs. In other words, sweeping changes taking place across the healthcare sector is expected to increase the pressure on devices manufactures to develop cost-effective treatment. Subsequently, device manufacturers, under the present scenario would be required to make a significant amount of investment towards proving the cost-effectiveness of devices to patients, customers and third party payers among others.
As R&D activity continues extensively in this field, it is expected that technological advancements could increase uptake of pain management devices among larger patient population. Further, in developed markets, the number of pain management centers is increasing at an incredible rate. As the number of pain management centers possessing expertise in diagnosis and treatment of chronic pain increases, there would be a greater probability that pain management devices would be utilized as a part of treatment plan for patients suffering chronic pain. Another factor which is expected to influence the adoption rate is awareness level among patient and physician population about pain management devices. Manufacturers in the upcoming years would not only focus on increasing awareness and developing devices with proven clinical efficacy and safety, but focus would also be shed on developing devices which take into account factors such as reimbursement, ease of use and cost-efficiency among others.
The US represents the largest regional market for pain management devices worldwide, followed by Europe, as stated by the new market research report on pain management devices. The pain management devices market is dominated by the US, both in terms of production and sales. The US leads the research and development of pain management devices on the global front. Investments are particularly strong in field of neurostimulation based pain management devices, such as spinal cord simulation (SCS) devices. The US pain management device market is backed by huge investments, extensive research, and development activity. Currently, the aging baby boomer population in need of medical devices is driving the US market. However, fastest growth is expected to emanate from Asia-Pacific region. A large population base and largely underserved markets offer enormous growth prospects for pain management devices.
The success of neurostimulation based pain management devices has brought into fray some of the noteworthy players in the field of medical devices to compete in the lucrative market for pain management devices. Key competitive factors which are expected to shape the market in the coming years include technological advancements, cost factor of pain management devices, and reimbursement policy adopted by third party payers. Major players profiled in the report include Boston Scientific Corporation, Codman & Shurtleff, Inc., DJO Global, Inc., Kimberly-Clark Corporation, Bio-Medical Research (BMR) Ltd., Medtronic, Inc., NeuroTherm(R), Smiths Medical, St. Jude Medical Inc., and Stryker Corporation.
The research report titled "Pain Management Devices: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of the pain management devices market, current market trends, key growth drivers, overview of the major pain management devices, new product approvals, recent industry activity, and profiles of major/niche global as well as regional market participants. The report provides annual sales estimates and projections for the pain management devices market for years 2010 through 2018 by the following geographic markets - US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific, Latin America, and Rest of World. Also, a six-year (2004-2009) historic analysis is provided for additional perspective.
For more details about this comprehensive market research report, please visit - http://www.strategyr.com/Pain_Management_Devices_Market_Report.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Follow us on LinkedIn
Global Industry Analysts, Inc.
Web Site: http://www.StrategyR.com/
Read the full story at http://www.prweb.com/releases/pain_management_devices/neurostimulation_devices/prweb10476492.htm
[ Back To Technology News's Homepage ]