PAIN MANAGEMENT MARKET 2020| WORLDWIDE OVERVIEW BY SIZE, SHARE, TRENDS, SEGMENTS 2023

 Pain Management Market by MRFR Research Report Forecast 2020 is a valuable source of insightful data for business strategists

Pain Management Market Growing Demand, Scope and Trend 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 According to the new report published by Market Research Future, the global pain management market is on the verge of gaining high traction at a CAGR of 6.0% during the forecast period 2018–2023.

Top Eminent Key Players

The prominent key players in the global pain management market are listed as Abbott Laboratories, Abbvie, Allergan, Astellas Pharma, AstraZeneca plc, Bayer AG, Codman And Shurtleff, Inc, DJO Global LLC, Eli Lilly & Company, Endo Health Solutions, F. Hoffmann-La Roche Ltd, Forest Laboratories, GlaxoSmithKline plc, Johnson & Johnson Services, Inc., Mallinckrodt plc, Medtronic PLC, ST. Jude Medical, Inc., Boston Scientific Corporation, Pfizer Inc., Halyard Health, Inc., Smiths Medical, B. 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.

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Market Overview

Pain is a medical condition, which affects the physical body by causing trauma or tissue damage, and its intensity varies differently on different individuals. It is based on the caused of pain, and treatment is provided in a complex or simple way. Even, pain can be managed with the help of a variety of pharmacological and non-pharmacological therapies.

Owing to the increasing technological advancements, the pain management market is expected to escalate. In the recent years, various new and existing marketers have come up with effective and new advancements in pain management. A number of factors such as improved reimbursement policies in developed countries, increasing prevalence of cancer pain, improving regulatory framework, growing research funding, unmet medical needs, rising competition among market players, and increasing government assistance are propelling the growth of the global pain management market.

Global Pain Management Market: Drivers and Trends

The pain management market size is increasing following several, yet essential factors such as rising cases of chronic pain among the population are pushing the demands for better diagnosis and treatments. Technology for treatments of various pains is continuously motivating marketers to come up with more advanced medicines for pain relief.

As per the research, it has been studied that older people are highly prone to suffer pain owing to countless reasons. Thus, the rise in the elderly population is considered to be one of the significant factors that also, the change in lifestyles, rising number of surgeries, are the alarming factors that are being lucrative to the global pain management market.

Market Segmentation

The global pain management market is segmented by the type of pain management devices, type of pain management drugs, indication, mode of purchase, and end-user.

By the mode of type of pain management devices, the market has been classified as neurostimulation devices, analgesic infusion pumps, and ablation devices. Whereas, the neurostimulation devices are further segmented into Transcutaneous Electrical Nerve Stimulation (TENS) devices and Spinal Cord Stimulation (SCS) devices. Besides, Ablation devices are further segmented into RF ablation devices and cryoablation devices.

By the mode of type of pain management drugs, the market is segmented as Non-Steroidal Anti-Inflammatory Drugs (NSAIDS), anticonvulsants, anesthetics, opioids, antimigraine agents, antidepressants, and others. The opioids segment is further classified as oxycodone, hydrocodone, tramadol, morphine, codeine, fentanyl, meperidine, methadone, and others.

By the mode of indication, the market has been divided as neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, fibromyalgia, chronic back pain, arthritic pain, migraine, post-operative pain, and others.

By the mode of purchase, the market is classified as over the counter and prescription-based.

By the mode of end-user, the market is divided as hospitals and clinics, pharmaceutical companies, medical device companies, research and academic institutes, and others.

Pain Management Market Regional Outlook

Regionally, the global pain management market has covered the main regions of the Americas, Europe, Asia Pacific, and The Middle East and Africa.

The Americas are reported to lead the pain management market share owing to the swelling incidence of chronic pain, well-developed technology, high healthcare expenditure, and the impact of leading players. According to a report published in the Drug and Alcohol Dependence Journal in 2017, it is studied that more than 100 million adult Americans suffer chronic pain. Chronic low back pain and headaches are the most commonly diagnosed and stated that these conditions are more prevalent in women than men, i.e., 34.3% in women and 26.7% in men in the United States.

Europe is reported to be at the second position in the pain management market and is probable that the growing contribution towards research and development and increasing competition among marketers will likely to drive the European pain management market during the forecast period.

Whereas, the Asia Pacific is the fastest growing pain management market owing to the presence of a long queue of patients, increasing demand for treatments, and growing healthcare expenditure. As per the data recommended by the Australian Institute of Health and Welfare during 2015 to 2016, the total health expenditure was nearly USD 170.4 billion, i.e., 3.6% higher than the expense of 2014 to 2015.

The Middle East and Africa hold the lowest share of the global pain management market as it has low development, lack of technical knowledge, and inadequate medical facilities.

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