Pain Management Market Estimated to Grow Substantially at a 6% CAGR between 2018 to 2023
Pain is a complex medical issue usually caused by and creates physical and mental discomfort to the patient. Pain management is one of the most common medical condition treated by medical professionals, occurring due to tissue damage, or disease. Necessary treatment depends on the intensity of the pain, which varies from person to person and may require either simple or complicated treatment procedures such as pharmacological therapy or non-pharmacological therapy such as medical devices.
The market growth of the global Pain Management Market is estimated to rise primarily due to the ever-increasing dependency of patients on painkiller medication. According to Market Research Future (MRFR), the growing investment in creating non-opioid medication to reduce addiction to opioid drugs is assessed as a factor influencing the market significantly over the forecast period of 2018 to 2023 and the market is estimated to rise at a 6% CAGR.
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Pain Management Market Key Players
Key players identified in the global pain management market are 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.
- Pharmaceutical Companies
- Medical Devices Companies
- Research and Development (R&D) Companies
- Government Research Institutes
- Academic Institutes and Universities
Pain Management Market Segmental Analysis
The global pain management market has been segmented based on the type of pain management device, type of pain management drug, indication, mode of purchase, end-user, and region.
Based on the type of pain management device, the market is segmented into the neurostimulation device, analgesic infusion pump, an ablation device. The neurostimulation device segment is segmented into Transcutaneous Electrical Nerve Stimulation (TENS) devices and Spinal Cord Stimulation (SCS) devices. Ablation devices are segmented into RF ablation devices and cryoablation devices.
Based on the type of pain management drug, the market has been segmented as Non-Steroidal Anti-Inflammatory Drugs (NSAIDs), anticonvulsants, anesthetics, opioids, antimigraine agents, antidepressants, and others. The opioids section is segmented as oxycodone, hydrocodone, tramadol, morphine, codeine, fentanyl, meperidine, methadone, and others.
Based on indication, the pain management market has been segmented into, neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, fibromyalgia, chronic back pain, arthritic pain, migraine, post-operative pain, others. The musculoskeletal pain segment is estimated to hold the largest market share while the cancer pain segment is assessed to witness the highest growth rate over the forecast period influenced by the rising number of cancer patients, and the treatment methods, such as the drugs, and procedures are estimated to contribute to the market share.
Based on the mode of purchase, the market is segmented into over-the-counter and prescription-based.
Based on the end-user, the market is segmented into hospitals and clinics, pharmaceutical companies, medical device companies, research and academic institutes, and others.
Based on regions, the global pain management market has been segmented into North & South America, Europe, Asia Pacific, and Middle East & Africa.
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Pain Management Market Regional Analysis
North & South American regional market is leading the market share of the global pain management market and is estimated to sustain its dominant market position over the forecast period, owing to the growing prevalence of chronic pain and illness, technologically advanced medical devices, significant healthcare expenditure, and the presence of leading global market players and pain specialist doctors. The most frequently diagnosed medical conditions are low back pain, and headaches.
Europe is assessed as the second largest regional market for pain management and is estimated to rise significantly over the forecast period influenced by factors such as the increasing investments towards research and development of pain management devices and drugs.
Asia Pacific region is estimated to rise as the fastest growing pain management regional market due to its high number of patients, which increases the demand for treatment and has created a rise in the healthcare expenditure.
The Middle East and Africa hold a comparatively lower market share of the global pain management market due to the low rate of development, lack of medical knowledge, professionals and facilities.
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Table Of Contents:
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
5.1.2 Bargaining Power Of Buyers
5.1.3 Threat Of New Entrants
5.1.4 Threat Of Substitutes
5.1.5 Intensity Of Rivalry
5.2 Value Chain Analysis
5.3 Investment Feasibility Analysis
5.4 Pricing Analysis
Chapter 6. Global Pain Management Market, By Type Of Pain Management Devices
6.2 Neurostimulation Devices
6.2.1 Market Estimates & Forecast, 2018–2023
…To be Continued.
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This is likely to remain a threat in the Pain Management Market over the forecast period, as the increasing financial implications of the healthcare sector have raised the stakes for players operating in the industry.
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