Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Pain Management Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”

LOS ANGELES, Jan. 29, 2021 (GLOBE NEWSWIRE) -- The Global Pain Management Market is anticipated to grow at a CAGR of around 6.5% during the forecast period 2020 to 2027 and to reach around US$ 65.8 Bn by 2027.

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The market in North America is expected to account for significant revenue share in the global pain management market due to increasing number of patients suffering from chronic pain. According to U.S. Department of Health & Human Services in 2016, an estimated 20.4% of U.S. adults (50.0 million) had chronic pain and 8.0% of U.S. adults (19.6 million) had high-impact chronic pain.

Gradual increase in number of patients suffering from cancer, diabetes, etc. is resulting in demand from pain management. The government approach towards enhancing patient care along with inclination towards strengthening the present infrastructure in order to receive better homecare are factors expected to impact the growth of target market.

Major players are investing high for R&D activities along with focus on introduction of innovative solutions in order to increase the revenue share is expected to augment the growth of target market. In addition, increasing merger and acquisition activities by major players in order to enhance the product portfolio and increase the customer base is expected to boost the regional market growth.

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The market in Asia Pacific is expected to account for significant revenue share in the target market due to developing regulatory scenario and high government spending on the development of healthcare sector. In addition, rising government initiatives in order to increase the awareness among patients related to pain management and collaborative work for R&D activities are factors expected to support the growth of target market.

Players are focused on enhancing the business presence in developing countries owing to rising competition and untapped market that is expected to increase the revenue share. Increasing number of patients suffering from chronic cancer, diabetes, etc., governments focus on providing advanced care facilities, and introduction of smart devices from major players are major factors expected to drive the growth of global pain management market. In addition, surge in demand for pain management device from hospitals in order to treat the elderly patients suffering from migraine and musculoskeletal disorders are expected to positively impact the revenue growth of target market.

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Business development activities by major players in order to strengthen its position in target market are expected to augment the growth of target market.

• In 2018, NeuroPace launched RNS system for treatment of refractory epilepsy. This is expected to help the company to enhance the customer base.
• In 2019, Boston Scientific Corp. launched Spectra WaveWriter™ Spinal Cord Stimulator System for treatment of chronic pain and simultaneously combine paresthesia-based and sub-perception therapy in Europe. This is expected to help the company to strengthen its position in Europe.
• In 2019, NeuroPace, Inc. launched Senza® Omnia™ Spinal Cord Stimulation System in the US for the treatment of chronic pain. This is expected to help the company to enhance the product portfolio and enhance the profit ratio.
• In 2018, Abbott a multinational medical devices and health care company signed an agreement with National Institutes of Health (NIH), US in order to provide neuromodulation technologies, including directional DBS, SCS, and DRG therapy, for NIH research and further explore the applications.

However, factors such as high cost of devices and stringent government regulations related to product approval are expected to hamper the growth of global pain management market. In addition, lack of advanced infrastructure in developing countries for adoption of advanced devices is expected to challenge the growth of target market.

Players operating in the global pain management market are Abbott Laboratories, AstraZeneca PLC, Baxter International Inc., Becton, Dickinson and Company, Boston Scientific Corporation, Fresenius SE & Co. KGaA, GlaxoSmithKline PLC, Johnson & Johnson, Medtronic PLC, Novartis International AG, and Pfizer Inc. The market is highly competitive due to presence of large number of players operating on global level. 

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