The prevalence of chronic conditions is a factor that is driving the rising pain management devices market, according to a new report from Transparency Market Research.

According to the report—“Pain Management Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023″—the global pain management devices market was valued at US$3.2 billion in 2014 and is projected to expand at a CAGR of 7.6% from 2015 to 2023 to reach $6.3 billion in 2023.

Other factors that could be likely to boost the growth of the market are the commercialization of technologically advanced therapeutic products, changing patient pool demographics and increasing geriatric population, and the encouraging reimbursement policies, a media release from Transparency Market Research explains.

However, per the release, factors that could hamper this growth include the risks associated with neurostimulation implant procedures, low endorsement from regulatory bodies, and the presence of an alternative pharmacotherapy regimen.

For more information, visit Transparency Market Research.

[Source(s): Transparency Market Research, PR Newswire]