Markets and Markets, in a new report, forecasts that the global pain management devices market could reach an estimated $4.64 billion by 2021, at a CAGR of 8.5%, from 2016 to 2021.
Growth factors include the growing demand for long-term pain management among the geriatric population, large patient population base, adverse effects of pain medications, development of novel pain management devices, established reimbursement scenario for spinal cord stimulation (SCS) devices in developed countries, and high proven efficacy of pain management devices for the treatment of chronic pain, according to the report, per a media release from Markets and Markets.
On the other hand, growth restrictors include low awareness regarding the availability and use of pain management devices, shortage of pain specialists, low number of pain clinics in several countries, existence of a gap in prevalence and treatment of chronic pain, and high procedural and purchase cost of pain management devices.
Prescription-based pain-management devices are expected to account for the largest share of the market in 2016. However, the over-the-counter (OTC) devices segment of the market is estimated to grow the most during the forecast period due to the availability of a number of OTC devices in the market and the FDA approvals for new OTC devices in the coming years, per the release.
For more information, visit Markets and Markets.
[Source(s): Markets and Markets, PR Newswire]
