Pain is a type of unpleasant physical sensation caused by illness or injury. The pain management industry is largely categorized into, physical and medicinal treatment. The pain arising from the cancer therapies and trauma injuries have increased the demand for effective pain management. Increased focus of manufactures on ambulatory pain management solution, commercialization pain management drugs with minimal side effects and reformed reimbursement policies are the factors shaping the growth prospect of pain therapeutics solutions market, globally.
Pain Therapeutic Solutions Market: Drivers and Restraints
Factors such as rising geriatric populations, increased focus on palliative care treatment, supportive regulations and reimbursement for pain management treatment, growing healthcare expenditures and increasing prevalence of cancer patients which led to cancer pain are driving the growth of pain therapeutics solutions market. Moreover, the continuous focus of pharmaceutical and medical devices manufacturing companies to commercialize more cost effective products and increasing cases of trauma and accidental injuries is boosting the market growth. However, chronic side effects, limited availability, lack of awareness for advanced pain medication and higher probabilities of addiction from pain medicines would impede the growth of pain therapeutics market.
Pain Therapeutic Solutions Market: Segmentation
The global pain therapeutic solutions market is segmented based on, devices, drugs, disease conditions, and, end users.
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Based on Devices, the global pain therapeutic solutions market is segmented into the following:
- Electrical Stimulation Devices (ESDs)
- Radiofrequency (RF) Ablation Devices
- Analgesic Infusion Pumps
- Neurostimulation Devices
- Spinal Cord Stimulators
Based on Drugs, the global pain therapeutic solutions market is segmented into the following:
- Narcotics Painkiller
- Non-Narcotic Analgesics
- Nonsteroidal Anti-Inflammatory Drug (NSAID)
- Muscle Relaxants
- Anti-Anxiety Drugs
- Others (anticonvulsant, antidepressants, corticosteroids)
Based on Disease Condition, the global pain therapeutic solutions market is segmented into the following:
- Cancer Pain
- Trauma or Injury
- Surgical Pain
- Pain Arising from diseases
- Terminal Conditions
- Neuropathic Pain
- Others (Diarrhea, Cough)
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Based on End-Use, the global pain therapeutic solutions market is segmented into the following:
- Ambulatory Surgical Centers
Pain Therapeutic Solutions Market: Overview
Based on devices type, the global pain therapeutics market is segmented into, electrical stimulation devices (ESDs), radiofrequency (RF) ablation devices, analgesic infusion pumps, neurostimulation devices and spinal cord stimulators. RF ablation devices and electrical stimulation devices would collectively hold the largest market share in terms of revenue in 2015. Based on drug type, the global pain therapeutics market is segmented into, narcotics painkiller, non-narcotic analgesics, Nonsteroidal Anti-Inflammatory Drug (NSAID), muscle relaxants, anti-anxiety drugs and others. Non-narcotic analgesics, Nonsteroidal Anti-Inflammatory Drug (NSAID) are the leading market segment owing to its low cost and easy availability. Based on disease conditions, the global pain therapeutics market is segmented into, cancer pain, trauma or injury, surgical pain, anesthesia, pain arising from diseases, terminal conditions, neuropathic pain and others. Cancer pain, trauma or injury pain would be the leading segment throughout the analysis period, owing to increased incidence of cancer and accidental injuries respectively.
Pain Therapeutic Solutions Market: Region-wise Outlook
Based on geography, the global pain therapeutics market is segmented into North America, Europe, Asia Pacific, and MEA. North America and Europe would be the highest revenue generating region in 2014, owing to high awareness for pain management and palliative care and favorable reimbursement policies for post-operative treatment. However, Asia Pacific is expected to exhibit faster growth rate, owing to large consumer based seeking for pain management, and reformed regulatory guidelines for the commercial used of pain management drugs
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Pain Therapeutic Solutions Market: Key Players
Key companies operating in pain management devices market are Baxter International Inc., Bio-Medical Research (BMR) Ltd., Boston Scientific Corporation, Halyard Health, Hospira, Inc., Medtronic plc, St. Jude Medical, Smiths Medical, and Stryker Corporation. Key companies operating in pain management drug market are Pfizer Inc., Purdue Pharma, Boehringer Ingelheim, Janssen Pharmaceuticals, Inc., Actavis Plc., Sanofi, Sun Pharmaceutical Industries Ltd., Mallinckrodt Pharmaceuticals, Endo Pharmaceuticals Inc. and Egalet.
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Mr. Sudip Saha