Unfortunately, managing chronic and acute pain appears to be a rapidly increasing concern within the medical device market, especially considering the growing population of those over the age of 65. A new report by Transparency Market Research “Pain Management Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023” indicates just that with a projected value of $6.3 billion by 2023.
With both implantable and non-implantable devices continuing to emerge, technologies such as implantable intrathecal drug administration and drug pumps are being developed to help patients suffering from pain. A greater research and development understanding is contributing to this growth.
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According to the report, electrical stimulation devices, radiofrequency ablation devices, analgesic infusion pumps and neurostimulation devices collectively formed the overall majority of the pain management devices market.
For this analysis, companies profiled included Baxter International Inc., Bio-Medical Research (BMR) Ltd., Boston Scientific Corporation, Codman & Shurtleff, Inc., DJO Global, Inc., Halyard Health, Hospira, Inc., Medtronic plc, St. Jude Medical, Smiths Medical and Stryker Corporation. It was also pointed out that collaboration and acquisitions were highlighted as a key part of growth in the market.
Photo: Flickr user Keith Cooper
