Recent Developments in the Pain Management Devices Market
Global pain management devices market is growing at a considerable CAGR of 7.3% during the forecast period (2024-2031). The market growth is driven by the increasing prevalence of chronic diseases with the easy availability of technically advanced pain management devices. Additionally, supportive reimbursement policies and the adverse effects of pain medications are contributing to the market growth. However, the high cost of pain management devices, lack of awareness regarding the availability, and insufficiency of a pain specialist in underdeveloped and some emerging economies are restraining the market growth.
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The global pain management devices market is segmented by application (cancer pain, neuropathic pain, musculoskeletal pain, facial and migraine pain, other (trauma)), by device type (neurostimulators devices, analgesic infusion pumps, ablation devices), and by geographies (North America, Europe, Asia-Pacific, and Rest of the World).
The major players in the global pain management devices market include Abbott Laboratories, B. Braun Melsungen AG, Johnson & Johnson Services, Inc., Medtronic, NEVRO Corp., and Pfizer Inc. among others. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.
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