Steady Growth in Drug and Device Markets for Pain Management; Device Technology Evolving, Reports BCC Research
Wellesley, Mass. (PRWEB) October 08, 2015 -- Manufacturers have attempted to create assorted and advanced products in order to give clinicians a wider range of choices for pain management. BCC Research reveals in its new report that as the population ages and regulatory and cost issues lead to reduced hospital stays and increased home care and other forms of long-term care, awareness of the real costs associated with pain management is growing.
This study focuses on the market for pain management, consisting of drugs and devices. Prescription pharmaceuticals include a number of market-leading pain management products, while the pain management device segment offers a different approach to pain treatment.
The global market for pain management pharmaceuticals and devices by revenue at manufacturers’ sales levels is projected to reach nearly $37.8 billion and $44.3 billion in 2015 and 2020, respectively, reflecting a five-year (2015-2020) compound annual growth rate (CAGR) of 3.2%. The pain management drug market segment is projected to reach $34.6 billion and $40.8 billion in 2015 and 2020, respectively, demonstrating a five-year CAGR of 3.3%. This category will generate the majority of sales (92%) during the forecast period. The pain management devices market should reach $3.1 billion in 2015 and $3.5 billion in 2020, reflecting a five-year CAGR of 2.3%.
Several factors that should continue to fuel market growth include aging populations, a steady number of patients requiring surgery (especially outpatient surgeries), an increasing number of cancer and chronic disease patients needing pain management, an increasing awareness of the necessity of adequate pain management by the healthcare industry, and lengthening survival rates of patients with critical diseases.
The pain management drug market should see particularly strong growth in the migraine segment and the other treatment segment, while sales in the anesthetic, narcotic and non-narcotic segments will remain relatively stable. In the device market, technological advancements and device sophistication should generally increase market revenues over the forecast period despite saturated market conditions in some segments.
“The number of pain management devices available is also expected to increase as device technology evolves. As new technologies are introduced with additional features that focus on patient use, safety and modes of operation to provide increased analgesic effect, the market is poised for healthy growth,” says BCC Research analyst Melissa Elder. “Manufacturers of pain devices aimed at alternate sites and developers of outpatient pain device products will experience healthy growth due to the current cost-conscious environment.”
The Global Market for Pain Management Drugs and Devices (HLC026E) reports on the market for pain management, including an examination acute versus chronic pain, treatments, and regulatory issues facing healthcare workers. The study also analyzes product categories, use of products, industry competition, and forecasts trends and revenue through 2020.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming(at)bccresearch(dot)com.
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world’s greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at http://www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email information(at)bccresearch(dot)com.
Steven Cumming, BCC Research, http://www.bccresearch.com, +1 (781) 489-7301 Ext: 632, [email protected]
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