Published By : 20 Apr 2016 | Published By : QYRESEARCH
Since several decades, the multi-billion dollar pain management devices market has been extending services to the global marketplace by means of a large number of pain alleviating devices. Nevertheless, it is the current rise in awareness about the rising epidemic of chronic pain globally that the pain management devices market is progressing expeditiously.
Pain is a global phenomenon. As per analysts findings, almost 20% of adults worldwide suffer from pain and almost 10% new patients are detected with chronic pain every year. Despite this, pain has not been addressed as a public health issue by public health practitioners and researchers alike. However, the scenario is rapidly changing with pain management becoming a high priority for health practitioners, medical device manufacturers, and government agencies. This is because advanced pain management devices and therapeutics are increasingly becoming available and commercialization of these products is making them available at distant parts of the world.
The high prevalence of chronic diseases such as heart diseases, cancer, obesity, type 2 diabetes, and arthritis is one of the most common societal problems that health agencies are grappling with presently. The diseases are also related to be the leading cause of mortality across the world. As per statistics of the U.S. National Council, in 2013, in the U.S. alone, 133 million individuals were affected with chronic diseases, which represented more than 40% of the country’s total population. By 2020, this number is estimated to rise to 157 million.
In other parts of the world too, with a staggering rise in the number of individuals living with one or more chronic diseases, this opens immense growth prospects for the pain management devices market. As per statistics of the United Nations World Prospects, in 2013, 840 million individuals were above the age of 60 years or 12% of the global population. An increasing geriatric pool that are susceptible to age-related health conditions correlates with the increasing need for a diverse healthcare services, one of which is for chronic pain.