NON INVASIVE PAIN MANAGEMENT DEVICES MARKET ANALYSIS

Market Challenges And Opportunities

Supportive Government Initiatives: A much needed impetus for Non-invasive pain management devices market growth Developed economies such as the U.S., U.K. and Germany experience high rate of adoption due to better healthcare facilities and easy availability in these countries.  As per the report of the American academy of pain medicine, every year over 100 million people suffer from chronic pain, 25.8 million from diabetes, 16.3 million from coronary heart disease, and 11.9 million from cancer in the U.S. This number is expected to further increase in the near future. The increasing geriatric population, rising prevalence of spinal cord injuries and multiple sclerosis, and growing number of trauma cases is expected to boost growth of global noninvasive pain management device. Increasing funding initiatives by various government and non-governmental organizations such as National Institutes of Health (NIH) such as Brain Research through Advancing Innovative Neurotechnologies (BRAIN) aimed to better understand the human brain and harness the same for various therapeutic applications, including effective pain management, is expected to create a conducive environment for market growth. This initiative encourages collaboration of neurologists and scientists to accelerate development and application of various technologies. In March 2016, the national pain strategy was released by the office of the assistant secretary for health at the U.S. department of health and human services, which includes benefits for people suffering from chronic pain, which in turn is expected to be responsible for decline in prevalence of pain in pediatric and geriatric population, this is further projected to provide impetus to the non-invasive pain management devices market.