The market is anticipated to grow at a CAGR of 8. 7% from 2020 to 2027. Factors such as rise in incidence of chronic diseases and pain and increase in geriatric population are anticipated to boost the growth of the Asia Pacific pain management devices market.
New York, Oct. 08, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia Pacific Pain Management Devices Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product Type ; Application, Country" - https://www.reportlinker.com/p05974334/?utm_source=GNW
On the other hand, the market is likely to have negative impact due to high purchase cost of pain management devices.
Increase in number of geriatric population across the world is estimated to be the largest-growing segment.Majority of older adults live with chronic pain, resulting in reduced strength to carry out their daily routine.
As a person grows old, incidence of chronic pain increases, and it continues to rise after 65 years of age.The aging population widely suffers from bone and joint disorders, cancer, arthritis, and other chronic diseases linked to pain.
Thus, demand for pain management devices is higher among the elderly population.In 2012, 30 million people in Japan were aged over 65 years and the figure is projected to reach 39 million by 2030.
Japan’s aging population is increasing rapidly. As per the World Economic Forum in 2019, 25% of Japan’s population is above 65 years old and is expected to rise to 60% by 2060. Owing to increase in aging population, demand for pain management devices in the country is likely to increase during the forecast period.
Moreover, companies in India are taking the initiative to develop pain management devices.For instance, in September 2013, DJO Global announced plans to launch 10 pain management devices in India.
The company has also planned to start its operations in India, beginning with 40 distribution locations across the country.
Developing countries, such as India, China, and Australia, are experiencing significant growth in geriatric population.This can be attributed to improved healthcare facilities and better healthcare services, which has resulted in increased life expectancy.
Thus, increase in geriatric population and rise in development of pain management devices by local market players are expected to boost the growth of the APAC pain management devices market.
Based on product, the Asia Pacific pain management devices market is segmented into neuromodulation devices, ablation devices, and analgesic infusion pumps.The neuromodulation devices segment held the largest share of the market in 2019.
However, the ablation devices segment is estimated to register the highest CAGR during the forecast period.
In terms of application, the Asia Pacific pain management devices market is segmented into neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, and others.The neuropathic pain segment held the largest share of the market in 2019.
The musculoskeletal pain segment is estimated to register the highest CAGR during the forecast period.
A few major primary and secondary sources referred to while preparing the Asia Pacific pain management devices market report are World Health Organization and American Health Association, among others.
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