Global pain management devices market likely to reach USD 6.3 billion in 2023

According to Transparency Market Research’s report, the global pain management devices market is expected to reach USD 6.3 billion in 2023 by growing at a CAGR of 7.6%. The market reported revenue of USD 3.2 billion in 2014. Pain management devices are used by patients suffering from both chronic pain and acute pain. These may be implantable or non-implantable. The factors driving the growth of the market include rapid industrialization of advanced therapeutic devices, better reimbursement policies, rising cases of chronic medical conditions, and an increasing geriatric population base. On the other hand, there are factors such as implementation of the medical device tax and the Affordable Care Act and associated risks with neurostimulation implant procedures, which may limit the growth of the market. Geographically, North America held the biggest share in the global pain management devices market in 2014. Asia Pacific is projected to witness the highest growth rate through the forecast period.