BURLINGTON, Mass., April 9, 2014 /PRNewswire/ -- Decision Resources Group finds that the United States market for pain management devices will expand to reach a value of nearly $2.7 billion by 2022. This growth will primarily be driven by an increased focus on pain management as a result of Centers for Medicare & Medicaid Services incentives for facilities with high patient satisfaction ratings as well as pain research initiatives from the Affordable Care Act. Health care facilities will also place a rising emphasis on pain management—especially postoperative pain—to minimize hospital stays and thereby reduce overall costs.
Other key findings from the Medtech 360 report entitled US Markets for Pain Management Devices 2014:
- Elderly and obese populations: In addition to the initiatives mentioned above, the growing elderly and obese populations will result in a rising number of people suffering from disorders that result in pain and are therefore treated with a pain management device.
- Conservative therapies: A large number of conservative therapies compete with pain management devices—including physical therapy, occupational therapy and pharmaceuticals—and these treatments will hinder market growth. In particular, there has been rising emphasis on conservative treatments that reduce stress and improve mental health as a means of alleviating pain. This emphasis on wellness and preventative health will limit the use of pain management devices to some extent.
- Reimbursement cuts: Cuts to reimbursement for spinal injections such as epidurals will mean that these procedures will no longer be profitable, resulting in the closure of some alternative pain management facilities in the U.S.
- BTX and infusion pain pumps: Botulinum toxin (BTX) injections will continue to see rapid adoption for the treatment of migraine pain as awareness of this indication rises, driving unit expansion in the overall injection segment. Infusion pain pumps will also see strong adoption through 2022, given that these devices are commonly used in the postoperative setting, where increased use of pain management therapies is prominent.
Comments from Decision Resources Group Lead Analyst Deanna Edmunds:
- "The market is very diverse; currently, only a handful of companies compete in multiple segments. Players that do offer multiple product types will be at an advantage going forward because they not only can bundle products for physicians, but can also court high-volume, multiproduct contracts with group purchasing organizations."
- "The spinal cord stimulation device segment earns the most revenues in the U.S. pain management device market, largely due to the high price of these products. Many of these devices were implanted over the last decade or so and are now requiring replacements as they reach the end of their life spans, supporting market revenues over the long term."
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