By 2021, the pain management devices market is expected to experience substantial growth, according to MarketsandMarkets' "Pain Management Devices Market by Device Type, Application, by Mode of Purchase - Global Forecasts to 2021."
Here are five things to know:
1. By 2021, the devices market is projected to hit $4.64 billion, with a compound annual growth rate of 8.5 percent.
2. The increasing demand for long-term pain management among the geriatric population and pain medications' adverse effects are fueling market growth.
3. Additionally, market drivers include spinal cord simulation devices' reimbursement in developing countries as well as pain management devices' proven efficacy in treating chronic pain.
4. Low awareness pertaining to the devices' availabtly and use, a pain specialists' shortage, few pain clinics in different countries and pain management devices' high procedure and purchase cost pose as market barriers.
5. Key vendors include Medtronic, Boston Scientific and St. Jude Medical.
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