Report : South & Central America Pain Management Devices Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product Type (Neuromodulation Devices, Ablation Devices, Analgesic Infusion Pumps); Application (Neuropathic Pain, Cancer Pain, Facial Pain and Migraine, Musculoskeletal Pain, Others), Country
Neuromodulation Devices Segment to Lead the Market During Forecast Period
According to The Insight Partners market research study of “South and Central America Pain Management Devices Market Forecast to 2027 – COVID-19 Impact and Analysis – by Product and Application,” the market is projected to reach US$ 477.32 million by 2027 from US$ 276.75 million in 2019. The market is estimated to grow at a CAGR of 7.1% from 2020 to 2027. The report highlights trends prevailing in the South and Central America pain management devices market, and the factors driving and restraining the growth of the market.
Based on product, the South and Central America pain management devices market is segmented into neuromodulation devices, ablation devices, and analgesic infusion pumps. The neuromodulation devices segment is further bifucated into transcutaneous electrical nerve stimulation (TENS) devices and spinal cord stimulation (SCS) devices. 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. Neuromodulation devices are technically advanced and designed to treat migraine attacks and cluster headaches. A neuromodulation device is often known as neurostimulator and is of two types—portable and implantable. The device uses electric currents or magnetic fields to control signaling activity generated in the brain. It enhances or suppresses the nervous system activities to reduce pain. The US Food and Drug Administration (FDA) has issued a few approvals for neuromodulation devices to treat migraines.
The South and Central America pain management devices market is expected to grow due to growing incidence of chronic pain and initiatives by market players during the forecast period. However, the high cost of these devices restricts the market growth among the middle-income countries.
Pfizer Inc, Abbott, Boston Scientific Corporation, Medtronic, and BD are among the companies operating in the South and Central America pain management devices market.
The report segments in South and Central America Pain management devices market as follows: