Asia Pacific Pain Management Devices Market to Grow at a CAGR of 8.7% to reach US$ 1,869.84 Million from 2020 to 2027

Asia Pacific 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

Publication Month : Aug 2020

  • Report Code : TIPRE00013267
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 90
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The Asia Pacific pain management devices market is expected to reach US$ 1,869.84 million by 2027 from US$ 969.30 million in 2019. The market is estimated to grow with a CAGR of 8.7 % from 2020 to 2027.

The growth of the market is driven by the factors such as, rising of chronic pain incidences and growing geriatric population. On the other hand, the market is likely to have negative impact due to high procedural and purchase cost of pain management device, such as its nearly impossible for the middle class to effort pain management devices .

The growing number of elderly populations across the world is estimated to be the largest-growing segment. The majority of older adults live with chronic pain, resulting in reduced strength to carry out their daily routine. As a person grows old, the incidences of chronic pain increase, 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, the demand for pain management devices is higher among the elderly population. For instance, In 2012, thirty 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 overgrowing. 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 the growing aging population, the country will require pain management devices to manage chronic pain within the aging population.

Moreover, the companies in India are also taking the initiative to develop pain management devices. For instance, In September 2013, DJO Global announced plans to launch ten pain management devices in India. The company has also planned to start its operations in India, beginning with 40 distribution locations across the country.

However, developed countries such as India, China, Australia are experiencing significant growth in the geriatric population. The growth of the geriatric population in these countries is driven by improved healthcare facilities and better healthcare services, which has resulted in increased life expectancy. Thus, the growing geriatric population, developments by local market players, across the APAC is among the major driving factor for the growth of the pain management devices market

Asia Pacific Pain Management Devices Market Revenue and Forecast to 2027 (US$ Mn)

Asia Pacific Pain Management Devices Market Revenue and Forecast to 2027 (US$ Mn)

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Asia Pacific Pain Management Devices Market – Market Segmentation

By Product

  • Neuromodulation Devices
    • Transcutaneous Electrical Nerve Stimulation (TENS) Devices
    • Spinal Cord Stimulation (SCS) Devices
  • Ablation Devices
    • Radiofrequency Ablation Devices
    • Cryoablation Devices
  • Analgesic Infusion Pumps
    • Intrathecal Infusion Pumps
    • External Infusion Pumps

By Application

  • Neuropathic Pain
  • Cancer Pain
  • Facial Pain and Migraine
  • Musculoskeletal Pain
  • Others

By Country

  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea

Company Profiles

  • Pfizer Inc
  • Abbott
  • Smith Group Plc
  • Medtronic
  • BD
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Product Type, Application, Country

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Australia, China, Japan, South Korea

  1. Pfizer Inc
  2. Abbott
  3. Smith Group Plc.
  4. Medtronic
  5. BD

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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