The global pain management devices market is expanding growth at a CAGR of 8.5% during the forecast period and is expected to hit around US$ 7.25 billion by 2028.
The global pain management devices market is expanding growth at a CAGR of 8.5% during the forecast period and is expected to hit around US$ 7.25 billion by 2028.
According to Precedence Research, the global pain management devices market size was valued at US$ 4.11 billion in 2021. The pain management devices are used for the treatment of pain related issues. The pain which can be treated with pain management devices are musculoskeletal pain, cancer pain, and neuropathic pain. There are wide range of pain management devices such as electrical stimulation devices, infusion pumps, radiofrequency ablation devices, and neuromodulation devices. The pain management devices are used by hospitals and clinics and physiotherapy centers.
The surge in the number of geriatric populations is driving the growth of the global pain management devices market during the forecast period. The pain management devices are widely used by old people. The aged people experience pains and injuries a lot as compared to young people. Most of the people go through surgeries and operations. All these factors have raised the demand for pain management devices globally.
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Nowadays, the patients are visiting physiotherapists for pain treatment on a large scale. Also, the concept of pain rehabilitation center is emerging rapidly. All these places have huge demand for pain management devices. In addition, the rising prevalence of cancer and chronic diseases is boosting the growth of the global pain management devices market. Furthermore, the government of developed and developing regions is taking initiatives for the growth and development of pain management devices market.
Moreover, the demand for pain management devices is rising due to growing healthcare awareness and spending on the treatment of pain. On the other hand, the high cost of pain management devices and availability of substitute products is hampering the growth of the global pain management devices market over the projected period.
Report Highlights:
- Based on the product type, the neuromodulationsegment dominated the global pain management devices market in 2020 with largest market share. The growth of the segment is attributed to the rising prevalence of neurological disorders. Furthermore, the growing geriatric population is also driving the segment growth.
- On the basis of application, the neuropathysegment holds the largest market share the global pain management devices market in 2020. This is attributed to the growing population with neurological disorders.
- Based on the end user, the physiotherapy centers segment dominated the global pain management devices market in 2020 with largest market share. The physiotherapy is basically center for the treatment of bone pain related problems. The pain management devices are highly adopted by physiotherapy centers.
- North America is the largest segment for pain management devices market in terms of region. The growth of the pain management devices market in this region is due to the growing reimbursement policies and healthcare infrastructure.
- Europe region is the fastest growing region in the pain management devices market.This is due to the technological advancements and growing research and development initiatives. In addition, the presence of key market players is also driving the growth of the pain management devices market in the region.
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Future of Pain Management Devices Market
Initially, the drugs and medications were used on a large scale for the diagnostics and treatment of pain related ailments. But due to technological advancements and innovation, the healthcare firms started to adopt pain management devices for the treatment. Thus, gradually the adoption of pain management devices grew at a steady pace. The patients have also understood the importance of pain management devices which is creating growth prospects for the pain management devices in the near future.
COVID-19 Impact Analysis:
- The impact of COVID-19 epidemic on the expansion and development of the global pain management devices market was quite negative.
- The key market players experienced huge loss for their business, which also impacted the pain management devices market.
- Due to lockdown restrictions, the number of hospitals and healthcare centers experienced decline in the number of patients’ visits.
- In addition, the government issued guidelines where hospitals can only treat COVID-19 patients, which bought drastic change in the pain management devices market.
Key Developments in the Marketplace:
- Medtronic released Efficio, a data management software for the SynchroMed II intrathecal medication delivery system, in January 2020.
- Smiths’ Medical released the CADD-Solis ambulatory infusion pump version 4.2 in October 2020. This latest type of the wireless two directional pump will assist in the integrate the pain management information with the patient’s electronic medical records.
- Stryker bought Arrinex, a medical device firm that developed ClariFix, a new cryoablation method for treating persistent rhinitis, in February 2019.
- Medtronic declared the introduction of the InterStim Micro Neurostimulator, a Food and Drug Administration approved neurostimulator, in August 2020.
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Segments Covered in the Report
By Product Type
- Electrical Stimulation Devices
- TENS
- Others
- Radiofrequency (RF) Ablation Devices
- Neuromodulation Devices
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Sacral Neurostimulators
- Others
- Infusion Pumps
- Intrathecal Infusion Pumps
- External Infusion Pumps
By Application
- Musculoskeletal
- Brain
- Cancer
- Neuropathy
- Others
By End User
- Physiotherapy Centers
- Hospitals and Clinics
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- MEA
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