The pain management device market is driven by breakthroughs in pain management devices and the increasing prevalence of chronic pain conditions. Based on data from 2019 to 2021, The National Center for Biotechnology Information (NCBI) estimated that around 25 million Americans experience daily chronic pain, indicating that this issue has reached endemic levels. The National Center for Biotechnology Information (NCBI), basing its analysis on 2019-2021 data, estimates the daily chronic pain levels among Americans to endemic levels of approximately 25 million people.
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In this regard, it is important to note that the economic cost and the burden on society is also substantial. In comparison to medication, novel technology such as radiofrequency ablation devices and spinal cord stimulators are less invasive and have a lower risk of side effects than conventional therapies. As a result, the number of patients utilizing pain management devices is increasing, further stimulating the market growth.
Market Trends:
Rising demand for non-invasive pain management alternatives: Minimally invasive devices are non-surgical in nature, reduce the length of hospitalization, and allow for quick recovery when compared to other forms of treatment such as surgical operation. As a result, many practitioners and patients are being encouraged to change their focus to minimally invasive therapies.
As a result, there is every indication that the market for minimally invasive procedures will continue to grow considerably due to improving technology and an increasing desire to manage pain effectively.
Interest in radiofrequency ablation technology is increasing: Radiofrequency ablation is gaining popularity since it provides localized pain relief with minimal side effects and faster procedure times. More and more advanced devices are being researched by the manufacturers to improve the capabilities of ablation.
Pain Management Devices Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$4,280.9 million |
|
Estimated Value by 2030 |
$6,670 million |
|
Growth Rate |
Poised to grow at a CAGR of 6.5% |
|
Historical Data |
2018–2021 |
|
Forecast Period |
2020–2030 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Type, By Application, By End User: |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
• Integration of artificial technology in pain management devices. |
|
Restraints & Challenges |
• Lack of awareness and strict market regulations |
Market Opportunity:
As neuromodulation devices advance, they are expected to dominate the pain management market by effectively blocking pain signals.
Neuromodulation Devices Use and Expected Growth: For example, Spinal cord stimulation (SCS) can cut pain by as high as 70%, hence creating great prospects for the manufacturers.
Increasing Need for Neuromodulation Devices: An increasing number of cases of chronic pain especially back pain, is resulting in growing need for neuromodulation devices. Based on a report published in July 2021 by the CDC given that two in every ten adults report suffering from back pain, it goes without saying that there is a substantial market opportunity for effective treatment.
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Proliferation of Non-Pharmacological and Non-Invasive Treatment Methods: More patients are turning to non-pharmacological approaches as an alternative to opioids. It is also revealed through surveys that more than 60% of people would rather use more non-invasive efforts (such as neuromodulation) and therefore, demand keeps increasing.
Expansion of Analgesic Infusion Pumps Market: Analgesic infusion pumps are becoming increasingly more popular as the devices are effective in targeting the site of pain with the needed dose of pain. Continuous infusers are designed to provide consistent and controlled delivery of pain relief medications, which can enhance overall pain management for patients and this indicates a continuous increase in this market.
Key Market Takeaways:
Given the increase in the instances of chronic pain conditions and the preference for non-drug therapies both among patients and physicians, the global market for pain management devices is expected to record a CAGR of 6.5 % for the forecast period of 2023 to 2030.
On the basis of type, the neuromodulation segment is expected to maintain a higher share during the forecast period. This is attributed to advantages such as long-term pain alleviation through a non-surgical method.
As per application, the neuropathic pain segment is presently the largest market segment. due toThis is owing to the high incidence of such pain due to diabetes and chemotherapy. A review published in Nature Reviews Disease Primers estimates that up to 50% of patients suffering from diabetic conditions develop peripheral neuropathy in an advanced stage of the disease which contributes highly to the neuropathic pain market.
By end user, the segment of hospitals and clinics segment dominates owing to advanced treatment procedures and favorable scope for treatment. For instance, cancer treatment in India is offered by Max Healthcare which involves chemotherapy, radiotherapy, and very minimal invasive surgeries.
Geographically, North America is expected to hold a dominant position over the forecast period. This is driven by increasing healthcare spending, a growing population of obese and elderly individuals experiencing chronic pain, and the early introduction of advanced devices in the region.
Competitor Insights:
- Striker Corporation
Pfizer Inc.
- Medtronic Plc.
- Baxter International Inc.
- Braun Melsungen AG
- Abbot Laboratories
- Bexson Biomedical Inc.
- SPR Therapeutics
- Lumaflex
Recent Developments:
In January 2023, Medtronic Plc. announced the launch of its new pain management device. The device is designed to provide targeted relief for chronic pain patients, enhancing their treatment options and improving patient outcomes.
In March 2023, Pfizer Inc. expanded its portfolio by introducing a novel pain relief medication that complements its existing pain management devices, aiming to provide a comprehensive solution for patients suffering from various pain conditions.
In February 2023, Baxter International Inc. received U.S. FDA approval for its innovative pain management pump. This, pump which allows for more precise delivery of analgesics, improving patient comfort during recovery.
In April 2023, Striker Corporation unveiled a new line of advanced surgical tools that integrate with their its pain management devices, aimed at enhancing surgical precision and minimizing postoperative pain for patients.
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Detailed Segmentation:
By Type:
- Neuromodulation & Neurostimulation Devices
- Analgesic Infusion Pumps
- Ablation Devices
By Application:
- Neuropathic Pain
- Cancer Pain
- Facial & Migraine Pain
- Musculoskeletal Pain
- Others
By End User:
- Hospitals
- Clinics
- Others
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
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