NEWARK, Del, April 29, 2024 (GLOBE NEWSWIRE) -- In accordance with the global pain management device market report by Future Market Insights (FMI), the market is moving forward strongly with a CAGR of 9% during the forecast period 2022 to 2032, totaling a valuation of over US$ 5.68 Billion by the end of 2032.
The high costs associated with hospitalization have increased the need for shorter hospital stays and a shift to less expensive care settings such as pain management devices, which augments the market growth of pain management devices.
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According to the NCBI, over 51 million inpatient surgical procedures are performed in the United States alone each year, with approximately 90 per cent of all hospitalized patients receiving medications via IV. So, the sales of pain management devices such as infusion therapy spikes as the number of surgeries performed rises.
Other factors that contribute to the market's growth include an increase in demand for pain management devices in developing countries and a rise in the adoption of pain management devices to treat chronic pain.
In addition, during the forecast period, developing economies' untapped potential presents lucrative pain management devices market opportunities.
Pain management device market trends are expected to be shaped by technological advancements such as wearable pain management devices.
Hypersensitivity reactions and postoperative infections caused by the use of these chronic pain relief devices, on the other hand, negatively impact the pain management devices adoption trends.
Furthermore, these pain relief devices are typically used as a second-line treatment in patients with chronic pain who have become resistant to drug therapy, making the outlook for pain management devices market future trends highly uncertain.
Taking into consideration all the mentioned factors, the pain management devices market size is predicted to be valued at US$ 3.3 Billion by 2026.
Key Takeaways:
- By application, neuropathic pain is expected to lead the market, owing to technological advancements in pain management machines and a surge in demand for pain management devices for the management of neuropathic pain.
- The neuromodulation and neurostimulation devices segment is anticipated to come to the fore by-product because of the cost efficiency offered by these pain relief equipment and an increase in the target population.
- Whereas, Radiofrequency ablation is expected to grow the fastest during the forecast period by-product due to its widespread use in pain management, surgical oncology, gynaecology & cardiac rhythm management, and cosmetology.
- During the forecast period, the Asia Pacific market is expected to grow at the fastest CAGR, and this expansion can be attributed to R&D investments in the development of technologically advanced healthcare treatment options.
"North America has been a pioneer in the development of pain management devices and services in the healthcare industry. The United States market is expected to elicit several emerging trends in the pain management devices market in the near future, owing to the increasing incorporation of the best pain relief devices in ambulatory care centres and many major global players are also based in the United States, which has resulted in the country becoming a centre of innovation in the pain management device market." opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
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Pain Management Devices Market Scope:
| Attributes | Details |
| Forecast Period | 2022 to 2032 |
| Historic Data Available for | 2015 to 2021 |
| Market Analysis | USD Million for Value |
| Report Coverage | Market forecast, company share analysis, competition intelligence, Drivers, Restraints, Opportunities and Threats analysis, market dynamics and challenges, and strategic growth initiatives |
| Key Segments Covered |
|
| Key regions covered | North America
|
| Application |
|
| Key companies profiled | Abbott Corporation (USA), Medtronic PLC (Ireland), Boston Scientific Corporation (USA), Stryker Corporation (USA), Becton, Dickinson and Company (USA), Baxter International (USA), Nipro Corporation (Japan), B. Braun Melsungen AG (Germany), Smiths Medical Corporation (USA), Moog Inc. (USA), Avanos Medical, Inc. (USA), Atricure Corporation (USA), Nevro Corporation (USA), and Micrel Medical Devices. |
Competitive Landscape:
Medtronic is a significant global pain management devices market player. Medtronic is expected to maintain its market leadership due to its diverse product portfolio, strong distribution network, and strategic marketing policies. This company, along with Boston Scientific Corporation, currently controls the majority of the global market.
LivaNova, Abbott, Nevro Corp, and SPR Therapeutics are some of the other significant pain management medical device companies.
To strengthen their market position and pain management devices market share, the key companies have undertaken a number of strategic initiatives, including technological innovation, partnership, regional expansion, and mergers and acquisitions.
Some recent developments in the pain management devices market are as follows:
- Smiths Medical has released version 4.2 of the CADD-Solis ambulatory infusion pump. This new version of the wireless bi-directional communication pump will aid in the integration of pain management data with the patient's EMR records.
- Boston Scientific has announced the release of Wave Writer Alpha, a Spinal Cord Stimulator (SCS) system designed to address pain management challenges. The SSC portfolio includes conditional devices that provide Fast Acting Sub-Perception Therapy (FAST), which is designed to provide pain relief in minutes.
- Hinge Health, a Digital Musculoskeletal Clinic, announced the acquisition of the developer of Enso, a clinically validated non-invasive technology that aids people suffering from musculoskeletal pain. This merger of Hinge Health's Digital MSK Clinic and Enso's technology ushers in a new pain management devices era.
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Key Segments:
By Type:
- Neurostimulation Devices
- Infusion Pumps
- Ablation Devices
By Application:
- Neuropathic Pain
- Musculoskeletal Pain
- Cancer Pain
- Facial Pain & Migraine
- Other Applications
By Mode of Purchase:
- Prescription
- Over-the-counter
By Region:
- North America
- USA
- Canada
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- RoE
- Asia
- Japan
- China
- India
- RoAPAC
- Latin America
- Middle East & Africa
Authored By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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