New York, Oct. 10, 2023 (GLOBE NEWSWIRE) -- According to Market.us, the Pain Management Devices Market size is expected to be worth around USD 9.4 Billion by 2032 from USD 4.4 Billion in 2022, growing at a CAGR of 8.1 % during the forecast period from 2023 to 2032.
Pain management refers to a branch of medical science that eases the suffering of patients suffering from particular chronic pain. Compared to acute pain, chronic pain stays for a longer duration. That’s why it needs to be treated soon. Pain management devices are used to manage different types of pain, such as cancer pain, neuropathic pain, musculoskeletal pain, and others.
The market for pain management devices is growing at a faster rate because of the increasing significance of chronic diseases and the growing number of elderly people around the globe. Additionally, the market's expansion is estimated to be aided by the rising global demand for long-term pain management due to rising pain management awareness. However, the pain management device market is estimated to be hindered by product recalls and high purchase and procedure costs.
Market.us has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View a PDF sample report @ https://market.us/report/pain-management-devices-market/request-sample/
Key Takeaway
- By Type, 2022, the neuromodulation and neurostimulation devices segment has generated the highest revenue share in 2022.
- By Application, the neuropathic pain segment has dominated the market and is anticipated to grow at the highest CAGR from 2023 to 2032.
- By End-User, the hospital & clinics segment held the largest market share.
- In 2022, North America dominated the market with the highest revenue share of 49.2%.
- Europe will grow at a significant CAGR from 2023-2032.
Factors affecting the growth of the pain management devices market
There are several factors that can affect the growth of the pain management devices market. Some of these factors include:
- Rising incidence of chronic incidence: The rising incidence of chronic diseases means there will be more need for pain management, which will likely facilitate the growth of the global pain management devices market.
- A growing elderly population worldwide: The growing geriatric population is helping the market's growth as the majority of the customers of pain management devices is the elderly population.
- Rising demand for long-term pain management: People are trying to have a permanent or long-term solution for pain management, which is expected to boost the market growth.
- Trauma, hypertension, and imbalanced lifestyle: Rising incidence of trauma and hypertension was expected to further boost the market's growth. Also, the rising prevalence of lifestyle disorders like obesity and diabetes results in market growth.
Top Trends in Global Pain Management Devices Market
The increasing adoption of advanced medical devices will help likely to propel the demand for pain management devices in the United Kingdom. This is attributed to the increasing use of technologically advanced medical devices such as tens pain relief devices. The market's growth will expand because of the high effectiveness of these devices, favorable government initiatives, increasing healthcare spending, and the presence of leading medical device manufacturers around the globe.
Market Growth
Throughout the forecast, the driver that fuels significant market expansion is the increasing prevalence of chronic diseases. The popularity of muscle and nerve stimulators has increased due to the rising incidence of disorders caused by unhealthy lifestyles, for example, obesity. Another driver of market growth is the increasing rates of hypertension among adults. People suffering from hypertension are more likely to experience brain strokes and aneurysms along other chronic diseases like cardiovascular diseases.
Regional Analysis
In 2022, North America dominated the global pain management devices market with 49.2% market share. The North American market is estimated to be driven by the increasing preference for pain management devices over other medical products or procedures. Also, the North American market will encounter growth opportunities mainly due to increasing preference for chemical-free treatments, minimally invasive procedures, rising incidence for chronic pain, and increasing per capita income.
According to the International Neuromodulation Society, the frequency of products gaining the FDA approval has increased over the past decade. Europe is estimated to grow because of the increasing awareness, preference and acceptance of pain management devices. This can be credited to the consistently favourable treatment outcomes demonstrated by such devices. Furthermore, the Asia-Pacific region is incredible potent and shows great promise for expansion as the forecast period progresses.
To understand how our report can bring a difference to your business strategy, Inquire about a brochure at https://market.us/report/pain-management-devices-market/#inquiry
Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | USD 4.4 Billion |
| Market Size in 2032 | USD 9.4 Billion |
| CAGR (2023 to 2032) | 8.1% |
| North America Revenue Share | 49.2% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
It is anticipated that the global market for pain management devices will experience a notable growth over the forecast period. This is a direct consequence of the increasing incidence of chronic, neurological, and musculoskeletal diseases around the globe. Patients with such disorders use pain management devices to relieve or lessen the severity of chronic and acute pain they experience. People suffering from these conditions often require assistance for performing their routine activities. Using pain management devices can result in enhanced quality of life and ultimately lead to patients resuming normal activities. As stated in a report published by the Centers for Disease Control and Prevention (CDC), chronic diseases like diabetes, cancer, and heart disease rank among the most common causes of chronic disability and mortality in the US.
Market Restraints
The market is estimated to expand slower due to product recalls. Recalls are central to reducing the severity of consequences of using defective or unsafe medical devices. A recall is typically initiated by the manufacturer of such medical devices. For example, in June 2020, the Consumer Product Safety Commission initiated an extensive recall of over-the-counter pain medication. The pain management device market is also estimated to be hampered due to high cost of medical services and procedures.
Market Opportunities
Players in the pain management market are estimated to benefit significantly from the increasing demand for novel pain management therapies and devices. In addition, the need for advanced pain management solutions increased with the increased number of diseases.
In March 2020, Biotricity announced that to launch an innovative pain management product, it had partnered with CPM Centres for Pain Management, the largest provider of services for managing chronic pain in Canada. Biotricity aspires to fill in the gaps in technological solutions for diagnosing and treating patients.
Immediate Delivery Available | Buy This Premium Research Report @ https://market.us/purchase-report/?report_id=33453
Report Segmentation of the Pain Management Devices Market
Product Type Insight
The market can be divided into 4 definitive segments, namely, neuromodulation and neurostimulation devices, electrical stimulation devices, RF ablation devices, along with infusion pumps. The neuromodulation and neurostimulation segment is responsible for a majority of the revenue. The increase in the incidence for neurological disorders is responsible for such considerable market share. Parkinson's disease, movement disorders, chronic pain, depression, and epilepsy are all aided by such neurostimulator devices. Also, the market is estimated to be boosted by factors such as the technological advancements fueling innovative product launches, increasing product demand, and an expanding geriatric population.
Application Insight
Cancer, musculoskeletal, facial, brain, and migraine pain are among the market segments. However, the neuropathic pain segment dominated the market, with the highest revenue share. The significance of the target population and rising initiatives by industry players are responsible for the expansion.
In the United States, The Centers for Disease Control and Prevention estimated that 65% of Americans aged 65 and older than that have experienced chronic pain. In addition, neuropathic pain also affects 3-17% of adults in 2019. Therefore, it is estimated that the abovementioned factors will boost the segment's expansion.
End-User Insight
Hospitals focus much on post-surgical pain since post surgical treatment is not cost-effective with difficulties in monitoring the side effects. This effectively increases the demand for pain relieving medications and pain managment devices. a report by the CDC reports that, in the United States, there were over 54 million cases of arthritis in 2019. This makes it the one of the top causes of disability after surgery. Thus, there was an increase in the demand for nerve stimulators to alleviate and treat chronic pain. In addition, patients are increasingly looking for alternative, minimally invasive treatment options. Patients further motivated to seek other options after experiencing the ineffectiveness of oral medications.
Recent Development of the Pain Management Devices Market
- In May 2023, FDA approved the expansion of indication for the spinal cord stimulatiodevices by Abbott Laboratories. With the expansion, the devices will include management of chroinic back pain. This initiative is supported by the DISTINCT study results.
- In August 2023, Nevro announced HFX Connect, a novel therapy with customizable treatment alternatives. The therapy will be available for patients on the Omnia Platform. Further, the therapy is cost- and time-effective and aims to deliver medical care with efficiency.
Market.us has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View a PDF sample report @ https://market.us/report/pain-management-devices-market/request-sample/
Market Segmentation
By Type
- Neuromodulation & Neurostimulation Devices
- RF Ablation Devices
- Electrical Stimulation Devices
- Infusion Pumps
By Application
- Cancer
- Neuropathy
- Musculoskeletal
- Brain
- Facial & Migraine Pain
- Other Applications
By End-User
- Physiotherapy Centers
- Hospitals & Clinics
- Other End-Users
By Geography
North America
- US
- Canada
Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
Asia Pacific
- China
- Japan
- South Korea
- India
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Competitive Landscape
The market players are often involved in strategic initiatives to increase their penetration level. Examples of such strategies include regional expansion, partnerships, mergers & acquisitions, along with technological innovation. For example, Medtronic, a firm regrded for its innovative medical devices, introduced the FDA-approved InterStim Micro Neurostimulator in August 2020.
Market Key Players
- Medtronic
- Abbott
- OMRON Healthcare Inc.
- Nevro Corp
- DJO Global LLC
- Boston Scientific Corporation
- Eli Lilly & Company
- Baxter International Inc.
- Stryker Corporation
- SPR Therapeutics
- Other Key Players
Browse More Related Reports
- Surgical Navigation Systems Market size is expected to be worth around USD 1,517.0 Million by 2032
- Cochlear Implant Market size is expected to be worth around USD 3.8 Billion by 2032
- Cyberknife Market size is expected to be worth around USD 1,417 Million by 2032
- Smart Wearable, And Non-Wearable Devices Market size is expected to be worth around USD 105.8 Billion by 2032
- Smart Drug Delivery System Market was valued at USD 8.4 Billion, and from 2023 to 2032 it is expected to reach more than USD 32.5 Billion
- Neurorehabilitation Devices Market was valued at USD 1,894 million, is expected to reach USD 6,076 Mn by 2032
- FemTech Market size is expected to be worth around USD 115.6 Billion by 2032 from USD 55.1 Billion in 2022
- Smart Inhaler Market was valued at USD 2.35 Billion and is expected to reach USD 16.86 Billion by 2032
About Us:
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us on LinkedIn | Facebook | Twitter
Our Blog:
