Pune, India, June 01, 2022 (GLOBE NEWSWIRE) -- The global pain management devices market will benefit from increasing regulatory approvals for neuromodulation devices in recent years. According to a report published by Fortune Business Insights, titled “Pain Management Devices: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 3,922.9 Mn in 2018. Fortune Business Insights states that the market will reach US$ 8,046.3 Mn by 2026, exhibiting a CAGR of 9.4%.
Pain management devices aid in reducing chronic pain and other undesirable conditions. Pain management can be used as an alternative to surgery to improve the result of your medication. This allows a non-invasive platform for surgical procedures, which in turn will lead to an increase in the global pain management devices market value. Recent technological advancements have opened up a huge pain management devices market growth potential. The report encompasses several factors that have contributed to the growth of the global pain management devices market. Besides this, the report includes a few of the factors that have acted as a barrier to market growth and signifies the market strategies adopted by leading companies, specifically aimed at overcoming these barriers. The increasing number of people suffering from pain through chronic diseases will aid the growth of the global pain management devices market in the forthcoming years. According to the Centers for Disease Control and Prevention, around 20.4% of the total population in the US suffered from chronic pain in 2016. In addition to the increasing incidence of chronic pain, increasing neuropathic conditions will contribute to the increasing pain management devices market size.
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Pain Management Devices Market Report Scope & Segmentation :
| Report Coverage | Details |
| Forecast Period | 2019 to 2026 |
| Forecast Period 2019 to 2026 CAGR | 9.4% |
| 2026 Value Projection | USD 846.3 Million |
| Base Year | 2018 |
| Market Size in 2018 | USD 3922.9 Million |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 123 |
| Segments covered | By Application, Product Type, End User |
| Growth Drivers | Neuromodulation Segment to Witness Considerable Growth |
| Growing Adoption of Pain Management Devices to Favor Growth of Market in North America | |
| Launch of Technologically Advanced Pain Management Devices Likely to Enable Market Growth |
Neuromodulation Segment to Witness Considerable Growth
The report segments the global pain management devices market based on several factors such as product type, application, end user, and regional demographics. The report highlights a few of the leading entities in the respective segments. Among the several product types that currently exist in the market, Fortune Business Insights predicts that the neuromodulation segment will witness considerable growth in the coming years. The emphasis on neuromodulation devices is comparatively high, as they are associated with neural disorders. Other functions of neuromodulation devices include spinal cord stimulation and dorsal ganglion stimulation. The neuromodulation segment accounted for an approximate 73.6% of the global market share in 2018. The pain management devices industry showcases a host of technologically advanced product types, which in turn have a direct positive impact on the global market.
Growing Adoption of Pain Management Devices to Favor Growth of Market in North America
The increasing adoption of pain management devices will favour the growth of the pain management devices market in North America. In addition to the rising uptake for these devices, increasing per capita income and the increasing demand for drug-free therapeutic procedures will favor the growth of the regional market. Furthermore, the high prevalence of chronic diseases will offer a massive platform for the growth of pain management devices in this region. Fortune Business Insights states that the pain management devices market in North America was valued at US$ 3,032.0 Mn in 2018 and is likely to expand in the coming years. Having said that, Asia Pacific is likely to witness considerable growth due to the developing healthcare infrastructure and increasing awareness regarding the benefits of electrical stimulation devices in this region.
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Launch of Technologically Advanced Pain Management Devices Likely to Enable Market Growth
Technological advancements in pain management devices have played a huge part in the overall pain management market growth in recent years. Several companies have launched products with better feasibility and high operational efficacy. In January 2019, Boston Scientific announced the launch of an advanced chronic pain management device, which has been identified as one of the very few devices in the market with the ability to combine paresthesia and sub-perception therapy. The ‘Spectra WaveWriter SCS System’ was launched with the aim of offering a non-drug therapeutic approach for people suffering from chronic pain. The report encompasses product launches, similar to Boston Scientific’s latest device and signifies the importance and impact of such devices on the global pain management devices market.
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35% Rise in Regulatory Approvals for Pain Management Device Indicates a Huge Potential for Growth in the Foreseeable Future
As the benefits of pain management devices have been unfolded in recent years, there has been an increase in adoption for these devices across the world. Resulting from the increasing demand for pain management devices, there has been a gradual increase in clinical approvals for these devices in recent years. According to the International Neuromodulation Society, the total number of approvals for neuromodulation devices from the Food and Drug Administration increased by approximately 35% in the past decade. Fortune Business Insights states that the growing usage approvals will favour the growth of the global pain management devices market in the forthcoming years.
Fortune Business Insights profiles a few of the companies that have generated substantial pain management market revenue in recent years. Some of the leading companies that are currently operating in the global pain management market are Medtronic, Boston Scientific Corporation, LivaNova, Abbott, DJO Global LLC, SPR Therapeutics, and Nevro Corp.
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Table Of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Recent Industry Developments- Partnerships, Mergers, and Acquisitions
- Technological Advancements in Pain Management Devices Market
- Epidemics of Chronic Pain for Key Countries
- New Product Launch by Key Players
- Key Industry Trends
- Global Pain Management Devices Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Electrical Stimulation Devices
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- TENS (Transcutaneous Electric Nerve Stimulation)
- EMS (Electric Muscle Stimulation)
- Others
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- RF Ablation Devices
- Neuromodulation Devices
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- Spinal Cord Stimulation
- Deep Brain Stimulation
- Others
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- North America Pain Management Devices Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Product Type
- Electrical Stimulation Devices
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- Market Analysis, Insights and Forecast – By Application
- Musculoskeletal
- Brain
- Cancer
- Neuropathic Pain
- Others
- Market Analysis, Insights and Forecast – By End User
- Physiotherapy Centers
- Hospitals and Clinics
- Others (Home Care Settings and Ambulatory Surgery Centers)
- Market Analysis, Insights and Forecast – By Region/Country
- North America
- Europe
- Asia pacific
- Rest of the World
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- Infusion Pumps
- Market Analysis, Insights and Forecast – By Application
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- TENS (Transcutaneous Electric Nerve Stimulation)
- EMS (Electric Muscle Stimulation)
- Others
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- RF Ablation Devices
- Neuromodulation Devices
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- Spinal Cord Stimulation
- Deep Brain Stimulation
- Others
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- Market Analysis – By Application
- Musculoskeletal
- Brain
- Cancer
- Neuropathic Pain
- Others
- Market Analysis – By End User
- Physiotherapy Centers
- Hospitals and Clinics
- Others (Home Care Settings and Ambulatory Surgery Centers)
- Market Analysis – By Country
- U.S.
- Canada
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- Infusion Pumps
- Market Analysis – By Application
Toc Continue..
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