New York, Global Pain Management Devices Market was valued at USD 2.2 billion in 2021 and it is anticipated to grow up to USD 8.0 billion by 2031, at a CAGR of 13.8% during the forecast period.
The global pain management devices market report from Global Insight Services is the single authoritative source of intelligence on Pain Management Devices Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Pain management devices are medical devices that are used in management of different types of pain such as neuropathic pain, cancer pain, nociceptive pain, musculoskeletal pain, and others. Spinal cord stimulators, transcutaneous electrical nerve stimulation devices, analgesic infusion pumps, and ablation devices are various types of pain management devices available in the market.
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Market Trends and Drivers
Growing number of surgical procedures performed will propel the market growth. Over the years, there has been a significant rise in the number of surgical procedures performed across the globe. This can be attributed to the rising geriatric population and the growing prevalence of obesity and other lifestyle diseases. Obesity is one of the key causes of cardiovascular and orthopedic diseases. Analgesia/pain management is the key application area of infusion pumps. Infusion pumps are also widely used for the local administration of narcotic analgesics and anesthetics following bariatric surgery, cardiothoracic surgery, and laparoscopic cholecystectomy. PCA pumps are used to manage post-operative pain in various orthopedic surgeries such as spine surgeries and in major joint and foot/lower extremity surgical procedures.
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Global Pain Management Devices Market Segmental Overview
The report analyses the global pain management devices market based on product, application and region.
Global Pain Management Devices Market by Product
Based on product, it is segmented into electrical stimulators, radiofrequency ablation (RFA), analgesic infusion pumps and neurostimulation. Among these, the neurostimulation segment accounted for significant market share in 2021. The growth can be attributed to the increase in the prevalence of neurological disorders. These neurostimulators play a crucial role in treating chronic pain, Parkinson’s disease, epilepsy, movement disorders, and depression. In addition, certain factors like the introduction of technologically advanced products, rising product demand, and the growing geriatric population are anticipated to drive the market. For example, according to the U.K. government, the number of people within the age group of 60-64 years increased from 3,673 thousand in 2018 to 3,974 thousand in 2021.
Global Pain Management Devices Market by Application
Based on needle application, it is segmented into cancer, neuropathic pain, facial & migraine, musculoskeletal disorder, trauma and others. Among them, the neuropathic pain segment is expected to experience the fastest growth rate during the forecast period. The growth can be attributed to the growing prevalence of the target population and increasing initiatives by the industry players. According to the U.S. Centers for Disease Control and Prevention, in 2019, 65% of Americans aged 65 years or above suffered from chronic pain. In addition, neuropathic pain affects 3% to 17% of adults. The aforementioned factors are expected to propel the segment growth.
Geographical Analysis of Global Pain Management Devices Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America held the largest share in the market. This is owing to the favorable healthcare infrastructure, which facilitates easy access to advanced pain management devices. Moreover, increasing government initiatives, such as the Precision Medicine and Affordable Care Act, along with a well-planned reimbursement scenario in this region is contributing to the market growth. The regional market is also driven by the presence of well-established healthcare facilities, a growing aging population, and a high incidence of hypertension & stroke. With an increase in the elderly population, the market is expected to show a higher growth rate, as the aging population is at greater risk of chronic illness.
Major Players in the Global Pain Management Devices Market
The key players in the market are Medtronic PLC (Ireland), Boston Scientific (US), Abbott (US), Becton, Dickinson and Company (US), Baxter International (US), B. Braun Melsungen AG (Germany), Stryker (US), Smiths Medical (US), and Moog Inc. (US), among others.
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