Global Pain Management Devices Market - 2023-2030

Global Pain Management Devices Market - 2023-2030

The Global Pain Management Devices Market reached US$ 3.7 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 6.3 billion by 2030. The global pain management devices market is expected to exhibit a CAGR of 7.1% during the forecast period (2023-2030).

Pain management is a discipline of medical science that aids in the relief of chronic pain sufferers' suffering. Acute pain is known to have a fast beginning of action, however chronic pain may linger for a longer period of time, necessitating pain treatment.

The global pain management devices market is growing significantly due to escalating technological advancement and massive research and development in pain management, increasing demand for point-of-care testing, and the reappearance of pain after surgery.

Market Dynamics

The Growing Demand for Minimally Invasive Surgeries is Further Increasing the Pain Management Devices Market Growth

Pain management devices used in surgical operations increase patient results and satisfaction. Some of the most often utilized pain management technologies in minimally invasive operations include patient-controlled analgesia (PCA) pumps, transcutaneous electrical nerve stimulation (TENS) units, and peripheral nerve blocks. For instance, In United States, the Centers for Medicare and Medicaid Services (CMS) incorporated rules to promote the use of alternative pain management methods in order to limit the use of opioids for patients having surgery.

Poor Availability of Pain Management Devices

The availability of pain treatment devices is limited in several low-income locations, limiting market growth. According to WHO, 5.5 billion people (more than 80% of the world population) do not have access to moderate to severe pain remedies.2 The majority of these folks are from low- and middle-income nations. Some hurdles to pain treatment include a lack of understanding and attitudes about pain reduction, as well as challenges with drug access and use, particularly opioids.

COVID-19 Impact Analysis

Pain management devices market had severe impact by covid 19 where numerous factors are the reason behind like Increased demand for home-based solutions: Because of movement constraints and limited access to healthcare facilities throughout the epidemic, there has been a greater emphasis on home-based pain treatment. This has raised demand for at-home pain treatment products such as transcutaneous electrical nerve stimulation (TENS) units, thermal therapy devices, and portable ultrasound machines.

Telemedicine and remote monitoring: The epidemic increased the use of telemedicine and remote monitoring technology. Virtual consultations and remote monitoring equipment have been used by patients to treat chronic pain disorders from home. Pain treatment gadgets with connection features have grown more popular, allowing patients to speak with healthcare specialists and receive help from a distance.

Segment Analysis

The global pain management devices market is segmented based on product type, application

The Musculoskeletal Pain Application Segment will be Dominated By Market Players During the Forecast Period

During the forecast period, the musculoskeletal pain category is expected to retain a sizable proportion of 42.3%. The expanding ageing population and the increasing adoption of sedentary lifestyles are the primary causes of the rise in musculoskeletal discomfort among people. Patients and healthcare professionals are using a variety of solutions, including pain management devices, to address musculoskeletal pain, leading in segmental increase.

Geographical Analysis

North America is the Dominating Region During the Forecast Period accounting for around 39.8% of the Total Market Share

North America has dominated the market for pain treatment devices due to a huge patient pool, rising healthcare expenditure, and increased government financing and efforts.The market in the region is expanding rapidly, owing mostly to an ageing population, a drastic lifestyle connected with sickness, and neurological diseases.

For example, in 2021, an estimated 20.9% of U.S. adults (51.6 million people) had chronic pain, and 6.9% (17.1 million people) had high-impact chronic pain (i.e., chronic pain that limits daily activities significantly), with a higher prevalence among non-Hispanic American Indian or Alaska Native adults, adults who identified as bisexual, and adults who were divorced or separated.

Competitive Landscape
• The major global players include Stim Wave LLC, Baxter International, Inc., Boston Scientific Corp., ICU Medical Inc, Johnson & Johnson Company, DJO Global LLC, Liva Nova, Medtronic Plc, Smiths Medical, Abbott, and Stryker Corp.

Why Purchase the Report?
• To visualize the global pain management devices market segmentation based on the product type, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of global pain management devices market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global pain management devices market report would provide approximately 92 tables, 108 figures and 195 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies