Global Pain Monitoring Device Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Pain Monitoring Device Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Pain monitoring devices are devices that quantify a patient's physiological response to pain. Objectively assessing a person's level of pain has long been a challenge. The problem is compounded when patients cannot describe their pain. Pain monitoring devices could help doctors objectively assess a patient's pain in intensive care situations where patients cannot communicate. This enables doctors to ensure pain is being managed properly.

Market Overview:

The latest research study on the global Pain Monitoring Device market finds that the global Pain Monitoring Device market reached a value of USD 14.62 million in 2022. It’s expected that the market will achieve USD 46.39 million by 2028, exhibiting a CAGR of 21.22% during the forecast period.

Impacts of Global Inflation on Pain Monitoring Device Industry

Like other manufacturing industries, the pain monitoring device industry has been hit by inflation. The U.S. Bureau of Labor Statistics reported that the producer price index for the medical equipment and supplies manufacturing industry in 2022 was significantly higher than in previous years. The average increase in 2021 will be about 1.2%, while that figure will more than double to 3.4% in 2022. The latest price index for November 2022 hit an all-time high of 4.2% compared to the same period last year. Rising costs for materials such as metals, plastics, and chemicals are driving up production costs. In the past two years, the prices of medical device raw materials have skyrocketed. Many medical device companies are dealing with shortages of semiconductors and other critical components. The medical industry has been facing significant increases in shipping costs and longer and more unpredictable delivery times. The growth over the past two years was due to the impact of the COVID-19 pandemic and the war between Russia and Ukraine. This trend is expected to continue in 2023, as the medical device industry does not yet have a very clear path to address these issues.

Pain-monitoring device companies have yet to pass on the extra costs to hospitals. Many medical companies have suffered significant revenue losses during the pandemic because they were unwilling to raise prices and risk losing shares to competitors. Some companies may not be able to pass on prices to customers due to previous contracts. Additionally, pain monitoring device companies have noticed potential supply shortages and inflation risks, so they are proactively re-evaluating suppliers and pre-ordering their most critical supplies. Large purchase deals have pushed down average selling prices in recent months. Brands that keep prices the same will suffer further profit erosion as costs remain high.

It is expected that the continuous updating and transformation of product advantages of pain monitoring device companies create opportunities to increase company markups and profits, releasing inflationary pressure. During a recession, some companies may want to cut R&D budgets; however, this delays the development cycle of devices and further affects future profitability.

More and more surgical procedures are performed

An increase in the number of surgical procedures across the globe is a significant driver for the pain monitoring devices market. The rising prevalence of chronic diseases such as cancer and neurological disorders has led to an increase in the need for surgical intervention, which in turn boosts the demand for pain monitoring devices.
In surgery, anesthesia is a medical treatment that blocks the patient's perception of pain. Anesthesia is divided into general anesthesia, local anesthesia, and regional anesthesia. Among them, general anesthesia refers to the temporary depression of the central nervous system caused by anesthetics. The clinical manifestations are loss of consciousness, available analgesia, amnesia, reflex inhibition, and skeletal muscle relaxation. General anesthesia includes sedation (loss of consciousness), analgesia (inhibition and reduction of pain response), and immobilization (muscle relaxation), so the depth of anesthesia reflects the comprehensive state of sedation, analgesia, and immobilization. During general anesthesia, the patient loses consciousness and cannot subjectively express the analgesic effect, but the pain response to noxious stimuli always exists. Therefore, the level of pain response in patients can be objectively monitored and quantified by pain monitoring devices, which can be used to evaluate the effect of pain medication, enabling clinicians to personalize pain management, optimize treatment and avoid over-medication.

Pain monitoring is critical for patients

Pain is one of the most common clinical symptoms and diseases, and it is the fifth vital sign after breathing, pulse, blood pressure, and body temperature. The International Society for the Study of Pain (IASP) defines pain as an unpleasant sensory and emotional experience associated with tissue damage
According to the duration of pain, it can be divided into acute pain and chronic pain. Acute pain mainly includes postoperative pain, labor pain, and some cancer pain. Pain can cause body movement, increased heart rate, increased blood pressure, etc. in patients, and even the risk of cardiovascular and cerebrovascular accidents. Therefore, effective and reliable pain monitoring methods are very important for patients. This is expected to boost the market for pain monitoring devices.

Region Overview:

Europe had the highest growth rate of all regions.

Company Overview:

Medasense Biometrics is one of the major players operating in the Pain Monitoring Device market, holding a share of 46.62% in 2023.

Medasense Biometrics is a medical device company that develops, PMD-200, a continuous and non-invasive pain-monitoring device. Its initial application will focus on the operating room, followed by the intensive care unit, and then within clinics and the home care environment to treat chronic pain patients.

Mdoloris Medical Systems offers devices that help patients under general anesthesia or unconsciousness communicate their distress, help clinicians titrate analgesics to manage surgical stress, and improve OR and ICU outcomes.

Segmentation Overview:

Among different product types, Hospitals segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Operating Room segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Pain Monitoring Device market covered in Chapter 3:

Medasense Biometrics
PaMeLa
Jiangsu Apon Medical
Mdoloris Medical Systems

In Chapter 4 and Chapter 14.2, on the basis of types, the Pain Monitoring Device market from 2018 to 2029 is primarily split into:

Hospitals
Clinics
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Pain Monitoring Device market from 2018 to 2029 covers:

Operating Room
Critical Care
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)