Pain Management Devices Market: Current Analysis and Forecast (2021-2027)

Pain Management Devices Market: Current Analysis and Forecast (2021-2027)

The Global Pain Management Devices Market is anticipated to grow with an elevated CAGR of around 8% over the forecast period (2021-2027). Pain is a signal in the nervous system that something may be wrong. It is an unpleasant feeling, such as a prick, tingle, sting, burn, or ache. Pain may be sharp or dull. It may come and go, or it may be constant.

With the rapid advancement in technology and rising awareness among the target population regarding pain management devices. Furthermore, many industry players are focusing on expanding their portfolio by launching new services and products in the market due to which the pain management devices market is witnessing an uptick all over the globe. For example, in November 2021, the U.S. Food and Drug Administration authorized the marketing of EaseVRx, a prescription-use immersive virtual reality (VR) system that uses cognitive behavioral therapy and other behavioral methods to help with pain reduction in patients 18 years of age and older with diagnosed chronic lower back pain. Additionally, the rising geriatric population and increasing prevalence of chronic diseases are also contributing to the growth of the pain management device market.

B Braun Melsungen AG, Baxter International Inc., Boston Scientific Corp., Nevro Corp., Enovis, OMRON Healthcare Inc., Medtronic plc, ICU Medical Inc., Abbott Laboratories, and Stryker Corporation are some of the prominent players operating in the pain management devices market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new varieties of pain management devices.

Insights Presented in the Report
"Amongst Product Type, RF ablation segment holds the major share”

Based on product type, the market is segmented into electrical stimulators, radiofrequency (RF) ablation, analgesic infusion pumps, neurostimulation, and others. The RF ablation segment accounted for a significant market share in 2020 and it is estimated that it will exhibit a higher CAGR during the forecast period. The growth of this segment is mainly due to the rising demand for minimally invasive treatment. Furthermore, the technological advancements and the frequent product launches attribute to the considerable market share of the segment in the market. For instance, in November 2020, Abbott announced the launch of the IonicRF Generator, a radiofrequency ablation device that uses heat to target specific nerves and prevent pain signals from reaching the brain.
"Amongst Application, cancer segment holds the major share”

Based on application, the pain management devices market is divided into cancer, neuropathic pain, facial & migraine, musculoskeletal disorder, trauma, and others. The cancer segment grabbed a significant market share in 2020 and is anticipated to grow at a rapid rate in the upcoming years owing to the rising cases of cancer and the chronic pain associated with them is responsible for the segmental growth in the market. For example, according to WHO, in 2020, there were 2.3 million women diagnosed with breast cancer globally. As of the end of 2020, there were 7.8 million women are living who were diagnosed with breast cancer in the past 5 years.

Amongst End-users, the hospitals & clinics segment holds the major share”

Based on end-users, the pain management devices market is divided into physiotherapy centers, hospitals & clinics, and others. The hospitals & clinics segment grabbed a significant market share in 2020 and is anticipated to grow at a rapid rate in the upcoming years owing to the presence of skilled professionals and their specialization in the treatment of multiple diseases. Furthermore, the rising hospitalization due to the surging geriatric population and the chronic diseases among them results in the increasing segmental growth of hospitals & clinics in the pain management devices market. For instance, as per the WHO, between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. Also, 1 in 6 people in the world will be aged 60 years or over by 2030.
"North America represents one of the largest markets of pain management devices market”

For a better understanding of the market dynamics of the pain management devices market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. In 2020, North America held a significant share in the pain management devices industry. This can be mainly due to the presence of well-established market players and frequent product launches in the region. For instance, in June 2021, NeuraLace got FDA clearance for a chronic pain-relieving nerve stimulation device. Axon Therapy system uses external nerve stimulation to lessen the pain caused by surgical procedures, limb loss, severe burns, car accidents, and other injuries, with an option for completely non-invasive, non-addictive pain relief.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry