DELRAY BEACH, Fla., Oct. 18, 2024 /PRNewswire/ -- The global Pain Management Devices market is expected to grow to USD 5,835.8 Million by 2029, up from USD 3,768.6 Million in 2024, at a CAGR of 9.1% over the forecast period. Globally, the growing burden of chronic pain conditions, growing number of surgical procedures performed and rising aging population globally are anticipated to accelerate the demand for pain management devices, further propelling the adoption of pain management devices products. Moreover, the growing focus on advanced devices and government initiative to aid affordability and accessibility are likely to fuel the market growth. Moreover, the increasing investments for new product development and growing adoption pain management devices in home care settings owing to its advantages are expected to support the pain management devices market growth during the forecast period.
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High procedural cost, and increasing product recalls are likely to hamper the growth of pain management devices market
Based on type, the neurostimulation devices segment held the largest share of of the pain management devices market. Due to the large number of ongoing clinical studies to establish the efficacy and safety of these devices in pain management, new product launches & approvals and the increasing prevalence of chronic pain conditions, among others. In addition, the advantages of neurostimulation as compared to alternative therapies for managing chronic pain are further propelling its market growth.
Based on application, the neuropathic pain segment captured the biggest share in the pain management devices market. This is due to a significant global prevalence of neuropathic pain. The development of new and innovative devices, the presence of substantial clinical evidence bolstering the high efficacy of pain management devices in treating neuropathic pain, the increased incidence of neuropathic pain associated with many age-related diseases, the side effects of medicines used to treat neuropathic pain, and the availability of reimbursement are additional factors driving the adoption of pain management devices for neuropathic pain conditions.
Based on mode of purchase, prescription pain management devices registered the highest share in the pain management device. Due to the availability of a large number of FDA-approved prescription-based pain management devices with established safety and efficacy profiles, long-term cost effectiveness, and favourable reimbursement scenario for these devices compared with OTC devices are driving the growth of this market segment. Also, the rising geriatric population and increasing incidence of diseases conditions such as cancer, diabetes, and arthritis are further boosting the demand for prescription-based pain management devices.
Based on end user, the pain management devices market is segmented into hospitals & clinics , physiotherapy centers , home care settings and others. In 2023, the home care settings segment accounted for the highest growth rate of the pain management devices market while hospitals & clinics segment registered the largest share. Technological advancements in pain management devices and the growing awareness and acceptance of pain management devices (such as disposable pumps) in home care settings to reduce hospital stays, are some of the key factors driving the growth of the home care settings in the pain management devices market.
Based on region, Pain Management Devices market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2023, North America is expected to register a higher share attributed to the presence of prominent market players, increase in patient population with chronic diseases, increasing healthcare expenditure and rising government efforts to improve the accessibility of pain management devices in the region. While Asia Pacific registers the highest growth rate in coming years due to increase in healthcare expenditure and chronic disease prevalence.
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Some of the prominent players operating in the market include Medtronic (Ireland), Boston Scientific Corporation(US), Abbott Laboratories (US), Stryker (US), Nevro Corp. (US), Becton, Dickinson and Company (US), Baxter (US), B. Braun SE (Germany), Omron Corporation (Japan), Avanos Medical, Inc. (US), Teleflex Incorporated (US),ICU Medical, Inc. (US), Nipro (Japan), Moog Inc. (US), Atricure, Inc. (US), Micrel Medical Devices SA (Greece), Zynex, Inc.(US), and Enovis Corporation (US).
MEDTRONIC (IRELAND)
Medtronic is the leading key player in the global pain management devices market in 2023. The company's leading position can be attributed to its wide portfolio with a range of advanced solutions including neuromodulation devices, and infusion pumps. The company operates in the US, Europe, and the Asia Pacific. Medtronic's strong market position is bolstered by its commitment to innovation, significant investment in research and development, and adherence to rigorous clinical and regulatory standards, ensuring effective and reliable pain management solutions The company also focuses on organic as well as inorganic growth strategies to gain a competitive edge.
BOSTON SCIENTIFIC CORPORATION (US)
Boston Scientific is a major force in the pain management devices market, distinguished by its advanced spinal cord stimulators and radiofrequency ablation technologies. The company provides neuromodulation products such as rechargeable spinal cord stimulators and microstimulators for managing neuropathic pain. Boston Scientific's geographic presence strategy focuses on global expansion and market adaptation. The company targets major and emerging markets across North America, Europe, Asia-Pacific, and Latin America, customizing its products to meet regional needs and regulatory requirements. Their global network includes state-of-the-art manufacturing and R&D facilities, which facilitate rapid innovation and efficient distribution.
ABBOTT LABORTORIES (US)
Abbott Laboratories is a major player in the market for pain management devices, including cutting-edge neurostimulation and spinal cord stimulation systems. Their Proclaim line of medical devices offers customized treatment plans together with cutting-edge BurstDR technology for improved pain management. Abbott's focus on patient-centered treatment and its commitment to research and development ensure that its products are advanced and highly effective in clinical settings. Abbott continues to be a pioneer in providing reliable and effective pain management devices, with a strong emphasis on stringent clinical trials and regulatory requirements.
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