What is the global market size of Pain Management Devices Market?

Pain Management Devices Market size was valued at USD 6.40 billion in 2021 and is poised to grow from USD 7.0 billion in 2022 to USD 6.42 billion by 2030, at a CAGR of 14.1% during the forecast period (2023-2030).

What is the key driver of Global Pain Management Devices Market?

The rising prevalence of chronic pain conditions, such as arthritis, cancer, and back pain, is one of the major drivers of the pain management devices market. According to the Centers for Disease Control and Prevention (CDC), an estimated 20% of U.S. adults suffer from chronic pain.

What is the key market trend for Global Pain Management Devices Market?

Increasing Demand for Non-Invasive Pain Management: Patients are increasingly seeking non-invasive pain management options, such as transcutaneous electrical nerve stimulation (TENS) devices and wearable pain management devices. These types of devices are becoming more widely available and are gaining popularity due to their ease of use and ability to provide targeted pain relief without the need for surgery or medication.

Which region accounted for the largest share in Global Pain Management Devices Market?

North America held a revenue share of over 46.00% because of the region's favorable healthcare infrastructure, which makes it simple to obtain state-of-the-art pain management equipment. A rise in government initiatives like the Affordable Care Act and Precision Medicine, as well as a carefully planned reimbursement system in this field, are also contributing to the market's progress. The regional market is also being driven by an aging population, well-established healthcare facilities, and a high prevalence of hypertension and stroke. The market is expected to expand more swiftly as the elderly population increases since an aging population is more likely to have chronic illnesses.

Pain Management Devices Market Size, Share, Growth Analysis, By Type(Neurostimulation Device (TENS, and Spinal Cord Stimulation), Ablation Devices (RF Ablation Device and Cryoablation), Infusion Pumps (Intrathecal Infusion Pumps), By Mode of Purchase(Prescription, and Over the Counter), By Application(Cancer Pain, Neuropathic Pain, Facial Pain & Migraine, Musculoskeletal Pain), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35A2502 | Region: Global | Published Date: August, 2024
Pages: 219 | Tables: 67 | Figures: 75

Pain Management Devices Market Regional Insights

North America accounted for the largest revenue share of 46.3% in 2022 due to advanced healthcare infrastructure facilitating access to cutting-edge pain management devices. Government policies and growing trends, such as Precision Medicine and the Affordable Care Act, along with well-planned reimbursement plan Facilities, growing elderly population, and high prevalence of stroke & hypertension. With the increasing number of older adults, the market is expected to show the significant growth as this population becomes more susceptible to chronic conditions.

According to the Australian Institute of Health and Welfare, chronic musculoskeletal diseases affect approximately 30% of the Australian population. Additionally, key companies in the sector include Boston Scientific Corporation, Medtronic, Baxter International Inc., Abbott, Stryker. There is also Corps involvement, which supports market growth. These players develop strategies to achieve a higher level of industry participation. Asia-Pacific is expected to grow at an attractive CAGR of 11.1% during the forecast period owing to R&D investments to develop technology-enhanced healthcare processes.

Pain Management Devices Market Report Snapshots

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Global Pain Management Devices Market size was valued at around USD 12.76 billion in 2022 and is expected to rise from USD 15.50 billion in 2023 to reach a value of USD 73.7 billion by 2031, at a CAGR of 21.5% over the forecast period (2024–2031).

To increase their market penetration, key vendors are continually engaged in the strategic efforts such as the technology innovation, partnerships, geographical expansion, and mergers and acquisitions. For instance, Medtronic announced the commercial introduction of the InterStim Micro Neurostimulator, a neurostimulator that has received FDA approval, in August 2020. The device was designed to aid patients in regaining reliable bladder and bowel control through sacral neuromodulation (SNM) therapy. 'MEDTRONIC (Ireland) ', 'ABBOTT LABORATORIES (US) ', 'BOSTON SCIENTIFIC CORPORATION (US) ', 'STRYKER CORPORATION (US) ', 'Becton, Dickinson and Company (US) ', 'B. BRAUN MELSUNGEN AG (Germany) ', 'BAXTER INTERNATIONAL INC. (US) ', 'AVANOS MEDICAL, INC. (US) ', 'TELEFLEX, INC. (US) ', 'NIPRO CORPORATION (Japan) ', 'MOOG INC. (US) ', 'ATRICURE (US) ', 'NEVRO CORP. (US) ', 'MINDRAY MEDICAL INTERNATIONAL LIMITED (China) ', 'SHENZHEN MEDRENA BIOTECH CO., LTD. (China) ', 'EPIC MEDICAL (US) ', 'SOTERIX MEDICAL (US) ', 'INFUTRONIX SOLUTIONS LLC (US) ', 'BLUEWIND MEDICAL (US) ', 'NEURONANO (US) ', 'MICROTRANSPONDER (US) '

The high prevalence of chronic pain conditions, especially in the elderly population, is a major cause of pain management devices. Chronic pain, which can be caused by conditions such as arthritis, cancer, postoperative recovery obtaining results have become increasingly common, leading to a greater demand for effective pain management. The need for lengthy-time period pain remedy without the dependence on opioid medicines is pushing each patient and healthcare companies are searching for opportunity treatment options, thereby boosting the adoption of ache control devices.

Shift Towards Non-Invasive Devices: A key trend in the pain management tool marketplace is the increasing call for non-invasive devices. Patients and healthcare specialists are choosing non-invasive methods inclusive of TENS and wearable ache control gadgets, which give powerful ache alleviation without the need for surgical procedure or implantable gadgets. These non-invasive techniques are gaining reputation because of their ease of use, low threat of complications and low fee as compared to invasive techniques. Since new devices with many implants are entering the market and offering a wide range of pain relief solutions to patients, this trend is expected to continue.

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Pain Management Devices Market Regional Insights

Pain Management Devices Market Report Snapshots

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What is the global market size of Pain Management Devices Market?

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What is the key driver of Pain Management Devices Market?

What is the key market trend for Pain Management Devices Market?

Which region accounted for the largest share in Pain Management Devices Market?

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