Pain Management Devices Market to Expand at 9.3% CAGR During the Forecast Period 2023-2030

Posted on 2023-04-14 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, Apr 14, 2023 — /EPR Network/ —

Pain Management Devices Industry Overview

The global Pain Management Devices Market size is expected to reach USD 14.1 billion by 2030, registering a CAGR of 9.3% over the forecast period, according to a new report by Grand View Research, Inc. Increasing prevalence of chronic pain and technological advancements are driving the market growth. The rising prevalence of chronic diseases, coupled with the increasing geriatric population, across the globe is another major factor augmenting the market growth. A high preference for pain management devices over oral drugs and surgical interventions is also likely to be a key growth-driving factor for the market over the forecast period. The global market is expected to witness strong growth as a result of various technological advancements in this field.

The recent electrostimulation devices that are launching in the marketplace have advancements in the form of Microelectromechanical Systems (MEMS), Artificial Intelligence (AI), and machine learning applications. In September 2020, Boston Scientific launched WaveWriter Alpha Spinal Cord Stimulator Systems for personalized pain relief, in Europe. This would significantly expand the company’s portfolio. In February 2022, Boston Scientific Corp. closed the acquisition of Baylis Medical Company, Inc. This acquisition expanded Boston Scientific’s structural heart and electrophysiology product portfolios and included the radiofrequency NRG and VersaCross Transseptal Platforms and dilators used to support left heart access.

Moreover, cases of musculoskeletal disorders, such as arthritis, osteoarthritis, orthopedic degenerative disorders, and rheumatoid arthritis, are increasing at a significant rate. This has augmented the prevalence of chronic pain in these individuals and the inability to carry out routine tasks. For instance, according to the CDC, over 24.5% of adults in the U.S. were suffering from arthritis in 2020, making this the primary reason for work disability. Most of the elective surgeries were postponed or canceled during the COVID-19 pandemic to a rise in the exposure of the patients as well as the healthcare providers, which is expected to increase the demand for pain management devices. In August 2020, the U.S. FDA issued an Emergency Use Authorization (EUA) for the non-invasive vagus nerve stimulator to assist COVID-19 patients at home with asthma-related dyspnea.

Pain Management Devices Market Segmentation

Grand View Research has segmented the global pain management devices market on the basis of product, application, and region:

Based on the Product Insights, the market is segmented into Electrical Stimulators, Radiofrequency Ablation (RFA), Analgesic Infusion Pumps and Neurostimulation.

The neurostimulation segment accounted for the largest share of more than 57.5% in 2021. The growth can be attributed to the increase in the prevalence of neurological disorders. These neurostimulators play a crucial role in treating chronic pain, Parkinson’s disease, epilepsy, movement disorders, and depression.
The RFA segment is expected to register the fastest CAGR over the forecast period owing to its wide application scope in pain management, surgical oncology, gynecology, cardiology & cardiac rhythm management, and cosmetology. Radiofrequency ablation treatment is more beneficial in treating patients with multiple tumors than treating the patients via open surgery, thus fueling the segment growth.

Based on the Application Insights, the market is segmented into Cancer, Neuropathic Pain, Facial & Migraine, Musculoskeletal Disorder, Trauma and Others.

The neuropathic pain segment dominated the market with a revenue share of more than 31.5% in 2021. The growth can be attributed to the growing prevalence of the target population and increasing initiatives by the industry players.
The cancer segment is expected to register the fastest CAGR over the forecast period. The rising cancer cases have led to an increase in the product demand to reduce the pain caused by nerve compression mainly because of the tumor compressing and other variables depending upon cancer’s progression.

Pain Management Devices Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

The market players are constantly involved in strategic initiatives, such as technology innovation, partnership, regional expansion, and mergers & acquisitions, to gain deeper penetration. For instance, in August 2020, Medtronic announced the commercial launch of its FDA-approved neurostimulator, called the InterStim Micro Neurostimulator. The implant was meant for Sacral Neuromodulation (SNM) therapy to help patients gain effective bladder and bowel control.

Some prominent players in the global Pain Management Devices market include

B Braun Melsungen AG
Baxter
Boston Scientific Corp.
Nevro Corp.
Enovis
OMRON Healthcare, Inc.
Medtronic
ICU Medical, Inc.
Abbott
Stryker
Stimwave LLC

Order a free sample PDF of the Pain Management Devices Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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