Pain Management Devices Market to Grow at a CAGR of 6.4% during 2021- 2028| Transparency Market Research, Inc.

Posted on 2024-03-12 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-12 — /EPR Network/ — Transparency Market Research Inc. –

Transparency Market Research’s most recent report outlines the trajectory of the global pain management devices market, covering historical data from 2017 to 2019 and forecasting trends from 2021 to 2028. The report suggests that factors such as the growing elderly population, heightened prevalence of chronic illnesses, and the emergence of innovative technologies are anticipated to drive the expansion of the global pain management devices market throughout the forecast period.

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The global pain management devices market was valued at $4.1 billion in 2020, projected to grow at a 6.4% CAGR, reaching $7.1 billion by 2028. Factors driving growth include increasing incidences of diseases like arthritis, cancer, and neurological disorders, alongside advancements in healthcare facilities and rising sports-related injuries. However, challenges such as a shortage of pain clinics, specialists, awareness, and high device costs hinder market expansion.

Rise in Number of Surgeries Performed: Key Driver

The global surge in surgical procedures in recent years is notably linked to the expanding elderly demographic and the escalating prevalence of obesity and related lifestyle ailments. Among these, obesity stands out as a significant contributor to cardiovascular and orthopedic conditions.

Infusion pumps primarily find application in analgesia/pain management. They are frequently employed post-bariatric surgery, cardiothoracic surgery, and laparoscopic cholecystectomy for the localized delivery of narcotic analgesics and anesthetics.

Competition Landscape:

Baxter International, Inc.,Bio-Medical Research (BMR) Ltd.,Boston Scientific Corporation,DJO Global, Inc.,Medtronic plc,Stryker Corporation,B. Braun Melsungen AG,Avanos Medical, Inc.,Microtransponde,Among others

Market Segmentation:

Product Type
- Electrical Stimulation Devices
  - Transcutaneous Electrical Nerve Stimulation (TENS) Devices
  - Neuromuscular Electrical Stimulation (NMES/EMS) Devices
  - Other electrical stimulation devices (electrotherapy devices, combination devices, TNS, TMS, etc.)
- Radiofrequency Ablation Devices
- Analgesic Infusion Pumps
  - Intrathecal Infusion Pumps
  - External Infusion Pumps
- Neurostimulation Devices
  - Spinal Cord Stimulation (SCS) Devices
  - Deep Brain Stimulation Devices
  - Vagus Nerve Stimulation Devices
  - Sacral Nerve Stimulation Devices

Application
- Electrical Stimulation Devices
  - Neuropathic Pain
  - Cancer Pain
  - Facial & Migraine Pain
  - Musculoskeletal Pain
  - Trauma
- Neurostimulation Devices
  - Neuropathic Pain
  - Cancer Pain
  - Facial & Migraine Pain
  - Musculoskeletal Pain
- Analgesic Infusion Pump
  - Neuropathic Pain
  - Cancer Pain
  - Trauma
  - Musculoskeletal Pain
- Radiofrequency Ablation Devices
  - Neuropathic Pain
  - Cancer Pain
  - Musculoskeletal Pain

Key Developments:

In May 2021, NeuraLace Medical, Inc., a medical device company, announced that it has enrolled the first patient as part of the AXON-RCT U.S. Axon Therapy provides relief from chronic nerve pain by delivering focused magnetic pulses that activate the damaged peripheral nerve axons.
In March 2021, Hinge Health, a digital musculoskeletal clinic, announced the acquisition of Enso, a clinically validated non-invasive technology that aids people suffering from musculoskeletal pain. This merger of Hinge Health’s digital MSK Clinic and Enso’s technology invites in a new era of pain management.
In January 2021, Abbott announced the upcoming release of NeuroSphere myPath, a digital health app designed to track and record patient outcomes, pain, and well-being associated with spinal cord stimulation (SCS) therapy. It is a digital innovation that will aid in the relief of chronic pain patients who are eligible for SCS and DRG therapy.

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Regions Covered:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

Market Drivers and Challenges:

Key drivers for market growth include the increasing prevalence of chronic diseases such as cancer and arthritis, technological advancements in pain management devices, and the growing elderly population. However, challenges such as stringent regulatory approval processes and the high cost associated with these devices may hinder market growth to some extent.

Market Trends:

Emerging trends in the pain management devices market include the development of wearable pain relief devices, the integration of artificial intelligence (AI) for personalized pain management solutions, and the increasing adoption of wireless and smartphone-controlled devices for remote monitoring and management of pain.

Key Market Study Points:

Market dynamics analysis including market drivers, restraints, and opportunities.
Competitive landscape analysis highlighting key players, market strategies, and recent developments.
Market segmentation based on various parameters such as service type, application, sourcing type, and region.
Regional analysis to understand market trends and growth prospects in different geographical regions.

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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