By the end of 2032, it is anticipated that the global Pain Management Devices Market will be worth more than US$5.68 billion, growing at a robust CAGR of 9%. Over 51 million inpatient surgical procedures are carried out annually in the United States alone, and 90% of all hospitalised patients receive their drugs intravenously. As more procedures are performed, sales of pain control technologies like infusion therapy soar.
The analysis of the pain management device market by Future Market Insights (FMI) indicates that the market is increasing swiftly, with a CAGR of 9% from 2022 to 2032. The rising costs of hospitalisation have boosted patients’ desire for shorter hospital stays and a shift to less expensive care settings, including pain management devices, which also drives the market expansion for these goods.
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A rise in the demand for pain management devices in emerging nations and a rise in the use of these devices to treat chronic pain are further factors driving the market’s expansion.
Additionally, during the forecast period, untapped potential in developing economies creates significant market prospects for pain management devices. Technological developments like wearable pain management devices are predicted to influence market trends for pain management products.
On the other hand, the use of these chronic pain relief devices leads to hypersensitivity reactions and postoperative infections, which have a negative effect on the adoption trends for pain management devices.
Furthermore, these pain relief devices are typically used as a second-line treatment in patients with chronic pain who have become resistant to drug therapy, making the outlook for pain management devices market future trends highly uncertain. Taking into consideration all the mentioned factors, the pain management devices market size is predicted to be valued at US$ 3.3 Bn by 2026.
Key Takeaways:
- By application, neuropathic pain is expected to lead the market, owing to technological advancements in pain management machines and a surge in demand for pain management devices for the management of neuropathic pain.
- The neuromodulation and neurostimulation devices segment is anticipated to come to the fore by-product because of the cost efficiency offered by these pain relief equipment and an increase in the target population.
- Whereas, Radiofrequency ablation is expected to grow the fastest during the forecast period by-product due to its widespread use in pain management, surgical oncology, gynaecology & cardiac rhythm management, and cosmetology.
- During the forecast period, the Asia Pacific market is expected to grow at the fastest CAGR, and this expansion can be attributed to R&D investments in the development of technologically advanced healthcare treatment options.
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North America has been a pioneer in the development of pain management devices and services in the healthcare industry. The United States market is expected to elicit several emerging trends in the pain management devices market in the near future, owing to the increasing incorporation of the best pain relief devices in ambulatory care centres and many major global players are also based in the United States, which has resulted in the country becoming a centre of innovation in the pain management device market. points an FMI analyst.
Competitive Landscape:
Medtronic is a significant global pain management devices market player. Medtronic is expected to maintain its market leadership due to its diverse product portfolio, strong distribution network, and strategic marketing policies. This company, along with Boston Scientific Corporation, currently controls the majority of the global market.
LivaNova, Abbott, Nevro Corp, and SPR Therapeutics are some of the other significant pain management medical device companies.
To strengthen their market position and pain management devices market share, the key companies have undertaken a number of strategic initiatives, including technological innovation, partnership, regional expansion, and mergers and acquisitions.
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Some recent developments in the pain management devices market are as follows:
- Smiths Medical has released version 4.2 of the CADD-Solis ambulatory infusion pump. This new version of the wireless bi-directional communication pump will aid in the integration of pain management data with the patient’s EMR records.
- Boston Scientific has announced the release of WaveWriter Alpha, a Spinal Cord Stimulator (SCS) system designed to address pain management challenges. The SSC portfolio includes conditional devices that provide Fast Acting Sub-Perception Therapy (FAST), which is designed to provide pain relief in minutes.
- Hinge Health, a Digital Musculoskeletal Clinic, announced the acquisition of the developer 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 ushers in a new pain management devices era.
Key Segments:
By Type:
- Neurostimulation Devices
- Infusion Pumps
- Ablation Devices
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By Application:
- Neuropathic Pain
- Musculoskeletal Pain
- Cancer Pain
- Facial Pain & Migraine
- Other Applications
By Mode of Purchase:
- Prescription
- Over-the-counter
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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