According to the NCBI, over 51 million inpatient surgical procedures are performed in the United States alone each year, with approximately 90 per cent of all hospitalized patients receiving medications via IV.
So, the sales of pain management devices such as infusion therapy spikes as the number of surgeries performed rises.
In accordance with the pain management device market report by Future Market Insights (FMI), the market is moving forward strongly with a CAGR of 9% during the forecast period 2022-2032.
The high costs associated with hospitalization have increased the need for shorter hospital stays and a shift to less expensive care settings such as pain management devices, which augments the market growth of pain management devices.
Other factors that contribute to the market’s growth include an increase in demand for pain management devices in developing countries and a rise in the adoption of pain management devices to treat chronic pain.
In addition, during the forecast period, developing economies’ untapped potential presents lucrative pain management devices market opportunities.
Pain management device market trends are expected to be shaped by technological advancements such as wearable pain management devices.
Hypersensitivity reactions and postoperative infections caused by the use of these chronic pain relief devices, on the other hand, negatively impact the pain management devices adoption trends.
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.
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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.
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.
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.
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Key Segments
By Type:
- Neurostimulation Devices
- Infusion Pumps
- Ablation Devices
By Application:
- Neuropathic Pain
- Musculoskeletal Pain
- Cancer Pain
- Facial Pain & Migraine
- Other Applications
By Mode of Purchase:
- Prescription
- Over-the-counter
By Region:
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- RoE
- Asia
- Japan
- China
- India
- RoAPAC
- Latin America
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified 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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