By the end of 2032, the global pain management devices market is predicted to have grown at a robust CAGR of 9%, with a valuation of more than US$ 5.68 billion, thanks to Approximately 90% of hospitalised patients receive medication via IV, and over 51 million inpatient surgical procedures are performed annually in the United States alone, according to the NCBI. So, when the number of surgeries performed increases, so do the sales of pain management devices like infusion therapy.
According to Future Market Insights’ (FMI’s) analysis on the pain management device market, the industry is expanding quickly, growing at a CAGR of 9% from 2022 to 2032. The desire for shorter hospital stays and a move to less expensive care venues, including pain management devices, has increased as a result of the high expenses of hospitalization, which also fuels the market expansion for these products.
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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.
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
By Application:
- Neuropathic Pain
- Musculoskeletal Pain
- Cancer Pain
- Facial Pain & Migraine
- Other Applications
By Mode of Purchase:
- Prescription
- Over-the-counter
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