Between 2022 and 2032, Global Pain Management Device Market Demand is predicted to expand at a strong CAGR of 9%, totalling more than US$ 5.68 billion by the end of 2032.
The expanding elderly population will increase the use of pain monitoring devices, resulting in an increase in the worldwide Pain Management Device market. Pain Management Devices can manage and relieve a wide range of pain conditions, including neuropathic pain, cancer pain, and musculoskeletal pain. Manufacturers are constantly striving to create novel pain treatment gadgets.
The rising prevalence of diabetes, cancer, and mental diseases, as well as the rising number of accidents, will continue to drive the growth of the Pain Management Device market over the forecast period. The rising frequency of chronic illnesses, as well as increased public knowledge of Pain Management Devices and their advantages over opioids, are expected to drive demand for Pain Management Devices in the coming years.
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According to the Centres for Disease Control and Prevention, 20.4% of US adults (50.0 million) experienced chronic pain, and 8.0% of US adults (19.6 million) had high-impact chronic pain, with increased incidence related with increasing age, raising global demand for pain management equipment. Boston Scientific, for example, introduced the WaveWriter AlphaTM Spinal Cord Stimulator System, which is the most recent innovation in chronic pain therapy. This therapy is intended to relieve pain by providing modest electric pulses to the spinal cord in order to disrupt pain signals travelling to the brain.
Country-Wise Insights
The Pain Management Device market in the United States is expected to grow rapidly during the forecast period, owing to the easy availability of novel Pain Management Devices, high levels of health awareness among people, rising prevalence of chronic medical conditions such as cancer, diabetes, spinal problems, and so on, a thriving pain therapeutics solutions market, a surge in new product approvals, growing popularity of wearable medical devices, and the presence of key market players.
The increased prevalence of chronic pain is a primary element driving the growth of the chronic pain and pain management equipment markets in the United States. According to the Centres for Disease Control and Prevention (CDC), around 20.4% of adults in the United States experienced chronic pain in 2019. People use modern gadgets such as implanted Pain Management Devices to manage and treat chronic pain.
According to the most recent Pain Management Device market trends, demand for Pain Management Devices in the United Kingdom is expected to expand at a strong CAGR between 2022 and 2032.
This is owing to the increased use of technologically advanced medical devices such as tens pain relief devices, among others, due to their high effectiveness, the presence of some of the world’s leading medical device makers, rising healthcare spending, and favourable government efforts.
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Category-Wise Insights
The global Pain Management Devices market has been classified into three types: neurostimulation devices, infusion pumps, and ablation devices. Among them, the neurostimulation devices segment dominated the worldwide Pain Management Devices market in 2021 and is expected to continue over the assessment period.
The increased frequency of neurological illnesses, rising demand for non-opioid treatments, and different benefits of neurostimulation devices are all contributing to the expansion of this category.
According to FMI, the neuropathic pain application sector will continue to lead the worldwide Pain Management Devices market in 2022, accounting for the biggest revenue share. Factors such as the rapid increase in traumatic injuries and chronic diseases, the growing need for controlling and alleviating neuropathic pain, and the thriving neuropathic pain market are propelling this segment’s expansion.
Furthermore, developments in the acute pain market, together with the increase of the chronic pain market size, are expected to favour the growth of this area.
Competitive Landscape:
Leading Pain Management Device manufacturers are investing in research and development to produce revolutionary Pain Management Devices that can assist patients suffering from severe pain with better relief. Furthermore, they are expanding their global reach through growth methods such as alliances, new product launches and approvals, mergers, and acquisitions.
Some recent developments in the Pain Management Devices market are as follows:
- In November 2020, Abbott launched the IonicRF Generator, a new radiofrequency ablation device to deliver a non-surgical, minimally invasive treatment for the management of pain in the nervous system.
- In November 2021, the USA Food and Drug Administration authorized the marketing of EaseVRx, a virtual reality system for chronic pain reduction.
Major Players
- Abbott Corporation
- Medtronic PLC
- Stryker Corporation
- Baxter International
- Nipro Corporation
- Atricure Corporation
- Nevro Corporation
- Micrel Medical Devices
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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
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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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