The global pain management device industry is set for remarkable expansion, with projections indicating it will surpass a market valuation of USD 5.68 billion by the end of 2032, according to the latest report from Future Market Insights (FMI). This growth trajectory is underlined by a strong 9% Compound Annual Growth Rate (CAGR) expected between 2022 and 2032.
Cost-Effective Healthcare Solutions Driving Market Growth
With rising healthcare costs and the increasing financial burden of hospitalization there is a significant shift towards more economical alternatives. Pain management devices are leading the way, providing effective solutions to alleviate pain without necessitating extended hospital stays. This trend is playing a crucial role in the market’s ongoing expansion, as more healthcare providers adopt these devices to enhance patient care while minimizing costs.
Surgical Procedures Fueling Demand for Pain Management Devices
According to data from the National Center for Biotechnology Information (NCBI), over 51 million inpatient surgical procedures take place annually in the United States alone, with nearly 90% of hospitalized patients receiving medication via IV. This highlights a growing need for devices like infusion therapy equipment, as surgeries and post-operative care continue to rise. The surge in surgeries directly correlates with increased sales of pain management devices, further bolstering market growth.
Technological Advancements and Market Trends
In addition to the healthcare sector’s need for cost-effective solutions, technological innovations are reshaping the landscape. Advanced wearable pain management devices are gaining traction, offering patients new ways to manage chronic pain effectively. These innovations are particularly relevant in developing economies, where the market’s untapped potential provides lucrative opportunities.
However, challenges remain. Concerns about hypersensitivity reactions and the risk of postoperative infections associated with chronic pain relief devices are influencing adoption trends. Additionally, many pain relief devices are primarily used as a second-line treatment for patients who have developed resistance to drug therapy, making the market outlook uncertain.
Future Market Projections
Despite these challenges, the market’s overall trajectory remains positive. Driven by increasing demand in emerging markets and ongoing technological advancements, the pain management device industry is anticipated to reach a valuation of USD 3.3 billion by 2026, setting the stage for substantial growth in the years to come.
The future of pain management devices lies in the ability to address evolving patient needs with innovative, reliable, and cost-effective solutions, reinforcing their role as a vital component of modern healthcare.
Rising Interest in Market Trends: Our Detailed Report Provides Essential Insights!
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.
“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.” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
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 Wave Writer 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 companies profiled:
Abbott Corporation (USA), Medtronic PLC (Ireland), Boston Scientific Corporation (USA), Stryker Corporation (USA), Becton, Dickinson and Company (USA), Baxter International (USA), Nipro Corporation (Japan), B. Braun Melsungen AG (Germany), Smiths Medical Corporation (USA), Moog Inc. (USA), Avanos Medical, Inc. (USA), Atricure Corporation (USA), Nevro Corporation (USA), and Micrel Medical Devices.
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
- Europe
- Asia
- Latin America
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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