Press release
Pain Management Devices Market Growing Technology Scope with Global Growth Scenario Led by Smiths Medical, Hospira, BioElectronics, Regenesis Biomedical, HYH, Pressure Positive Company
The global pain management devices market is expected to reach US$ 8,388.67 million in 2027 from US$ 4,527.31 million in 2019. The market is estimated to grow with a CAGR of 8.1% from 2020 to 2027.Pain management devices are used for managing or controlling the pain caused due to medical conditions like arthritis, injury, cancer, and others. Devices for pain management are used according to the severity of the pain, these devices are widely used in hospitals during the pain management therapy. The global pain management devices market is driven by factors such as increasing chronic pain incidences, rising product launches, and growing geriatric population. However, lack of awareness regarding pain management is likely to hinder the growth of the pain management devices market during the forecast period.
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Leading companies like Medtronic plc, ST. Jude Medical, Inc., Boston Scientific Corporation, Hospira, Inc., Halyard Health, Inc, Smiths Medical, B. Braun Melsungen AG, Neurotech NA, Inc., BD, and Nevro Corp.
Based on product type, the pain management devices market is segmented into neuromodulation devices, ablation devices, and analgesic infusion pumps. The neuromodulation devices segment held the largest share of the market in 2019 owing to wide application of these devices and increasing number of market players operating in this segment. However, the ablation devices segment is estimated to register the highest CAGR in the market during the forecast period.
Based on application, the pain management devices market is segmented into production neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, and others. The neuropathic pain segment held the largest share of the market in 2019; however, the musculoskeletal pain segment is estimated to register the highest CAGR in the market during the forecast period.
The incidences of chronic pain are commonly seen among athletes, sportspersons, and people living with past injuries. The chronic pain incidences increase the dependency of a person on others for various daily activities. Therefore, pain management is essential to carry out normal daily routine. The pain management devices provide relief for longer durations and also improve their health. A wearable pain management device is easy to use and operate; thus, it reduces the person's dependency on others. Therefore, owing to the advantages of pain management devices, the demand for the same is rising among patients with chronic diseases.
The increasing incidences of chronic diseases such as cancer, cardiovascular diseases, neurovascular diseases, and musculoskeletal diseases are likely to drive the growth of the pain management devices market. These diseases affect a person's health critically by lowering immunity and resulting in chronic pain. The incidences of the aforementioned diseases are most commonly seen in adults and geriatric population. According to the Centers for Disease Control and Prevention data of October 2019, in the US, 6 in 10 adults live with at least one chronic disease. Additionally, in the US, 4 in 10 adults live with two types of chronic disease. Moreover, it has been observed that the aforementioned diseases are noticeably increasing among children.
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Table of Contents
1 Introduction
1.1 Scope of Study
1.2 The Insight Partners Research Report Guidance
2 Key Takeaways
3 Pain Management Devices Market Landscape
3.1 Market Overview
3.2 Market Segmentation
3.2.1 Pain Management Devices Market - By Type
3.2.2 Pain Management Devices Market - By Application
3.2.3 Pain Management Devices - By Region
3.2.3.1 By Country
3.3 PEST Analysis
3.3.1 North America - PEST Analysis
3.3.2 Europe - PEST Analysis
3.3.3 Asia Pacific - PEST Analysis
3.3.4 Middle East and Africa - PEST Analysis
3.3.5 South and Central America- PEST Analysis
4 Pain Management Devices Market - Key Industry Dynamics
4.1 Key Market Drivers
4.2 Key Market Restraints
4.3 Key Market Opportunities
4.4 Future Trends
4.5 Impact Analysis
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