Pain Management Devices Market to Reach USD 10.18 Billion By 2028 | Reports and Data

Increased awareness about potential dangers of pain-killers, rising geriatric population, collaborations for technical advancements in pain management devices and increase in chronic pain incidences are key factors contributing to high CAGR of pain management devices market during the forecast period.

According to the current analysis of Reports and Data, the global pain management devices market was valued at USD 5,864.4 Million in 2020 and is expected to reach USD 10.18 Billion by the year 2028, at a CAGR of 7.1%. Management of ache by stimulating the nerve is an alternative to surgery and medication or a way to improve the outcome of surgery or medication. Electrical stimulation can be used at home and in therapy to monitor and reduce ache in many areas of the body. Devices such as analgesia infusion pumps, transcutaneous electrical nerve stimulators, radiofrequency ablators, and neuro-stimulators are several types of pain management devices. The target market is anticipated to witness strong growth due to advancements in wearable pain management devices, chronic ache issues.

The demand for radiofrequency ablation devices and other pain management electrical devices is expected to rise due to an increase in chronic ache conditions as well as the rising geriatric population globally. Other factors such as the high effectiveness of ache management tools for chronic ache, increased incidence of lifestyle-related chronic diseases, increased geriatric population, and the long-term demand for effective pain management solutions will propel the growth of this industry. However, the low awareness levels among people for pain management devices and the lack or absence of skilled physicians is anticipated to impede the growth of the industry.

Omron Healthcare, Boston Scientific Corporation, are among key innovators in this industry providing transcutaneous electrical nerve stimulation (TENS) and radiofrequency ablation devices to provide ache relief for acute joint and muscle ache and other chronic ache conditions.

North America was the biggest regional market in 2020, holding approximately half of the global revenue due to the swelling number of pain-affiliated people requiring management devices. The region is expected to remain dominant over the forecast years due to the presence of sophisticated healthcare infrastructure and increased healthcare adoption of advanced equipment.

Furthermore, increased government initiatives, availability of research funds from private as well as public bodies, improvement in the reimbursement scenario, and rising awareness about benefits and effectiveness of device technologies are among the key factors propelling the growth of Pain Management Device market.

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Market Overview:

The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.

The report has gather vital information about recent mergers and acquisitions, joint ventures, collaborations, partnerships, brand promotions, R&D activities, and government and corporate deals, among others through extensive primary and secondary research. The report also offers detailed analysis of each competitor along with their financial standing, global market position, product portfolio, manufacturing and production capacity, and business expansion plans.

The report offers a comprehensive overview of the regional bifurcation of the market with respect to market share, market size, revenue growth, import/export, production and consumption patterns, macro and micro economic growth factors, regulatory framework, investment and funding opportunities, and presence of key players in each region including North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. The report offers a country-wise analysis to further discuss the revenue growth and lucrative growth opportunities for the Pain Management Devices market in these key regions.

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Further key findings from the report suggest

• Ablation Devices product type segment is expected to grow with a CAGR of 7.8% during the forecast period. Electrical Stimulators remains the chief revenue generating product segment in global Pain Management Device market.

• The lack of awareness about the presence and accuracy of invasive, non-invasive or minimally invasive medical tools for ache relief or management in the past caused an increase number of chronic ache cases, which deteriorated due to the ache been untreated.

• Cryotherapy is the standard practice in see-and-treat services in middle and low-income countries for treating patients with cervical precancer. However, due to logistical difficulties with cryotherapy (e.g. cost, necessity, and supply chain difficulties of refrigerant gas; duration of treatment and failure of equipment), a portable and lightweight battery-operated thermal ablator has been developed.

• Minimally invasive neurostimulators provide directly selected nerve fibers with significantly low-level electrical signals. Stimulating these nerve fibers removes the signals of ache sent to the brain and replaces the ache with a feeling of tingling.

• BioElectronics Corporation, a leading company in this domain, launched a product called ActiPatch in 2016 which has application in the treatment of prolonged pain from rheumatoid arthritis, osteoarthritis, shingles, sports injuries, fibromyalgia, neuropathy, and post-surgical pain. Also, people using ActiPatch do not have the sensation of any heat, vibration or tingling unlike other products in the market, according to Ken McLeod, Director of Clinical Science and Engineering at Binghamton University.

• Reduced costs and increased reliability on pain management devices has allowed the target market to flourish in healthcare applications for various chronic medical conditions.

• North America remains the major revenue generating geographical segment in Pain Management Device market. The geographical segment accounted for USD 2.18 billion in 2020. In line with this availability of research funding from private and public sources, availability of state-of-art technologies, presence of key market players in the region, favorable reimbursements, rising focus on effective ache managing medical tools, and rising awareness about the same, are among the key factors driving the market growth for Pain Management Device in this region.

• The global Pain Management Device market’s leading players includes St. Jude Medical, Inc. (subsidiary of Abbott), Medtronic, Boston Scientific Corporation, Hospira, Inc. (subsidiary of Pfizer Inc.), B. Braun Melsungen AG, Smiths Medical, Halyard Health, Inc., Nevro Corp., and Bio-Medical Research Ltd among others.

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For the purpose of this report, Reports and Data has segmented the Pain Management Device market on the basis of product, application, end user and region:

Product Outlook (Revenue in Million USD; 2020–2028)

• Electrical Stimulators
o Transcutaneous Electrical Nerve Stimulators (TENS)
o Trigeminal Nerve Stimulation (TNS)
o Transcranial Magnetic Stimulation
o Combination Devices
o Others
• Ablation Devices
o Cryoablation Devices
o Radiofrequency Ablation Devices
o Epicardial Ablation
• Analgesics Infusion Pumps
o Intrathecal Infusion Pumps
o External Infusion Pumps
• Neurostimulation
o Spinal Cord Stimulators
o Deep Brain Stimulators
o Sacral Neurostimulators
o Others

Application Outlook (Revenue in Million USD; 2020–2028)

• Cancer
• Neuropathic Pain
• Facial & Migraine
• Musculoskeletal Disorders
• Trauma

End User Outlook (Revenue in Million USD; 2020–2028)

• Physiotherapy Centers
• Hospitals and Clinics
• Ambulatory Surgical Centers

Mode of Purchase Outlook (Revenue in Million USD; 2020–2028)

• Over-the-counter Devices
• Prescription-based Devices

Regional Outlook (Revenue in Million USD; 2020–2028)

• North America
o U.S
o Canada
• Europe
o Germany
o France
o UK
o Spain
o Italy
o Rest of the Europe
• Asia Pacific
o China
o India
o Japan
o Rest of Asia-Pacific
• Middle East & Africa
• Latin America

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