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Global Pain Management Devices Market to Reach US$ 8,046.3 Mn by 2026 Driven by Increasing Regulatory Approvals, says Fortune Business Insights

03-30-2022 08:58 AM CET | Health & Medicine

Press release from: Fortune Business Insights

Pain Management Devices Market

Pain Management Devices Market

The global pain management devices market will benefit from increasing regulatory approvals for neuromodulation devices in recent years. According to a report published by Fortune Business Insights, titled "Pain Management Devices: Global Market Analysis, Insights and Forecast, 2019-2026," the market was valued at US$ 3,922.9 Mn in 2018. Fortune Business Insights states that the market will reach US$ 8,046.3 Mn by 2026, exhibiting a CAGR of 9.4%.

Pain management devices aid in reducing chronic pain and other undesirable conditions. Pain management can be used as an alternative to surgery to improve the result of your medication. This allows a non-invasive platform for surgical procedures, which in turn will lead to an increase in the global pain management devices market value. Recent technological advancements have opened up a huge pain management devices market growth potential. The report encompasses several factors that have contributed to the growth of the global pain management devices market.

Besides this, the report includes a few of the factors that have acted as a barrier to market growth and signifies the market strategies adopted by leading companies, specifically aimed at overcoming these barriers. The increasing number of people suffering from pain through chronic diseases will aid the growth of the global pain management devices market in the forthcoming years. According to the Centers for Disease Control and Prevention, around 20.4% of the total population in the US suffered from chronic pain in 2016. In addition to the increasing incidence of chronic pain, increasing neuropathic conditions will contribute to the increasing pain management devices market size.

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Launch of Technologically Advanced Pain Management Devices Likely to Enable Market Growth
Technological advancements in pain management devices have played a huge part in the overall pain management market growth in recent years. Several companies have launched products with better feasibility and high operational efficacy. In January 2019, Boston Scientific announced the launch of an advanced chronic pain management device, which has been identified as one of the very few devices in the market with the ability to combine paresthesia and sub-perception therapy. The 'Spectra WaveWriter SCS System' was launched with the aim of offering a non-drug therapeutic approach for people suffering from chronic pain. The report encompasses product launches, similar to Boston Scientific's latest device and signifies the importance and impact of such devices on the global pain management devices market.

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35% Rise in Regulatory Approvals for Pain Management Device Indicates a Huge Potential for Growth in the Foreseeable Future
As the benefits of pain management devices have been unfolded in recent years, there has been an increase in adoption for these devices across the world. Resulting from the increasing demand for pain management devices, there has been a gradual increase in clinical approvals for these devices in recent years. According to the International Neuromodulation Society, the total number of approvals for neuromodulation devices from the Food and Drug Administration increased by approximately 35% in the past decade. Fortune Business Insights states that the growing usage approvals will favour the growth of the global pain management devices market in the forthcoming years.

Fortune Business Insights profiles a few of the companies that have generated substantial pain management market revenue in recent years. Some of the leading companies that are currently operating in the global pain management market are Medtronic, Boston Scientific Corporation, LivaNova, Abbott, DJO Global LLC, SPR Therapeutics, and Nevro Corp.

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