Pain Management Devices Market is expected to grow at a decent CAGR of 9% reach $3.5 Billion by 2026

Pain is an unpleasant sensation and emotional experience usually caused by tissue damage. Pain can be either acute or chronic. In 2019, The National Health Interview Survey founded that more than 7% of adults in the US had chronic pain syndrome which hindered their normal activities in work place.

The Global Pain Management Devices Market is anticipated to grow at a rate of 9% to reach ~$3.5 billion by 2026. Growing cases of chronic pain-inducing diseases (like diabetes, muscoskeletal disorders), increase in geriatric population, favorable reimbursement scenario for spinal cord stimulation (SCS) devices in developed countries, rising R&D investment, growing incidence of sports injuries and cancer, and rising demand for chronic pain management in home care treatment are some of the key factors driving the global pain management devices market.

Arrival of Advanced Pain Management Technologies Drives the Market
Presently, first line of treatment for pain management is oral medication due to their easy availability, and lower cost. However, in the recent years, due to development of advanced technologies, FDA approved non-prescription medical devices, devices used in combination with prescribed medications or other forms of pain management therapy, the quality of treatment and care has improved immensely.

There are various types of pain management devices available in the market such as spinal cord stimulators, transcutaneous electrical nerve stimulation devices, analgesic infusion pumps, and ablation devices. Recently, many developments have been made to improve the quality of life of patients suffering from chronic pain such as:
• In October 2021, SPR Therapeutics secured $37M VP funding to scale operations for Sprint pain relief device
• In August 2020, Medtronic launched its FDA-approved neurostimulator, called the InterStim Micro Neurostimulator which helps patients to effective control bladder and bowel movement

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Key Challenges/ Constraints of Pain Management Devices
Pain management devices are usually used as second line of treatment in patients with chronic pain who become resistant to drug therapy. Hypersensitivity reactions and post-operative infections caused due to the use of these devices are likely to hamper growth of the market.

North America Leads in terms of Adoption
North America holds the largest market for pain management devices with >50% share, followed by Europe and Asia Pacific. Demand for drug free therapy, availability of well-planned reimbursement and insurance coverage and presence of leading player in this region are some of the key factors driving the market growth.

Competitive Landscape: Pain Management Devices Market
The Pain Management Devices market is marked by presence of established key players such as Medtronic, Boston Scientific, Abbott, BD, Baxter International, Stryker, Smiths Medical, Nipro Corporation, Nevro Corp., Mindray Microtransponder, among others.

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