Pain Management Devices Market Growth Analysis by Product, Application, Region-Forecasts 2021-2031 | Medtronic PLC , Boston Scientific, Abbott, Becton

The global pain management devices market was valued at USD 2.2 billion in 2021 and it is anticipated to grow up to USD 8.0 billion by 2031, at a CAGR of 13.8% during the forecast period.

New York, According to a new market research report published by Global Insight Services Pain Management Devices Market is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

Pain management devices are medical devices that are used in management of different types of pain such as neuropathic pain, cancer pain, nociceptive pain, musculoskeletal pain, and others. Spinal cord stimulators, transcutaneous electrical nerve stimulation devices, analgesic infusion pumps, and ablation devices are various types of pain management devices available in the market.

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Market Trends and Drivers

Growing number of surgical procedures performed will propel the market growth. Over the years, there has been a significant rise in the number of surgical procedures performed across the globe. This can be attributed to the rising geriatric population and the growing prevalence of obesity and other lifestyle diseases. Obesity is one of the key causes of cardiovascular and orthopedic diseases. Analgesia/pain management is the key application area of infusion pumps. Infusion pumps are also widely used for the local administration of narcotic analgesics and anesthetics following bariatric surgery, cardiothoracic surgery, and laparoscopic cholecystectomy. PCA pumps are used to manage post-operative pain in various orthopedic surgeries such as spine surgeries and in major joint and foot/lower extremity surgical procedures. According to the National Spinal Cord Injury Statistical Center (NSCISC) 2016 datasheet, the annual incidence of spinal cord injuries (SCI) is approximately 54 cases per million population in the US or approximately 17,000 new SCI cases each year. According to the NCBI, more than 51 million inpatient surgical procedures are performed annually in the US alone, and approximately 90% of all hospitalized patients receive medications through IV. With an increase in the number of surgeries performed, the demand for infusion therapy is expected to increase.

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Market Restraints and Challenges

Use of pain medications as the first line of treatment for pain management may hamper the industry progression. Medication is often the first therapy that doctors use to manage chronic pain. Pain specialists prefer to prescribe medications over devices to patients suffering from pain majorly due to their easy availably, presence of substantial clinical evidence, and lower cost. Usually, physicians opt for pain management devices such as TENS or SCS only if medication and other alternative treatments do not work.

Based on product, it is segmented into electrical stimulators, radiofrequency ablation (RFA), analgesic infusion pumps and neurostimulation. Among these, the neurostimulation segment accounted for significant market share in 2021. The growth can be attributed to the increase in the prevalence of neurological disorders. These neurostimulators play a crucial role in treating chronic pain, Parkinson's disease, epilepsy, movement disorders, and depression. In addition, certain factors like the introduction of technologically advanced products, rising product demand, and the growing geriatric population are anticipated to drive the market. For example, according to the U.K. government, the number of people within the age group of 60-64 years increased from 3,673 thousand in 2018 to 3,974 thousand in 2021. Similarly, the population within the age group of 70-74 years increased from 3,252 in 2018 to 3,390 in 2021. Thus, the increasing geriatric population is likely to fuel the market growth this demographic is at a greater risk of chronic illness.

Major Players in the Global Pain Management Devices Market

The key players in the market are Medtronic PLC (Ireland), Boston Scientific (US), Abbott (US), Becton, Dickinson and Company (US), Baxter International (US), B. Braun Melsungen AG (Germany), Stryker (US), Smiths Medical (US), and Moog Inc. (US), among others.

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Reasons to buy Pain Management Devices Market Report:

• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market

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