Pain Management Devices Market to Set Phenomenal Growth by 2028

Pain Management Devices Market: Overview

• According to Transparency Market Research's latest report on the global pain management devices market for the historical period 2017-2019 and forecast period from 2021 to 2028, increase in the geriatric population, rise in prevalence of chronic diseases, and introduction of novel technologies are projected to boost the growth of the global pain management devices market during the forecast period

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Rise in Number of Surgeries Performed: Key Driver

• The number of surgical procedures performed across the world has increased significantly over the past few years. This can be attributed to the increase in geriatric population and rise in rates of obesity and other lifestyle diseases. Obesity is one of the leading causes of cardiovascular and orthopedic diseases.
• The primary application of infusion pumps is analgesia/pain management. Following bariatric surgery, cardiothoracic surgery, and laparoscopic cholecystectomy, infusion pumps are commonly used for the local administration of narcotic analgesics and anesthetics.

Increase in Chronic Medical Conditions Boosts Market Growth

• Rise in prevalence of chronic medical conditions, commercialization of technologically advanced therapeutic products, changing patient demographics, increase in the geriatric population, and favorable reimbursement policies are expected to fuel the growth of the global market

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Product Recall to Restrain Market Growth

• Pain management devices are used to administer critical fluids, neurostimulations, and ablation procedures, which could include the use of high-risk medications. Errors in the use of these systems can result in serious harm to patients and even death. According to the Institute of Medicine, in the U.S., around 1.5 million patients are affected by medication errors each year, which cost an average of US$ 8,750 per potential adverse drug event (PADE).
• The Emergency Care Research Institute (ECRI) has included errors in drug administration involving infusion pumps in its top 10 list of health technology hazards for the past five years. The impact of product recalls due to safety and efficacy issues on pain management device sales is a major concern for device manufacturers. These recalls compel manufacturers to replace faulty devices with updated models and to pay for serious injuries caused by accidents. Consequently, product recalls hamper the growth of the global pain management devices market.

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Pain Management Devices Market: Competition Landscape

• This report profiles major players in the global pain management devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
• The global pain management devices market is quite competitive, with the top 10 players accounting for major share of the market and companies focusing on research & development to produce better pharmaceutical & vaccine products for existing diseases
• Leading players operating in the global pain management devices market are
o Baxter International, Inc.
o Bio-Medical Research (BMR) Ltd.
o Boston Scientific Corporation
o DJO Global, Inc.
o Medtronic plc
o Stryker Corporation
o B. Braun Melsungen AG
o Avanos Medical, Inc.
o Microtransponde
o Among others

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Pain Management Devices Market: Key Developments

• Key players in the global pain management devices market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global pain management devices market.

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