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Japan Pain Management Devices Market to Reap Excessive Revenues by 2028
According to the report, the global pain management devices market was valued at US$ 4.1 Bn in 2020 and is projected to expand at a CAGR of 6.4% from 2021 to 2028. Pain management devices comprise various therapeutic products used to relieve pain. These devices are advantageous for long-term treatment of pain, especially for chronic conditions such as cancer and arthritis.
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Pain can be controlled with the use of electrical currents, analgesic pumps, radiofrequency ablation or minimally invasive procedures such as neurostimulation. Key factors such as increase in geriatric population, rise in prevalence of chronic medical conditions, and introduction of novel technologies boost the growth of the global pain management devices market. However, certain factors such as risks associated with implant procedures and implementation of Affordable Care Act are anticipated to hamper the expansion of the global pain management devices market.
Increase in Geriatric Population Globally to Propel Market
Globally, the geriatric population is expected to drive the global market, as chronic pain is common among the elderly and is considered a separate risk factor for mortality. The market is also expected to be driven by increase in the number of product launches. Biotricity Inc. collaborated with CPM Centres for Pain Management, a NeuPath Health subsidiary, to launch an innovative pain management product in March 2020. These factors are expected to drive the global pain management market over the next few years.
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Neuromodulation Devices and Radiofrequency (RF) Ablation to be Highly Lucrative Segment
In terms of product type, the global pain management devices market has been segmented into electrical stimulation devices (ESDs), radiofrequency ablation devices, analgesic infusion pumps, and neurostimulation devices. The ESDs segment has been split into transcutaneous electrical nerve stimulation (TENS) devices, neuromuscular electrical stimulation (NMES/EMS) devices, and other electrical stimulation devices (electrotherapy devices, combination devices, TNS, TMS, etc.) The analgesic infusion pumps segment has been bifurcated into intrathecal infusion pumps and external infusion pumps. The neurostimulation devices segment has been segregated into spinal cord stimulation (SCS) devices, deep brain stimulation devices, vagus nerve stimulation devices, and sacral nerve stimulation devices.
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Based on application, the global market has been categorized into electrical stimulation devices, neurostimulation devices, analgesic infusion pumps, and radiofrequency ablation devices. The electrical stimulation devices segment has been split into neuropathic pain, cancer pain, facial & migraine pain, musculoskeletal pain, and trauma. The neurostimulation devices segment has been segregated into neuropathic pain, cancer pain, facial & migraine pain, and musculoskeletal pain. The analgesic infusion pumps segment has been divided into neuropathic pain, cancer pain, musculoskeletal pain, and trauma. The radiofrequency ablation devices segment has been split into neuropathic pain, cancer pain, and musculoskeletal pain. The neuropathic pain and musculoskeletal pain sub-segments dominated the radiofrequency ablation devices segment in 2020.
The radiofrequency (RF) ablation devices segment is expected to expand at a high CAGR during the forecast period. Rise in prevalence of cardiovascular disorders such as atrial fibrillation, increase in the number of patients suffering from pain and cancer, and need of minimally invasive procedures fuel the growth of the radiofrequency (RF) ablation devices segment. The use of ultrasonic ablation technology in radiofrequency (RF) ablation devices is likely to augment the segment.
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North America to Dominate Global Market
In terms of region, the global pain management devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to be a highly lucrative market for pain management devices during the forecast period. Increase in geriatric population, rise in health awareness, and surge in new cases of chronic diseases & surgeries across the region are projected to propel the global market.
The global pain management market is considered highly competitive, owing to significant presence of pain specialist physicians, increase in trend of FDA product approvals, and robust infrastructure for providing pain management services to patients. For instance, Baudax Bio's meloxicam injection (Anjeso) was approved by the U.S. FDA in February 2020 to be administered alone or in combination with other non-NSAID analgesics to treat moderate to severe pain. Hence, the market in North America is anticipated to expand at a high CAGR during the forecast period.
Competition Landscape
The global pain management devices market is fragmented in terms of number of players. Key players in the global market include Baxter International, Inc., Bio-Medical Research (BMR) Ltd., Boston Scientific Corporation, DJO Global, Inc., Medtronic plc, Stryker Corporation, B. Braun Melsungen AG, Avanos Medical, Inc., and Microtransponde.
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