Press release
Pain Management Devices Market Forecast to Grow at 21.5% CAGR from 2024 to 2031 | SkyQuest Technology
Skyquest Technology
Pain Management Devices Market [https://www.skyquestt.com/report/pain-management-devices-market] size was valued at around USD 12.76 billion in 2022 and is expected to rise from USD 15.50 billion in 2023 to reach a value of USD 73.7 billion by 2031, at a CAGR of 21.5% over the forecast period (2024-2031).
Pain management devices are medical devices specifically designed to help control pain. These devices are intended to be used as part of a comprehensive pain management program and can provide relief for various types of pain, including chronic, acute, and postoperative pain.
Pain management devices, especially those involving implants or implantable procedures, are subject to rigorous regulatory scrutiny to ensure safety and effectiveness. Probably pain management devices will not be equally accessible in all communities due to variations in health care. Furthermore, pain management devices can be expensive, especially advanced neuromuscular implants and drug delivery systems.
Competitive Landscape of the Pain Management Devices Market
Key players and their strategies
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Medtronic Plc
Overview: Medtronic is a leading company in the pain management device market, known for its advanced neuromuscular technology.
Strategy: The Company will continue to focus on innovation, extensive clinical trials and strategic expansion of its product portfolio and market.
Recent developments: Medtronic recently launched a new spinal stimulation program and has been actively engaged in research to improve its devices.
Boston Science Corporation: Expanding Horizons
Overview: Boston Scientific is a leading competitor, offering a wide range of pain management solutions, including spinal stimulation and radiofrequency ablation programs.
Strategy: The company's growth strategy includes product diversification, strategy, and a strong emphasis on R&D.
Recent developments: Boston Scientific is expanding its footprint worldwide and introducing several new products to address a variety of pain conditions.
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Analyze the Business Verticals in the Pain Management Devices Market
Overview: Muscle-modifying devices, such as spinal stimulators and peripheral nerve stimulators, are important in the management of chronic pain by modulating muscle activity. These devices are designed to conduct the electrical current specific areas of the nerve to alter pain signals and muscle pain, chronic back pain, complex regional pain syndromes etc. to provide relief to patients suffering from various conditions.
Driving Factors: Technological advances, increased prevalence of chronic pain conditions, and increased preference for non-opioid pain relievers are the major drivers of this segment.
In May 2024, the FDA has approved Medtronic's closed-loop rechargeable spinal cord stimulator (SCS), Inceptiv, as a new treatment for chronic pain. This approval makes the SCS device the first in the market to use a closed-loop device that senses biological signals around the spine. This stimulator will automatically change the stimulation in real time and improve the treatment and life in the day-to-day activities.
In April 2024, triCure launched the cryoSPHERE+ cryoablation probe, a device designed to improve postoperative pain management. This new probe features advanced insulation technology that reduces freeze times by 25% compared to the legacy cryoSPHERE device.
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Paving the Way for Effective Relief: The Future of Pain Management Devices
The pain management devices market is poised for tremendous growth, driven by technological advances, aging population, and increasing chronic pain conditions. Innovations in tissue modification, pumping into the body, and into the analgesic system, improve the convenience and efficacyof preventive analgesia. As patient demand for non-opioid pain relievers increases, the market is likely to see expanded use of these devices. Legal assistance and payment processing is also expected to play an important role in the market expansion. Through continuous research and development, the pain management devices market is destined to provide effective, convenient and safe pain management solutions, providing a bright future for patients and healthcare professionals.
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