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Pain Management Devices And Therapies Global Market Analysis, Trends, Growth, Research And Forecast 2033
Pain Management Devices And Therapies Global Market Analysis
According to The Business Research Company's, The pain management devices and therapies market size has grown rapidly in recent years. It will grow from $4.38 billion in 2023 to $4.83 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to increasing prevalence of chronic pain, growing demand for minimally invasive pain management procedures, increasing demand for personalized pain management, growing geriatric population, increasing awareness of pain management options.
The pain management devices and therapies market size is expected to see rapidly grown in the next few years. It will grow to $6.49 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to non-opioid alternatives, remote and digital health, rising opioid epidemic, growing popularity of integrative pain management, value-based care. Major trends in the forecast period include advances in pain management technology, neuromodulation devices, digital therapeutics, wearable pain management devices, regenerative therapies.
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Market Drivers and Trends:
An increase in demand for pain management devices due rise in chronic diseases is driving the growth of the pain management devices and therapies market. Chronic diseases such as cancer, heart stroke often lead to unbearable pain in patients and thus creating a demand for pain management drugs and therapies. Chronic diseases persist over a long period and deteriorate the health of the patient. As reported in an article by the Brazilian Journal of Nephrology, around 60% of patients with chronic kidney disease reported pain of any kind of intensity, which required pain management drugs. Similarly, according to a report in the 'US National Library of Medicine, approximately 45% or 133 million of all Americans suffered from at least one chronic disease. It is also stated that more than two-thirds of all deaths are due to one of the chronic illnesses, which included coronary heart sickness, cancer, stroke, persistent obstructive pulmonary disease, and diabetes. This rise in chronic diseases is increasing the demand for pain management devices and therapies and driving the pain management devices and therapies market.
Companies in the pain management devices and therapies industry are focusing on the use of advanced technologies to cure chronic and acute pain without the use of any opioids (drugs). Special pain relief wearable devices are being developed by several companies that can be controlled manually or through a smartphone. These devices work by gathering neural pulses from the brain which triggers the release of the body's natural pain blocker. Thus, the devices electrically stimulate the nervous system and increase the body's resistance to pain. Companies such as NeuroMetrix, Sana, Oska wellness have introduced various types of wearable devices, ranging from a wearable mask, knee band, wrist band, etc. FDA has approved these devices as OTC (over-the-counter), which can be bought without a prescription.
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Major Key Players of the Market:
Abbott Laboratories; AstraZeneca plc; Pfizer Inc.; Boston Scientific Corporation; GlaxoSmithKline plc; Teva Pharmaceutical Industries Ltd.; Medtronic plc; Novartis AG; Baxter International Inc.; Johnson & Johnson; Eli Lilly & Company; Endo Health Solutions Inc.; Smiths Medical Inc.; Becton Dickinson and Company; AbbVie Inc.; Astellas Pharma Inc.; Bayer AG; DJO Global Inc.; Halyard Health Inc.; B. Braun Melsungen AG; Neurotech Na; Nevro Corp; Sanofi SA; Purdue Pharma LP; Zogenix Inc.; Bausch Health Companies Inc.; NeuroMetrix Inc.; Medovex Corporation; Halyard Health Inc.; Flowonix Medical Inc.; Pain Management Technologies Inc.
Pain Management Devices And Therapies Market 2024 Key Insights:
• The pain management devices and therapies market size will grow to $6.49 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Rising Demand For Pain Management Devices And Therapies Fueled By Escalating Chronic Disease Rates
• Innovative Pain Relief Wearable Devices Revolutionizing Pain Management
• North America was the largest region in the pain management devices and therapies market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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