Pain Management Devices Market Estimated to Reach $3.3
Chicago, Feb. 01, 2023 (GLOBE NEWSWIRE) -- According to the new market research report published by MarketsandMarkets, "Pain Management Devices Market by Type (Neurostimulation, SCS, TENS, RF Ablation, Infusion Pumps), Application (Neuropathy, Cancer, Facial, MSK, Migraine), Mode of Purchase (OTC, Prescription-based) & Region (NA, Europe, APAC) - Global Forecasts to 2026", the global pain management devices market in terms of revenue was estimated to be worth $2.2 billion in 2021 and is poised to reach $3.3 billion by 2026, growing at a CAGR of 8.6% from 2021 to 2026.
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182 - Tables
56 - Figures
249 – Pages
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Pain Management Devices Market Report Scope:
|Market Value by 2026||$3.3 billion|
|Growth Rate||Poised to grow at CAGR of 8.6%|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, By Application, By Mode of Purchase, & By Region|
|Geographies Covered||North America, Europe, Asia Pacific, ROW|
|Key Companies Profiled/Vendors||Medtronic PLC (Ireland), Boston Scientific (US), Abbott (US), Becton, Dickinson and Company (US), Baxter International (US), B. Braun Melsungen AG (Germany), among other players|
|Key Market Opportunities||High growth in emerging markets|
|Key Market Drivers||Growing number of surgical procedures performed|
Pain management devices are used to manage chronic and acute pain in patients suffering from various types of disease conditions, such as cancer, neurological disorders, and musculoskeletal disorders, among others. These devices restore the ability to do everyday activities, decrease the need for oral pain medications, and improve the quality of life of patients suffering from these conditions. However, product recalls and high procedural costs are likely to challenge market growth in the coming years.
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In this report, the pain management devices market has been segmented based on type, application, mode of purchase, and region.
Based on type, the pain management devices market is segmented into neurostimulation devices, infusion pumps, and ablation devices. In 2020, the neurostimulation segment accounted for 58.0% of the pain management devices market. This segment is projected to reach USD 1,910.7 million by 2026 from USD 1,247.7 million in 2021, at a CAGR of 8.6%. Neurostimulation devices provide pain relief by disrupting pain signals travelling between the spinal cord and the brain. These devices can be either implantable or non-implantable in nature. Neuromodulation devices are further classified into transcutaneous electrical nerve stimulators (TENS) and spinal cord stimulators. The large share and high growth of this segment are attributed to the advantages of neuromodulation as compared to alternative therapies for managing chronic pain, its long-term cost effectiveness, and technological developments in the neurostimulation devices segment.
Based on application, the pain management devices market is segmented into neuropathic pain, musculoskeletal pain, cancer pain, facial pain and migraine, and other applications. In 2020, the neuropathic pain segment held the largest market share of 31.4%. The presence of substantial clinical evidence supporting the high efficacy of pain management devices in the treatment of neuropathic pain, the development of novel neuropathic pain management devices, the global ageing population (the geriatric population is at high risk of neuropathic pain due to the increased incidence of neuropathic pain associated with many age-related diseases), the side effects of drugs used to treat neuropathic pain, and the availability of new neuropathic pain management devices.
On the basis of mode of purchase, the pain management devices market is segmented into prescription and over-the-counter products. Prescription devices had the largest market share of 89.7% in 2020. The availability of many FDA-approved prescription-based pain management devices, the longer market presence of these devices with established safety and efficacy profiles, long-term cost effectiveness, and a favourable reimbursement scenario for these devices are the key factors stimulating the growth of the prescription-based devices market.
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Geographical Growth Scenario:
The pain management devices market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America has been among the frontrunners in developing pain management devices and services in the healthcare industry. The pain management devices market in the US is expected to offer growth opportunities in the coming years owing to the increasing incorporation of pain management devices in ambulatory care centers. Many major global players are also based in the US, owing to which the country has become a centre of innovation in the pain management devices market.
Some of the prominent players operating in the pain management devices 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), Moog Inc. (US), Avanos Medical, Inc. (US), Nipro Corporation (Japan), Atricure (US), Nevro Corp. (US), Micrel Medical Devices SA (Greece), InfuTronix Solutions LLC (US), Teleflex, Inc. (US), Mindray Medical International Limited (China), Shenzhen MedRena Biotech Co., Ltd. (China), Epic Medical (Singapore), Bioness (US), Microtransponder (US), Neuronano (Sweden), Gimer Medical (Taiwan), Bluewind Medical (Israel), Soterix Medical Inc. (US) and other players.
Top Pain Management Devices Market Player:
Medtronic is the leading player in the pain management devices market. The company, as part of its marketing and sales strategy, focuses on rapid and cost-effective product delivery to its global customers. Additionally, the company maintains strong relationships with physicians and providers to gain a detailed understanding of their requirements. The company has gained a major share in the neuromodulation market because of its diversified product portfolio, widespread geographical presence, focus on inorganic growth strategies, strong focus on R&D, and aggressive marketing and sales strategies.
Boston Scientific is one of the key players in the pain management devices market. Through its Rhythm Management segment, the company provides neuromodulation products, such as rechargeable spinal cord stimulators and microstimulators for managing neuropathic pain. Moreover, Boston Scientific has a strong geographic presence in more than 40 countries globally. The company markets and distributes its products to ~13,000 hospitals, clinics, outpatient facilities, and medical offices in over 100 countries worldwide.
Abbott is among the major players in the pain management devices market. The company’s leading position can be attributed to its wide product portfolio. The firm focuses on organic and inorganic growth strategies.
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