Pain Management Devices Market
Number of pages: 100 | Report Format: PDF | Published date: January 25, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 3.18 billion |
|
Revenue Forecast in 2030 |
US$ 7.032 billion |
|
CAGR |
9.2% |
|
Base Year For Estimation |
2021 |
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Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Product, Application, End-user, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global pain management devices market was valued at US$ 3.18 billion in 2021. The market is expected to register a revenue CAGR of 9.2% to reach US$ 7.032 billion by 2030.
Pain Management Devices Market Fundamentals
Pain management devices are medical devices used to treat various pain conditions, such as neuropathic pain, cancer pain, nociceptive pain, and musculoskeletal pain. Pain management devices are drug-free gadgets with little to no adverse effects. Pain management refers to hospital pain management that does not include device implantation or surgical management.
As the global population ages, pain management has become a critical issue for the healthcare system worldwide. With the rise of chronic conditions and the need for more effective care, medical professionals are focusing on the usage of new techniques and technologies to provide better options for pain management. Traditional medications, for instance, enable quick pain relief, allowing patients to receive the care they require. However, drug therapy has severe side effects that interfere with the normal way of living. Furthermore, the usage of technology-based tools such as neuromodulation devices, wearables, or connected devices can help healthcare providers understand how a patient's pain levels change over time. Other pain management trends emphasize the development of better treatment options for specific conditions, such as opioid-free treatments for chronic pain. Medical professionals can provide more effective and personalized care to their patients by researching various methods of pain management.
Pain management is classified into two forms based on its duration: acute pain and chronic pain. Acute pain happens immediately; however, chronic pain persists over time. Chronic pain can interfere with daily activities, such as working, socializing, and taking care of oneself or others. It can cause anxiety, depression, and difficulty in sleeping, all of which can exacerbate one’s discomfort. A wide range of drugs or devices are employed for efficient pain management.
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Pain Management Devices Market Dynamics
The increasing incidences of lifestyle-associated conditions such as obesity and diabetes are accelerating the global pain management devices market revenue growth. According to a report by the Centers for Disease Control and Prevention (CDC) in June 2022, around 37.3 million Americans, i.e., 11.3% of the population, suffered from diabetes, and nearly 1.9 million Americans had type 1 diabetes, including 244,000 children and adolescents. Major manufacturers are continually investing in R&D activities to improve the effectiveness of their existing therapies and also developing novel ones, which is expected to boost revenue growth in the global pain management devices market.
Increasing usage of artificial intelligence and machine learning by physicians in efficient pain diagnosis and management is expected to fuel revenue growth in the pain management devices market. Additionally, a growing number of pain management clinics and ambulatory surgical centers also support the market revenue growth.
However, the widespread usage of pain management drugs as the first line of treatment, risk of hypersensitivity reactions and postoperative infections, high cost of these devices, and limited availability of pain management devices in some cost-sensitive countries are likely to impede the revenue growth in the pain management devices market to a certain extent.
Pain Management Devices Market Ecosystem
The global pain management devices market has been analyzed from four perspectives: product, application, end-user, and region.
Pain Management Devices Market by Product
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Based on the product, the global pain management devices market is segmented into electrical stimulators, radiofrequency ablation, analgesic infusion pumps, and neurostimulation.
The neurostimulation segment accounts for the largest share of the overall market revenue. This is attributed to the rising prevalence of neurological disorders. The usage of neurostimulation devices is a vital aspect in the treatment of various neurological conditions, such as epilepsy, brain tumors, autism, and Alzheimer's disease. According to a Pan American Health Organization report, in 2019, there were 533,172 deaths globally caused due to neurological conditions. With a significant percentage of these deaths, 213,129 (40%) were men and 320,043 (60%) women, highlighting the need for effective treatment options. Countries such as the U.S., Canada, and Uruguay have some of the highest death rates due to neurological conditions, further emphasizing the need for neurostimulation devices to address this issue. As such, the market revenue for neurostimulation devices is expected to grow due to the increasing prevalence of neurological conditions and the need for effective treatment options.
Pain Management Devices Market by Application
Based on the application, the global pain management devices market is segmented into cancer pain, neuropathic pain, facial pain & migraine, musculoskeletal disorders, trauma, and others.
The neuropathic pain segment accounts for the largest market revenue share, attributed to the rising prevalence of chronic pain. For instance, according to the National Center for Biotechnology Information’s report of 2022, more than 1 in 5 adults in America experiences chronic pain.
The musculoskeletal diseases segment accounts for the second-largest market revenue share. The increasing elderly population and rising numbers of musculoskeletal disorder patients drive the segment’s revenue share. Musculoskeletal problems, such as arthritis, osteoarthritis, orthopedic degenerative disorders, and rheumatoid arthritis, are on the rise. According to WHO, over 1.71 billion individuals worldwide have musculoskeletal disorders. Additionally, the number of individuals living with musculoskeletal diseases and accompanying functional restrictions is constantly growing due to population growth and aging. Musculoskeletal disorders are the primary cause of disability globally, limiting mobility and dexterity, resulting in early retirement from employment, decreased levels of well-being, and diminished capacity to engage in society. These aspects are expected to boost the musculoskeletal diseases segment’s revenue growth in the next few years.
Pain Management Devices Market by End-user
Based on the end-user, the global pain management devices market is segmented into physiotherapy centers, hospitals and clinics, ambulatory surgery centers, home care, and others.
The hospitals and clinics segment accounts for a prominent revenue share, owing to the availability of advanced treatment, high patient footfall, and presence of qualified physicians at hospitals and clinics. Additionally, increase in the number of hospitals is the primary driver of the segment’s revenue growth. For instance, as per the American Hospital Association (AHA), the U.S. alone had about 6,093 hospitals in 2021.
Pain Management Devices Market by Region
Based on the region, the global pain management devices market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America dominates the global pain management devices market revenue growth. The key reasons driving the North America market revenue share include the high number of surgical procedures, availability of advanced healthcare facilities, increase in the older population, and easy reimbursement policies. Furthermore, ongoing R&D activities by major players and research institutes to enhance the overall treatment approach is expected to boost the market revenue growth in North America. For instance, a team of Northwestern University engineers developed a drug-free device that can reduce pain by cooling neurons. The implant, as a drug-free device, may assist in preventing the addiction and negative effects opioids commonly induce. The implant includes a liquid coolant that evaporates under regulated conditions at the target location.
Pain Management Devices Market Competitive Landscape
The prominent players operating in the global pain management devices market are:
Pain Management Devices Market Strategic Developments
The global pain management devices market is estimated to reach US$ 7.032 billion in 2030.
The increasing incidences of lifestyle disorders, such as obesity and diabetes, rise in the usage of artificial intelligence and machine learning in pain management, and growing number of pain management devices are propelling the market revenue growth.
The widespread usage of pain management drugs as the first line of treatment, risks of hypersensitivity reactions and postoperative infections, high cost of these devices, and limited availability of pain management devices in some cost-sensitive countries are restraining the market revenue growth.
The neuromodulation segment dominates the global pain management devices market.
Abbott Laboratories Inc., Becton, Dickinson, and Company, Baxter International Inc., Boston Scientific Corp., and Smiths Medical Inc. are among the key companies operating in the global pain management devices market.
*Insights on financial performance are subject to availability of information in the public domain