USD 7.0 billion
Report ID:
SQMIG35A2502 |
Region:
Global |
Published Date: June, 2024
Pages:
219
|Tables:
67
|Figures:
75
Global 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).
The rising incidence of chronic diseases is one of the major factors anticipated to fuel market expansion over the forecast period. Muscle and nerve stimulators are in greater demand due to the rising prevalence of lifestyle diseases including diabetes and obesity. Another significant aspect that could fuel market expansion is the rising incidence of trauma or hypertension. A brain aneurysm and other chronic illnesses are also considerably increased by hypertension.
The spread of the risky coronavirus has economic ramifications for almost every industry, including the one that makes medical devices. The state-wide lockout has affected patients who rely heavily on physical therapy or exercise regimens for pain management. Furthermore, a lot of elective surgeries and in-person patient visits have been postponed or canceled, which is anticipated to increase demand for at-home pain management. Omron expanded its current line of drug-free pain management devices in April 2020 by adding the new Focus TENS Therapy device for the knee. Over the projection period, the number of cancer cases is anticipated to increase further, driving up demand.
In addition, the prevalence of musculoskeletal conditions such arthritis, osteoarthritis, orthopedic degenerative illnesses, and rheumatoid arthritis is rising sharply. Chronic discomfort and the inability to perform daily tasks have become more common in these people as a result. For instance, the CDC estimates that over 25.2% of American adults had arthritis in 2023, making it the most common cause of job incapacity. To manage chronic pain, this has increased the demand for pain management stimulators. In addition, nearly 34.7 million Americans were expected to have osteoarthritis in 2023. Furthermore, it is projected that technical developments will fuel the market even more. The company's portfolio would dramatically increase as a result. Boston Scientific Corp. completed the acquisition of Baylis Medical Company, Inc. in February 2022.
Global Market Size
USD 7.0 billion
Largest Segment
Neurostimulation
Fastest Growth
Neurostimulation
Growth Rate
9.3% CAGR
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The global pain management devices market is segmented based on type, mode of purchase, application, and region. Based on product, the market is segmented into Neurostimulation Device (TENS, and Spinal Cord Stimulation), Ablation Devices (Radiofrequency Ablation Devices and Cryoablation) and, Infusion Pumps (Intrathecal Infusion Pumps, and External Infusion Pumps). Based on mode of purchase, the market is segmented into prescription, and over-the-counter. Based on application, the market is segmented into cancer, neuropathic pain, facial pain & migraine, musculoskeletal pain, and others. Based on region, the market is widespread in North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Type
The largest portion—more than 57.5%—belonged to the neurostimulation category. The increase can be attributed to the general increase in neurological diseases. These neurostimulators are crucial for the treatment of epilepsy, Parkinson's disease, depression, Parkinson's disease-related movement abnormalities, and chronic pain. In addition, factors including the introduction of technologically advanced products, rising product demand, and an ageing population are anticipated to propel the market.
Ablation devices are the fastest-growing segment in the market. This segment is driven by their expanding use in treating various medical conditions such as cancer, cardiac arrhythmias, and chronic pain. The rise in minimally invasive procedures is a significant factor. Compared to traditional surgical approaches ablation techniques offer lower risk, reduced recovery times, and fewer complications. These factors are also contributing to growing demand for such devices. Technological advancements, including improved imaging techniques and the development of new energy sources for ablation further enhance the effectiveness and safety of these procedures. Therefore, the demand for ablation devices is rapidly increasing, as healthcare providers and patients are looking for invasive treatment options with high efficacy. These factors are fueling their market growth.
Analysis by Application
In terms of sales, the neuropathic pain category dominated with a market share of roughly 31.5%. The target demographic is expanding, and industry players are implementing additional strategies, which are both to blame for the growth. According to the US Centers for Disease Control and Prevention, chronic pain affected 65% of Americans aged 65 and over. Additionally, 3% to 17% of people report having neuropathic discomfort. We believe that the aforementioned factors will encourage category growth.
The cancer segment is predicted to have the fastest CAGR during the projection period. The demand for goods made to alleviate the pain brought on by nerve compression, which is primarily brought on by tumor compression and other variables dependent on the course of the cancer, has increased because of an increase in the number of cancer cases. Also, it is predicted that the market would continue to grow over the forecast period due to the increased frequency of genetic diseases such as Acute Lymphoblastic Leukemia (ALL).
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North America held a revenue share of over 46.00% because of the region's favorable healthcare infrastructure, which makes it simple to obtain state-of-the-art pain management equipment. A rise in government initiatives like the Affordable Care Act and Precision Medicine, as well as a carefully planned reimbursement system in this field, are also contributing to the market's progress. The regional market is also being driven by an aging population, well-established healthcare facilities, and a high prevalence of hypertension and stroke. The market is expected to expand more swiftly as the elderly population increases since an aging population is more likely to have chronic illnesses.
The market in Asia Pacific is anticipated to grow at the fastest rate throughout the anticipated time frame. This increase may be attributed to investments in R&D that led to technologically cutting-edge healthcare treatment options. The potential for market expansion in the region is also being increased by the presence of several trade agreements. For instance, the Asia Pacific Trade Agreement (APTA), which was ratified by China, Bangladesh, India, the Lao People's Democratic Republic, the Republic of Korea, Mongolia, and Sri Lanka, has promoted trade liberalization and expanded import and export possibilities among the signatory nations.
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Pain Management Devices Market Drivers
Increasing Prevalence of Chronic Pain
The rising prevalence of chronic pain conditions, such as arthritis, cancer, and back pain, is one of the major drivers of the pain management device market. With a rising global population affected by various chronic pain conditions such as arthritis, lower back pain, and neuropathic pain, there is a growing demand for advanced pain management solutions. These devices offer non-invasive or minimally invasive alternatives to traditional pain management methods, providing patients with improved comfort and quality of life. As a result, there is significant growth in the pain management device market, driven by both healthcare professionals and patients searching for novel and efficient solutions to relieve chronic pain while decreasing their dependency on pharmaceutical treatments.
Pain Management Devices Market Restraints
High Cost of Pain Management Devices
The high cost of pain management devices is a major restraint on market growth. Many of these devices are expensive, making them unaffordable for some patients and healthcare systems. The high cost of pain management devices poses a significant challenge within the pain management device market. This financial barrier restricts access for many patients and healthcare facilities, reducing their ability to acquire and utilize these advanced pain management technologies. Hence, the market may experience slower adoption rates and hampered growth potential as potential customers seek more cost-effective alternatives or struggle to secure the necessary funding for these devices, impacting the overall market dynamics and opportunities for manufacturers and providers alike.
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To increase their market penetration, key vendors are continually engaged in strategic efforts such as technology innovation, partnerships, geographical expansion, and mergers and acquisitions. For instance, Medtronic announced the commercial introduction of the InterStim Micro Neurostimulator, a neurostimulator that has received FDA approval, in August 2020. The device was designed to aid patients in regaining reliable bladder and bowel control through sacral neuromodulation (SNM) therapy.
Top Player’s Company Profiles in Pain Management Devices Market
Pain Management Devices Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global pain management devices market analysis, the rising incidence of chronic diseases is one of the major factors anticipated to boost market expansion. Muscle and nerve stimulators are in greater demand due to the rising prevalence of lifestyle diseases including diabetes and obesity. Another significant aspect that could fuel market expansion is the rising incidence of trauma or hypertension. A brain aneurysm and other chronic illnesses are also considerably increased by hypertension.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 12.76 billion |
Market size value in 2031 | USD 73.7 billion |
Growth Rate | 21.5% |
Base year | 2023 |
Forecast period | 2024–2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Pain Management Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Pain Management Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Pain Management Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Report ID: SQMIG35A2502