Global Pain Management Devices Market

Pain Management Devices Market Size, Share, Growth Analysis, By Product(Electrical Stimulators, Radiofrequency Ablation (RFA)), By Application(Cancer, Neuropathic Pain) - Industry Forecast 2024-2031

Report ID: SQMIG35A2502 | Region: Global | Published Date: April, 2024
Pages: 219 | Tables: 67 | Figures: 75

Pain Management Devices Market News

  • In December 2023, Forever Cheer Holding, a biotech company founded by Zhuo Min, a neuroscientist originally from mainland China teaching at the University of Toronto, has chosen Hong Kong as the hub for its global expansion efforts, focusing on the chronic pain management market. This decision aligns with the city's aspirations to position itself as a prominent international biotech hub. 
  • In November 2023, the US Food and Drug Administration (FDA) granted clearance to Smileyscope’s virtual reality (VR) device. This system is designed to replace painful or anxiety-inducing stimuli with friendly imagery. According to the FDA, the headset is cleared for temporarily reducing and/or managing pain, as well as providing temporary relief from acute procedural anxiety associated with needle procedures. 
  • In March 2023, Chugai Pharmaceutical Co., Ltd., and Biofourmis, a leading global provider of technology-enabled care delivery, unveiled a new partnership agreement. This collaboration aims to further develop and implement digital solutions for the objective measurement of pain in patients with endometriosis. Endometriosis, impacting around 10% of women of reproductive age and 70% of those experiencing chronic pelvic pain, significantly diminishes quality of life.
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Pain Management Devices Market size was valued at around USD 7.0 billion in 2022 and is expected to rise from USD 7.65 billion in 2023 to reach a value of USD 15.58 billion by 2031, at a CAGR of 9.3% over the forecast period (2024–2031).

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. 'Abbott Laboratories', 'Medtronic', 'Boston Scientific', 'Pfizer', 'Johnson & Johnson', 'Nevro Corporation', 'Baxter International', 'St. Jude Medical', 'B. Braun Melsungen AG', 'Smiths Medical', 'Hospira', 'Endo International', 'Djo Global', 'Halyard Health', 'Stryker Corporation', 'NeuroMetrix', 'Avanos Medical', 'NIPRO Corporation', 'Terumo Corporation', 'Stimwave Technologies'

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 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.

Increasing Demand for Non-Invasive Pain Management: Patients are increasingly seeking non-invasive pain management options, such as transcutaneous electrical nerve stimulation (TENS) devices and wearable pain management devices. These types of devices are becoming more widely available and are gaining popularity due to their ease of use and ability to provide targeted pain relief without the need for surgery or medication.

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.

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Global Pain Management Devices Market

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