Pain Management Devices Market to Witness Rapid Growth in Coming Years
The pain management devices market has grown significantly in recent years. This growth is due to increasing awareness of the various types of pain management devices available and their effectiveness in treating various types of pain. In addition, the increasing availability of these devices has made them more accessible to a wider range of people.
According to a report the global pain management devices market was valued $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. This growth is being driven by increasing prevalence of chronic pain, the introduction of advanced pain management devices, and the rising demand for minimally invasive and non-invasive treatments.
The global pain management devices market is segmented on the basis of product, application, end user, and geography.
The pain management devices market consists of a variety of products, including electrical stimulation devices, ablation devices, implantable pumps, and neuromodulation devices. Electrical stimulation devices are used to reduce nerve pain through electrical stimulation. Ablation devices are used to reduce pain through the destruction of nerve endings. Implantable pumps deliver anesthetic medications directly to the site of pain. Neuromodulation devices provide electrical stimulation to the brain and spinal cord to relieve pain.
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In terms of effectiveness, electrical stimulation devices are the most commonly used pain management devices. Studies have found that electrical stimulation devices are effective in treating a variety of pain conditions, including back pain, neck pain, and joint pain. Ablation devices are also effective in reducing pain, but they are most commonly used to treat chronic pain. Implantable pumps and neuromodulation devices are effective in treating more severe forms of pain, such as cancer-related pain and neuropathic pain.
The global pain management devices market is expected to continue to grow in the coming years due to the increasing prevalence of chronic pain, the introduction of advanced pain management devices, and the rising demand for minimally invasive and non-invasive treatments. As more people become aware of the various types of pain management devices available, the demand for these devices is expected to grow.
Pain Management Devices Market Key players
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.
In conclusion, the global pain management devices market is expected to continue to grow in the coming years due to the increasing prevalence of chronic pain and the introduction of advanced pain management devices. As more people become aware of the various types of pain management devices available and their effectiveness in treating different forms of pain, the demand for these devices is expected to continue to grow.
Pain Management Devices Market Regional Analysis
The global pain management devices market is estimated to be dominated by North America, owing to the rising prevalence of chronic pain, increasing number of geriatric population, and the presence of major market players in the region. According to the National Institute of Health (NIH), in 2016, approximately 25.3 million people in the U.S. suffer from chronic pain, and an estimated 116 million people suffer from chronic pain in 2016. Moreover, the rise in R&D activities for the development of innovative pain management devices, and favorable reimbursement policies are expected to fuel the growth of the market in the region.
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Europe is expected to hold the second largest share of the global pain management devices market. The growing prevalence of chronic pain in the region, rising healthcare expenditure, and the presence of advanced healthcare infrastructure are the major factors driving the growth of the market. According to the World Health Organization (WHO), in 2017, around 50 million people in the EU were affected by chronic pain.
Asia Pacific is estimated to be the fastest growing region in the global pain management devices market, owing to the growing geriatric population, rising prevalence of chronic pain, increasing healthcare expenditure, and rising awareness about the pain management devices.