The Worldwide Pain Management Devices Industry is Expected to Reach $3.3 Billion by 2026 – ResearchAndMarkets.com | Financial Buzz

The Worldwide Pain Management Devices Industry is Expected to Reach $3.3 Billion by 2026 – ResearchAndMarkets.com

The “Global 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) – Forecasts to 2026” report has been added to ResearchAndMarkets.com’s offering.

The global pain management devices market is projected to reach USD 3.3 billion by 2026 from USD 2.2 billion in 2021, at a CAGR of 8.6% during the forecast period.

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 likely to challenge market growth in the coming years.

Neurostimulation devices to hold the largest segment of the market

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. Neurostimulation devices provide pain relief by disrupting pain signals traveling 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 is attributed to advantages of neuromodulation as compared to alternative therapies for managing chronic pain, its long-term cost effectivity and technological developments in the neurostimulation devices segment.

Neuropathic pain to hold the largest share of the applications market

Based on application, the pain management devices market is segmented into neuropathic pain, musculoskeletal pain, cancer pain, facial pain & migraine, and other applications. The neuropathic pain segment accounted for the largest market share of 31.4% in 2020. The presence of substantial clinical evidences in the favor of high efficacy of pain management devices in neuropathic pain treatment, development of novel neuropathic pain management devices, rising aging population across the globe (geriatric population is at high risk of neuropathic pain due to the increased incidence of neuropathic pain associated with many age-related diseases), side effects of drugs used to treat neuropathic pain, and availability of reimbursement are fueling the adoption of pain management devices for neuropathic pain treatment are the major factors contributing to the growth of the pain management devices market for neuropathic pain applications.

The US to dominate the pain management devices market in North America

North America dominated the pain management devices market, with a share of 52.3% in 2020, followed by Europe and the Asia Pacific, Latin America, and Middle East & Africa. North America has been among the frontrunners in developing pain management devices 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 adoption 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 center of innovation in the pain management devices market.

Market Dynamics

Drivers

  • Rising Demand for Chronic Pain Management in Home Care Settings
  • Growing Number of Surgical Procedures Performed
  • Rising Prevalence of Neurological Disorders
  • Growing Incidence of Sports Injuries and Cancer
  • Established Reimbursement Scenario for Spinal Cord Stimulation (Scs) Devices in Developed Countries

Restraints

  • Product Recalls
  • High Procedural and Purchase Cost of Pain Management Devices

Opportunities

  • High Growth Opportunities in Emerging Countries
  • Expanding Base of Pain Management Clinics/Centers Across the Globe
  • Use of Pain Medications as the First Line of Treatment for Pain Management
  • Stringent Regulatory Guidelines Delay the Adoption of Novel Devices

Companies Mentioned

  • Abbott Laboratories
  • Atricure
  • Avanos Medical, Inc.
  • B. Braun Melsungen AG
  • Baxter International Inc.
  • Becton, Dickinson and Company
  • Bioness
  • Bluewind Medical
  • Boston Scientific Corporation
  • Epic Medical
  • Gimer Medical
  • Infutronix Solutions LLC
  • Medtronic PLC
  • Micrel Medical Devices SA
  • Microtransponder
  • Mindray Medical International Limited
  • Moog Inc.
  • Neuronano
  • Nevro Corp
  • Nipro Corporation
  • Shenzhen Medrena Biotech Co., Ltd.
  • Smiths Medical
  • Soterix Medical
  • Stryker Corporation
  • Teleflex, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/l377mq

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