Tuesday, June 25, 2024

With A CAGR of 7.1%Pain Management Devices Market Size to Worth USD 10.18 Billion by 2028

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Summary of the Global Pain Management Devices Market:

In 2020, the global market for pain management devices reached a valuation of USD 5,864.4 Million, and it is projected to attain USD 10.18 Billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 7.1%. The market’s growth is attributed to factors such as an increase in chronic diseases like cancer and migraines, technological advancements in pain management devices, a growing elderly population in developing nations, and heightened awareness regarding the efficacy of products in the target market. However, challenges include a shortage of skilled physicians and insufficient awareness among the general population, potentially hindering market expansion.

Devices for pain management play a vital role in easing or minimizing pain associated with diverse medical conditions. Typically, these devices operate by interrupting pain signals to the brain, with radiofrequency ablators and neuro-stimulator devices standing out as highly effective tools. Radiofrequency ablators use heat to interfere with nerves and inhibit pain signals, while neuro-stimulator devices utilize gentle current frequencies to achieve a comparable outcome. These devices play a crucial role in addressing conditions like musculoskeletal injuries, neuropathic pain, and cancer.

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Key players in the industry, including Omron Healthcare, focus on introducing innovative products tailored for disease-specific pain control. For instance, Omron Healthcare launched the HEAT Pain Pro TENS Device in 2016, designed for acute muscle and joint pain relief. Other prominent industry players include Halyard Health, Inc, Jude Medical, Inc, Boston Scientific Corporation, and Diros Technology, Inc.

North America dominates the market due to a high number of individuals seeking pain management devices. The region’s organized healthcare facilities and advanced equipment usage contribute to its continued dominance. Meanwhile, developing economies like China are anticipated to witness substantial growth, presenting significant opportunities for aspiring companies.

The pain management device market is characterized by ongoing technological advancements, with key players employing both organic and inorganic growth strategies. These strategies encompass agreements, partnerships, collaborations, mergers, acquisitions, expansions, and joint ventures.

Salient Trends in the Pain Management Device Market:

  • Neurostimulation, a reversible therapy, demonstrates notable benefits such as reducing neuropathic pain, increased activity levels, fewer hospitalizations, and reduced healthcare costs. Companies like Nevro have received FDA approval for innovative products, such as the Senza Omnia Chronic Pain Treatment system.
  • Flexible injectable electrodes developed by researchers at the University of Wisconsin-Madison offer potential assistance in Neuromodulation therapy. This method could pave the way for successful neuromodulation therapy for various diseases.
  • FDA approval in 2020 for SPRINT endura and comprehensive peripheral percutaneous electrical Nerve Stimulators (PENS) by SPR Therapeutics introduces alternatives to habit-forming analgesics, addressing chronic and acute pain.
  • Electrical nerve stimulation, as studied by researchers at Duke University, proves helpful in controlling cognitive decline and Delirium caused by inflammation following complicated surgery.
  • Health Canada’s approval of the Bioness StimRouter in 2020 adds a new solution to the market, offering a minimally invasive tool for neuromodulation.

Key Market Insights:

  • The Analgesics Infusion Pumps segment is expected to reach USD 1.65 billion by 2028, exhibiting significant growth.
  • In 2020, the Cancer segment was valued at USD 288.1 million, with an expected high growth rate of 9.2%.
  • The Neurostimulation product type segment is projected to grow at a CAGR of 6.9% during the forecast period.
  • Ablation Devices are expected to register high growth during 2019-2028, with Electrical Stimulators holding the largest share in the global market.
  • The Asia-Pacific region is anticipated to be the highest-growing segment, with a projected CAGR of 7.8% during 2019-2028, driven by technological innovations, government and private funding, and increased investments by healthcare and pharmaceutical companies.
  • North America held the largest market share of 43.2% in 2020, attributed to increased investments in R&D, a high prevalence of pain-inducing diseases, and the presence of major players.

The report covers detailed segmentation, including product outlook, application outlook, end-user outlook, and regional outlook. It provides insights into market trends, competitive landscape mapping, and company profiling, offering strategic recommendations for new entrants based on market estimations.

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