According to the latest study on ‘Pain Management Devices Market to 2027 – Covid-19 Impact and Global Analysis and Forecast by Product Type and Application,’ the market is expected to reach US$ 8,388.67 million in 2027 from US$ 4,527.31 million in 2019. The market is estimated to grow with a CAGR of 8.1% from 2020 to 2027. The report provides trends prevailing in the global pain management devices market and the factors driving market along with those that act as hindrances.
Advancements in medical device technology and improvements in the healthcare industry have resulted in rising product launches. The increase in product launches is generally witnessed due to the rising number of medical device players in the healthcare sector. The major factor leading to the rising product launches is the integration of healthcare IT with the device to monitor and measure the pain severity. For instance, in January 2020, Abbott launched Proclaim XR low dose neuromodulation implant. It is a spinal cord stimulator, which is expected to run for 10 years through an internal battery. A patient can control this simulator by using a mobile device. The device is expected to improve the lifestyle by reducing pain.
Similarly, various upcoming players have increased their product development in the medical device sector. Additionally, various start-ups are receiving FDA approvals for their innovative devices for pain management. For instance, in November 2019, a US-based firm Nevro received FDA approval for its Senza Omnia spinal cord neurostimulation system used for chronic pain management. The device can be operated between the frequencies of 2 and 10,000 Hertz. This range of frequency was limitedly used for a spinal cord stimulator.
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Based on product type, the global pain management devices market is segmented into neuromodulation devices, ablation devices, and analgesic infusion pumps. Based on application, the pain management devices market has been segmented into retrograde filling, perforation repair, apexification, vital pulp therapy, and others. The neuropathic pain segment held the largest share of the market in 2019, and is expected to continue its dominance during the forecast period. Neuropathic pain is caused due to chemotherapy, diabetes, alcoholism, facial nerve problem, multiple sclerosis, syphilis, thyroid problems, spine surgery, and other conditions. The implantable neuromodulation devices often treat the condition and assist in controlling the pain. The rising incidences of diabetes, multiple sclerosis, cancer, and thyroid diseases are likely to increase the demand for the neuromodulation devices in coming days. Moreover, the musculoskeletal pain segment is estimated to register the highest CAGR in the market during the forecast period.
Medtronic plc, ST. Jude Medical, Inc., Boston Scientific Corporation, Hospira, Inc., Halyard Health, Inc, Smiths Medical, B. Braun Melsungen AG, Neurotech NA, Inc., BD, and Nevro Corp. are among the leading companies operating in the pain management devices market.
Medical devices used to treat chronic as well as acute pain are termed as pain management devices. It is widely used to treat and control neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, and others.
Market leaders operating in the market have undertaken various organic growth strategies in the pain management devices market. The pain management devices market majorly consists of the players such as Medtronic plc, ST. Jude Medical, Inc., Boston Scientific Corporation, Hospira, Inc., Halyard Health, Inc, Smiths Medical, B. Braun Melsungen AG, Neurotech NA, Inc., BD, and Nevro Corp, among others. Several organic as well as inorganic approaches, such as product launches, and expansion, mergers & acquisition, collaborations in the pain management devices market, have resulted in the positive growth of the market. Product launches help the company to strengthen its product offering and the customer base, which allows the company to hold a strong position in the market.
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