Pain Management Devices Market Set for Explosive Growth rate (CAGR) of 8.6% by 2030 | Medtronic, Stryker, BD, B. Braun SE, Boston Scientific Corporation, etc

Pain Management Devices Market

The Global Pain Management Devices Market size is expected to reach USD 4.65 Billion at a steady revenue CAGR of 8.6% in 2030, according to latest analysis by Emergen Research. Rising prevalence of neurological disorders is a major factor driving market revenue growth. According to a new United Nations report, up to 1 billion individuals, or nearly one in six of the world’s population, suffer from neurological disorders, including migraine, brain injuries, and neuroinfections as well as diseases such as Alzheimer’s Disease (AD) and Parkinson’s Disease (PD), stroke, multiple sclerosis, and epilepsy. While every year, 6.8 million individuals die as a result of these illnesses. In addition, 20%–40% of patients with many basic neurological conditions experience chronic pain, which is a frequent component of many neurological disorders. These illnesses are caused by various pathophysiologies, such as neurodegeneration, neuroinflammation, and traumatic injury to central nervous system, hence, pain management devices are increasingly used to manage this pain.

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Moreover, product recalls and high procedure costs are major factors expected to restrain market revenue growth. Devices for pain treatment are used to administer critical fluids, neurostimulators, and ablation, which entails the use of risky medicines. When utilizing these devices incorrectly, patients can sustain severe injuries or even can die. According to the Institute of Medicine, around 1.5 million patients experience prescription errors each year, costing USD 8,750 each Potential Adverse Drug Event (PADE). The Emergency Care Research Institute (ECRI) has highlighted issues with drug administration, especially use of infusion pumps, in its top 10 list of health technology concerns. Furthermore, sale of pain management devices is affected if these products are recalled due to safety and efficacy concerns, which is a concern for device manufacturers.

Some Key Highlights From the Report

On 14 October 2022, HSS announced that Lumoptik, a medical device startup based in Illinois, inked a multiyear collaboration deal to test and develop technology for enhancing epidurals and other pain management treatments. In addition to evaluating the use of company’s epidural needle-guidance system as a training aid, HSS and Lumoptik will collaborate on development of further uses for technology and three to four clinical trials.

The neurostimulation devices segment is expected to account for largest revenue share in the global market over the forecast period. Neurostimulation distributes pain-relieving impulses by interfering with the pain signals that are travelling between spinal cord and brain, two significant biological organs. Components of neurostimulation include a neurostimulator (which generates electrical impulses), leads (insulated medical wires that carry electrical pulses), and a programmer (used to configure neurostimulation system and its settings). Neurostimulation is possible with external radio-frequency-driven systems as well as fully implanted systems. One of the key advantage of these devices is capacity for user or patient to alter the level and location of stimulation using a handheld programmer. These neurostimulation devices have a lot of benefits due to their ability to precisely target the area where patient or user is experiencing discomfort.

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The neuropathic pain segment is expected to account for largest revenue share in the global market over the forecast period. Neuropathic pain is characterized by hyperalgesia, an increased sensitivity to stimuli, and nociceptive responses to non-noxious stimuli. Pathophysiological conditions that result in development of neuropathic pain might include autoimmune disorders that affect central nervous system and virally-induced neuropathy. According to estimates, neuropathic pain affects anywhere from 3% to 17% of the general population. Patients need additional therapeutic modalities because majority of neuropathic pain treatments are ineffective or have side effects that limit their use.

The Over-The-Counter (OTC) pain management devices segment accounted for largest revenue share in 2021. A number of significant market participants have created over-the-counter painkillers. For instance, NeuroMetrix, Inc. received 510(k) permission from the U.S. Food and Drug Administration (FDA) (K140333) to utilize its wearable device to treat chronic pain. This system uses wearable technology to stimulate sensory nerves in a comfortable and non-invasive way to safely and effectively reduce pain. In addition, this system is now employed in the company’s SENSUS pain management system. This system is lightweight, hence can be worn both while sleeping and engaging in daytime activities. The company is now able to promote OTC device through retail distribution channels without a prescription due to this 510(k) authorization.

The North America market is expected to account for largest revenue share during the forecast period attributed to increasing R&D activities in countries in this region. An implant can be used to instantaneously and drug-freely relieve pain and can provide a much-needed alternative to opioids and other medications with a high risk of addiction. The biocompatible and water-soluble device softly wraps around nerves and delivers precise, targeted cooling to numb neurons and stop pain signals from reaching the brain. User can remotely activate the gadget and change its intensity using an external pump.  While, this device easily dissolves into body without the need for surgical extraction, when it is no longer needed.

Some major companies in the global market report include Medtronic, Stryker, BD, B. Braun SE, Boston Scientific Corporation, Abbott, Baxter, Avanos Medical, Inc., Teleflex, Incorporated, and Smiths Medical.

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For the purpose of this report, Emergen Research has segmented the global pain management devices market based on type, application, mode of purchase, and region:

  • Type Outlook (Revenue, USD Million; 2019–2030)
    • Neurostimulation Devices
      1. Transcutaneous Electrical Nerve Stimulation (TENS) Devices
      2. Spinal Cord Stimulation
    • Infusion Pumps
      1. High Use of Infusion Pumps in Postoperative Pain Management
      2. Interathecal Infusion Pumps
      3. External Infusion Pumps
    • Ablation Devices
      1. RF Ablation Devices
      2. Cryoablation Devices
  • Application Outlook (Revenue, USD Million; 2019–2030)
    • Neuropathic Pain
    • Cancer Pain
    • Facial Pain & Migraine
    • Musculoskeletal Pain
    • Other Applications
  • Mode of Purchase Outlook (Revenue, USD Million; 2019–2030)
    • Over-the-Counter Pain Management Devices
    • Prescription-Based Pain Management Devices
  • Regional Outlook (Revenue, USD Million, 2019–2030)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. UK
      3. France
      4. Spain
      5. BENELUX
      6. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. Israel
      4. Rest of Middle East & Africa

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Report Highlights:

  • The report conducts a comparative assessment of the leading market players participating in the global Pain Management Devices market.
  • The report marks the notable developments that have recently taken place in the Pain Management Devices industry
  • It details on the strategic initiatives undertaken by the market competitors for business expansion.
  • It closely examines the micro- and macro-economic growth indicators, as well as the essential elements of the Pain Management Devices market value chain.
  • The repot further jots down the major growth prospects for the emerging market players in the leading regions of the market.

Key questions addressed in the report:

  • Who are the leading players dominating the global Pain Management Devices Market?
  • Which factors could potentially hamper the global market growth during the forecast period?
  • Which regional market offers the most attractive growth opportunities to the companies operating in this market?
  • How is the raw material availability affecting the demand for Pain Management Devices in this industry vertical?

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About Emergen Research

Emergen Research is a Marketresearch and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer Marketintelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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