Pain management devices are used for the treatment of both acute and chronic pain. These devices help reduce or eliminate pain with the help of electrical stimulation, radiofrequency ablation, and neuromodulation. Chronic pain can limit mobility and normal functionality and drastically reduce quality of life. The growing geriatric population is more susceptible to chronic pain conditions like arthritis that increase the use of pain management devices.
The global Pain Management Devices Market is estimated to be valued at US$ 5 billion in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising geriatric population is one of the major trends propelling the growth of the pain management devices market. As people age, they become more susceptible to chronic pain conditions like arthritis, thus boosting the demand for pain management devices. For instance, according to the United Nations, the number of people aged 65 years or above is projected to grow from 703 million in 2019 to 1.5 billion in 2050. This significant rise in the elderly population worldwide will increase the burden of chronic pain disorders, driving the need for advanced pain relief devices including neurostimulators and radiofrequency ablation devices. Their usage helps treat chronic pain safely and effectively without any dependence on opioid painkillers.
SWOT Analysis
Strength: Pain management devices provide non-invasive and long lasting relief to patients. These devices are safe and have minimal side effects compared to medication.
Weakness: High costs associated with pain management devices limits their adoption. Many patients are not aware about availability of these devices.
Opportunity: Growing geriatric population worldwide is increasing the patient pool for pain management. Advancements in technologies will provide more effective treatment options.
Threats: Stringent regulatory approvals delay market entry of new products. Reimbursement issues in some countries hampers revenue growth.
Key Takeaways
The global pain management devices market is expected to witness high growth. The global Pain Management Devices Market is estimated to be valued at US$ 5 billion in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.
North America currently dominate the market due to availability of advanced healthcare infrastructure and high awareness among patients and physicians. However, Asia Pacific is fastest growing region attributed to large patient population, rising medical tourism and increased healthcare spending.
Key players operating in the pain management devices are Medtronic, Boston Scientific, Nevro Corp, Stimwave, NeuroSigma. The major players are focusing on new product launches and geographic expansions to strengthen their market presence. Companies are also investing in R&D to develop innovative technologies for better management of chronic pain.
Partnerships with hospitals and healthcare facilities help manufacturers to gain more consumer reach. Going forward, rapid adoption of minimal invasive procedures, combined with availability of reimbursement will further accelerate the revenue of pain management devices market during forecast period.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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