Pain management devices are widely used for the treatment of acute and chronic pain associated with post-operative pain, musculoskeletal disorders, cancer, and other chronic pain conditions. These devices help provide pain relief through mechanisms such as electrical stimulation, thermal therapy, and drug delivery.
The global Pain Management Devices Market is estimated to be valued at US$ 4,280.9 million in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing preference for minimally invasive pain management procedures is expected to be a major trend in the pain management devices market over the forecast period. Minimally invasive procedures offer advantages such as reduced pain, smaller incisions, decreased scarring, shorter hospital stays, faster recovery times, and lower health care costs. This is expected to significantly drive the adoption of pain management devices that use minimally invasive techniques such as electrical stimulation, drug infusion pumps, and radiofrequency ablation systems in the coming years. Further, these techniques are emerging alternatives to opioid drugs for pain management, thus helping address the opioid epidemic as well.
SWOT Analysis
Strength: Pain management devices provide non-invasive and effective pain relief. These devices help patients avoid or reduce reliance on opioid medications.
Weakness: High costs associated with some devices like neural stimulation devices limits their adoption. Reimbursement issues also pose challenges.
Opportunity: Growing geriatric population prone to chronic pain expands market scope. Innovation in drug-device combination products offers opportunities.
Threats: Strong preference for generics and alternate therapies pose threat. Strict regulations hinder product approvals.
Key Takeaways
The global pain management devices market is expected to witness high growth over the forecast period of 2023 to 2030. The global Pain Management Devices Market is estimated to be valued at US$ 4,280.9 million in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023-2030.
North America is currently the largest and fastest growing regional market for pain management devices. The availability of reimbursements, increasing incidence of pain disorders, and supportive government policies are some of the factors fueling the North American market. The Asia Pacific market is anticipated to witness the fastest growth during the forecast period. Increasing healthcare expenditures, rising awareness, and improving healthcare infrastructure in developing countries are expected to boost the regional market. Moreover, efforts by market players for new product launches and strategic collaborations with local players will further support regional growth.
Key players operating in the pain management devices market are Stryker Corporation, Pfizer Inc. (Hospira Inc.), Medtronic Plc, Boston Scientific Corporation, Baxter International Inc., Braun Melsungen AG, Abbott Laboratories, Colfax Corporation (Djo Global LLC), Kimberly-Clark Corporation (Baylis Medical), Johnson & Johnson (Codman and Shurtleff, Inc.), Neuspera Medical, ZetrOZ Systems, Therabody, BioElectronics Corporation, Nevro Corp, Stevanato Group S.p.A., Bexson Biomedical, Inc., SPR Therapeutics, Lumaflex, Saluda Medical Pty Limited, DyAnsys Inc., Pacira BioSciences, Inc., InterSystems, Nalu Medical, Inc., and StimaWELL North America Inc. These players are focused on new product launches and enhancing their existing portfolio to strengthen market presence.
*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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