Pune, India, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Chronic or acute pain due to diseases like cancer, diabetes, arthritis and others can be reduced or controlled through pain management therapy. The pain management specialist treats the patients pain through prescribing medicines, physical therapy, devices, rehabilitation, and counseling. 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.
According to our new research study on “Pain Management Devices Market Size and Forecasts (2019 – 2027) – Geography Analysis by Product Type, Application, and Geography,” the pain management devices market size is expected to reach $8.38 billion by 2027 from $4.52 billion in 2019; it is estimated to register a CAGR of 8.1% from 2020 to 2027. The report highlights trends prevailing in the market and the factors driving and hindering the pain management devices market growth. The growth of the pain management devices market is attributed to increasing chronic pain incidence rate, rising product launches, and growing geriatric population. However, lack of awareness regarding pain management, and high cost of pain management devices are restraining the market growth.
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Global Pain Management Devices Market: Competitive Landscape and Key Developments
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. These players focus on expanding and diversifying their market presence and acquiring a novel customer base, tapping prevailing business opportunities in the pain management devices market. The companies implementing various organic and inorganic developments have bought about dynamic improvements in the global pain management devices market. Below are few instance:
In January 2022, Medtronic plc, a global leader in healthcare technology, has received U.S. Food and Drug Administration approval of its Intellis rechargeable neurostimulator and Vanta recharge-free neurostimulator for the treatment of chronic pain associated with diabetic peripheral neuropathy (DPN).
In November 2021, The U.S. Food and Drug Administration today authorized marketing of EaseVRx, a prescription-use immersive virtual reality (VR) system that uses cognitive behavioral therapy and other behavioral methods to help with pain reduction in patients 18 years of age and older with diagnosed chronic lower back pain.
Technological Advancement in Pain Management Devices is Boosting Global Pain Management Devices Market Growth:
Technological advancement is an essential factor is continuously enhancing the healthcare industry. The integration of healthcare IT with a medical device has been initiated. However, it is in an initial phase and is quite expensive. Various big players operating in the medical device sector have launched their products into the market. Nevertheless, the introduction of such products is not an end to product innovation, due to continue advancement in technology various products are expected to be launched in coming future.
The initiation of Internet of Things in medical devices has enhanced product offerings. The mobile applications have assisted well in pain management. The use of mobile applications has assisted healthcare professionals to analyze the user’s sleep and activity patterns. Along with these insights, personal insights related to the sensation of pain can be examined and treated.
In addition, the trend of integrating technologies such as virtual reality (VR) and radiofrequency (RF) for pain management has introduced a few products in the market. For instance, Omron Healthcare, Inc. offers Omron Pain Relief Pro. The product utilizes the TENS technology unit that helps in customizing therapy through modes such as tapping, kneading, and rubbing for pain relief in joints and muscles of different body parts. The use of widely accepted and proven treatment modalities such as ultrasound, electrical stimulation, and heat therapies for pain management is expected to hold promising growth for the medical devices players in the market.
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Global Pain Management Devices Market: Segmental Overview
The “Global Pain Management Devices Market” is segmented based on product type, service, application, end user, and geography. Based on product type the pain management devices market is segmented into neuromodulation devices, ablation devices, and analgesic infusion pumps. The neuromodulation devices segment held the largest share of the market in 2019. However, the ablation devices segment is estimated to register the highest CAGR in the market during the forecast period.
Based on application, the pain managenet devices market is divided into neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, and others. The neuropathic pain segment held the largest share of the market in 2019. Whereas musculoskeletal pain segment is estimated to register the highest CAGR in the market during the forecast period.
Global pain management devices market is segmented by region into North America, Europe, Asia-Pacific, Middle East & Africa, and South & Central America. North America held the largest market share for the pain management devices market in 2019. In 2019, Asia Pacific registered as the fastest-growing region in the global pain management devices market. The growth of the market is expected to be fastest owing to the factors such as rising need for devices due to high prevalence of cancer and diabetes patients, rapidly improving healthcare infrastructure, growing government support, and increasing number of startups in this region.
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