Dublin, Nov. 05, 2024 (GLOBE NEWSWIRE) -- The "Pain Management Devices Market by Type (Neurostimulation, Infusion Pump, Ablation), Application (Neuropathic, Musculoskeletal, Cancer pain), Mode of Purchase (Prescription, OTC), By End user (Hospital, Physiotherapy, Home care) - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global pain management devices market is projected to reach USD 5.83 billion by 2029 from USD 3.76 billion in 2024, at a CAGR of 9.1% during the forecast period.
The rapid growth in the geriatric population globally and the significant rise in the patients with chronic pain conditions are expected to boost the demand for pain management devices market. Moreover, gradual rise in utilization of pain management devices due to improved awareness among patients is likely to support the market growth. Advancements in pain management devices technology, new product launches, favourable reimbursement and government policies, investments in healthcare infrastructure, and initiatives to enhance the accessibility and affordability of pain management devices is anticipated to fuel the market growth. 
The Neurostimulation devices segment of pain management devices market to grow with the highest CAGR during the forecast period
Based on the pain management devices market, the Neurostimulation devices pain management devices segment is anticipated to grow at significant rate during forecast period. The demand for neurostimulation devices in the pain management market is increasing due to their effectiveness in treating chronic pain, their minimally invasive nature, and advancements in technology that enhance their functionality and patient comfort .These factors are fostering the growth of neurostimulation devices at higher pace.
The neuropathic pain segment of application segment to capture the largest market share of pain management devices market
Based on application, the pain management devices market is segmented into neuropathic pain, musculoskeletal pain, cancer pain, facial & migraine, and other applications. The neuropathic segment is to capture the largest share and the higher CAGR during the forecast period. Owing to high prevalence of neuropathic pain across the globe, presence of substantial clinical evidence in the favor of high efficacy of pain management devices in neuropathic pain treatment, development of novel devices, the rising geriatric population is at high risk of neuropathic pain due to the increased incidence of neuropathic pain associated with many age-related diseases, side effects of drugs used to treat neuropathic pain, and availability of favorable reimbursement are boosting the adoption of pain management devices for neuropathic pain conditions.
North America accounted for the largest share of the pain management devices market by region
The global pain management devices market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the largest regional market for pain management devices, whereas the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period.
The largest share of North America is attributed to the high disease burden of chronic disease and pain conditions contributing to a larger pool of patients requiring pain management devices products. The presence of numerous potential market giants and favorable reimbursement policy in the region is likely to promote the growth of pain management devices market in North America.
Competitive Landscape
The major players operating in the pain management devices market market are Medtronic, Boston Scientific Corporation, Abbott Laboratories, Stryker, Nevro, Becton, Dickinson and Company, Baxter, B. Braun, Omron, Avanos Medical, Teleflex, ICU Medical, Nipro, Moog, Atricure, Micrel Medical Devices, Zynex and Enovis.
Research Coverage
This report studies the pain management devices market based on type, application, mode of purchase, end user and region. The report also studies factors affecting market growth and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micro markets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to five major regions (and the respective countries in these regions).
This report provides insights on the following:
- Analysis of Key divers (increasing prevalence of chronic pain conditions, rising demand of pain management devices in home care settings,, new product launches & approvals, favourable reimbursement scenario and government initiatives), restraints (high procedural cost, product recalls), Opportunities (emerging markets, expanding base of pain management clinics/centers), Challenge (stringent regulatory requirement, use of pain medication as first-line treatment for pain management)
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the pain management devices market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the pain management devices market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the pain management devices market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 298 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $3768.6 Million |
| Forecasted Market Value (USD) by 2029 | $5835.8 Million |
| Compound Annual Growth Rate | 9.1% |
| Regions Covered | Global |
Key Topics Covered:
Premium Insights
- Attractive Opportunities for Players in Pain Management Devices Market
- Asia-Pacific Pain Management Devices Market, by Application and Country
- Pain Management Devices Market, by Country
Market Dynamics
Drivers
- Surge in Demand for At-Home Pain Management Devices
- Increase in Surgical Procedures
- Prevalence of Chronic Pain Conditions
- Favorable Reimbursement Policies for Spinal Cord Stimulation Devices
- Growing Launches and Regulatory Approvals for Advanced Pain Management Devices
Restraints
- Rise in Product Recalls
- High Procedural and Purchase Cost of Pain Management Devices
Opportunities
- Untapped Growth Potential in Emerging Economies
- Expansion of Pain Management Clinics
Challenges
- Use of Pain Medication as First Line of Treatment
- Stringent Regulatory Norms for FDA Approval
Pain Management Devices Market, by Type
Neurostimulation Devices
- Transcutaneous Electrical Nerve Stimulators -Surge in Demand for Non-Invasive Therapy to Drive Market
- Spinal Cord Stimulators - Extensive Use of SCs for Pain Treatment to Drive Market
Infusion Pumps
- Intrathecal Infusion Pumps -Increasing Incidences of Chronic Pain to Drive Market
- External Infusion Pumps -Availability of Reimbursement to Drive Market
Ablation Devices
- Radiofrequency Ablation Devices - Low Cost of RF Ablation Procedures to Drive Market
- Cryoablation Ablation Devices - Successful Clinical Trials to Drive Market
- Ultrasound Ablation Devices - Efficacy in Targeted Pain Management to Drive Market
Pain Management Devices Market, by Application
- Neuropathic Pain - High Efficacy of Pain Management Devices in Neuropathic Pain Treatment to Drive Market
- Musculoskeletal Pain -Surge in Aging Population to Drive Market
- Cancer Pain -Prevalence of Cancer to Drive Market
- Facial Pain & Migraine - Introduction of Novel Pain Management Devices to Drive Market
Pain Management Devices Market, by Mode of Purchase
- Prescription-based - Increasing Incidences of Medical Disorders to Drive Market
- Over-The-Counter - Accessibility of OTC Pain Management Devices to Drive Market
Pain Management Devices Market, by End-user
- Physiotherapy Centers - Rise of Sports Injuries and Musculoskeletal Disorders To Drive Market
- Home Care Settings - High Cost of Hospitalization to Drive Market
Company Profiles
Key Players
- Medtronic
- Boston Scientific
- Abbott Laboratories
- Nevro
- Becton, Dickinson and Company
- Stryker
- B. Braun
- Baxter
- Omron
- Avanos Medical
- Teleflex
- ICU Medical
- Nipro
- Moog
- Atricure
- Micrel Medical Devices
- Zynex
- Enovis
Other Players
- Epic Medical
- Soterix Medical
- Gimer Medical
- Neuronano
- Icecure Medical
- Biowave
- Theranica Bio-Electronics
For more information about this report visit https://www.researchandmarkets.com/r/lo5cp6
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