Newark, Nov. 28, 2022 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the pain management devices market will grow the USD 3.82 billion in 2022 and reach USD 7.20 billion by 2030. In just eight years, the increase in the number of surgical procedures, the rising prevalence of various chronic diseases, the growing awareness of people's understanding of pain management devices, and the untapped potential offered by developing economies are also helping to drive market growth. Further, increasing government initiatives, such as the Affordable Care Act and Precision Medicine, are also anticipated to drive market growth during the forecast period.
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Key Insight of the pain management devices market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest pain management devices market share. Key factors favouring the growth of the pain management devices market in North America include the early adoption of new technologies, the growing middle-class population, disposable income levels, and raising awareness about the efficacy and safety of pain management devices. Further, the rise in chronic diseases, such as diabetes & cancer, the presence of several trade agreements, and the significant presence of pain specialist physicians are expected to drive market growth in this region.
The neuromodulation & neurostimulation devices segment is expected to augment the pain management devices market during the forecast period.
The neuromodulation & neurostimulation devices segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the increasing demand for treatment with medical devices. Further, by 2030, the ablation devices segment will likely dominate the market due to the vast application scope in pain management, gynecology, surgical oncology, cardiology & cardiac rhythm management, and cosmetology.
The over-the-counter (OTC) segment market size will be 2.14 billion in 2022
The over-the-counter (OTC) segment is anticipated to dominate the market over the forecast period owing to the ever-increasing prevalence of chronic pain-related disorders among the elderly.
The neuropathic pain segment is anticipated to dominate the market by 39.04% in 2030
The neuropathic pain segment is anticipated to dominate the market in the forthcoming years, owing to the increasing R&D expenditure. The cancer pain segment exhibited the highest CAGR during the forecast period due to the ever-increasing healthcare costs.
Advancement in market
In April 2020, OMRON Healthcare launched Focus TENS Therapy for the Knee as the latest addition to its drug-free pain management products. In June 2020, Abbott partnered with Tandem Diabetes Care Company to develop integrated diabetes solutions.
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Market Dynamics
Driver: The rising cases of sports injuries
The high prevalence of musculoskeletal diseases is the driving factor of market growth. Further, the vast population pool in developing countries, rising demand for minimally invasive treatment, and increasing prevalence of various diseases and disorders are also helping to drive market growth during the forecast period. Also, the increase in demand for pain management devices among developing countries and the rise in the adoption of pain management devices for chronic pain propel the market growth during the forecast period. Further, pain management devices are being utilized to prevent different exercise & sports-related injuries. Moreover, pain management devices also help provide proper treatment solutions for such health conditions. Consequently, there has been an expansion in the number of injuries like ligament ruptures, knee, ankle, and head injuries, sprains & strains, and muscle cramps. Thus, this factor is helping to propel the market growth.
Restraint: The availability of other alternatives to managing pain
The lack of awareness about the availability and use of pain management devices is restraining the market growth. Furthermore, alternative therapy methods such as acupuncture, vitamins, dietary supplements, Marijuana treatment, etc., are being used instead of costly pain relief devices. Further, these alternative therapies may assist with pain from bad backs, osteoarthritis, and headaches. Thus, the rise in the use of alternative therapy methods is impacting the sales of pain management devices and restricting market growth.
Opportunity: The technological advancements in the development of novel pain management devices
The technological advancement in medical technologies is playing an essential role in boosting the pain management devices market. Further, the manufacturers aim to develop innovative pain management instruments that can virtually improve patients' quality of life. Also, artificial intelligence (AI) and information technology (IT) innovations transform the interface between patients and the healthcare system. The expansion of patient portals within electronic health documents exhibits a new era where artificial intelligence technology is leveraged to individualize & optimize longitudinal care. Further, these innovations accelerate novel directions in therapy using virtual reality, mobile health applications, and neuromodulation. In addition, the exhibition highlights advancement in mechanistic understanding of self-management strategies, clinical pain conditions, and quantification of systems-level problems in pain management.
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Some of the major players operating in the pain management devices market are:
• B. Braun Melsungen AG
• Kimberly Clark Corporation
• Abbott Laboratories
• Baxter International Inc.
• Boston Scientific Corp.
• Becton
• Dickinson and Company
• Nevro Corp.
• Smiths Medical, Inc.
• Medtronic Plc.
• Colfax Corporation (DJO Global LLC)
• Stryker Corp.
• Johnson & Johnson (Codman and Shurtleff, Inc.)
• Pfizer, Inc.
Key Segments cover in the market:
By Product Type:
• Analgesic Infusion Pumps
• Neuromodulation & Neurostimulation Devices
• Ablation Devices
• Electrical Stimulators
By Mode of Purchase:
• Over-the-counter (OTC)
• Prescription
By Application:
• Neuropathic Pain
• Facial & Migraine Pain
• Cancer Pain
• Musculoskeletal Pain
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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