Dublin, May 01, 2024 (GLOBE NEWSWIRE) -- The "Pain Management Device Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The Global Pain Management Device Market is experiencing robust growth, projected to expand with a notable compound annual growth rate (CAGR) of 9.24% from 2023 to 2029.
The market, which was valued at USD 6.82 Billion in 2023, is benefiting from a combination of driving forces, including the burgeoning geriatric population and the rising prevalence of chronic pain across demographics. Advances in technology have also paved the way for more innovative and minimally invasive pain management solutions.
Neurostimulation products emerge as a leading segment within the market due to their established efficacy in managing chronic pain. With enhancements in device precision and control, neurostimulation is becoming a go-to for personalized pain management strategies.
Addressing Neuropathic Pain
The neuropathic pain segment holds a dominant position, driven by the widespread incidence of neuropathic disorders and the development of devices that offer targeted relief. Market offerings cater to the specific requirements of conditions that include diabetic neuropathy, post-herpetic neuralgia, and peripheral neuropathy.
North America Dominates the Market
North America continues to lead the global market, supported by its high-standard healthcare infrastructure, conducive regulatory environment, and a solid reimbursement framework. These factors significantly contribute to the higher accessibility and adoption of pain management devices within the region.
End-User Segmentation Reveals Diverse Applications
The segmentation of the Global Pain Management Device Market illustrates its extensive applications across various end-user sectors, including hospitals, clinics, and physiotherapy centers. The in-depth segmentation aids in understanding the specific needs and trends within each subcategory.
Progressive Trends Shape the Future Market
A notable trend in the market is the growing preference for non-invasive and minimally invasive treatments, which align with patient and provider demands for safer, effective approaches with lower downtime. Additionally, the advent of smart technologies and connectivity within pain management devices promises to transform pain therapy further by introducing elements of personalization and remote patient monitoring.
Competitive Landscape and Prospects
The competitive landscape of the market is dynamic, with major players consistently innovating and expanding their product portfolios. As the market continues to grow, it is anticipated to provide significant opportunities for existing companies and new entrants alike, all aiming to meet the evolving needs of the healthcare sector. The Global Pain Management Device Market is a testament to the healthcare industry's commitment to combatting pain-related afflictions through technological progress and innovation, ultimately enhancing patient outcomes worldwide.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 181 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $6.82 Billion |
| Forecasted Market Value (USD) by 2029 | $11.48 Billion |
| Compound Annual Growth Rate | 9.2% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- Medtronic Plc
- Boston Scientific Corporation
- Stryker Corporation
- Kennedy Lewis Management LP
- ICU Medical Inc
- Enovis
- Baxter International Inc
- LivaNova PLC
- Abbott Laboratories Inc
- DJO Global LLC
For more information about this report visit https://www.researchandmarkets.com/r/1dk7bz
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