Dublin, June 25, 2024 (GLOBE NEWSWIRE) -- The "Global Pain Management Devices Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The global pain management devices market is projected to witness a compounded annual growth rate of 12.38% to reach US$13.217 billion by 2029, up from US$5.843 billion in 2022.
Rising chronic diseases and the geriatric population are the key factors influencing the global pain management devices market. To manage pain, a precise combination of medicines or equipment is used. Pain management devices include transcutaneous electrical nerve triggers, neuro-triggers, the absence of pain mixture siphons, and radiofrequency ablators. A large portion of these devices blocks the pain entryway component to impede the section of pain signs to the mind.
Radiofrequency ablators obliterate nerves by creating warmth to impede the pain signals. Similarly, neuro-trigger devices utilize gentle frequencies of current to obstruct the entry of pain signals. These devices offer assistance in treating distinctive painful conditions like the growth of malignant, musculoskeletal damage, and neuropathic torment. Pain management instruments offer assistance to diminish the threat of long-haul sedatives, non-steroidal calming drugs, and other pain-mitigating medicines.
The market for pain management devices is appealing as technology, wearables, and gadgets become more integrated into customers' daily lives, and consumer interest in these products shifts from novelty to more widely used pain management techniques.
Market Driver:
The growing geriatric population is anticipated to surge the market growth.
People are living longer than ever before worldwide owing to better healthcare facilities and fewer wars. Longer lifespans correspond to a higher occurrence of pain; thus, there is an increasing need to prevent and reduce this discomfort.
The rising number of individuals that over 65 is anticipated to contribute to the pain management devices market expansion. According to the World Bank, in 2021, 9.54% of the population was above 65 years of age. Further, as per the United Nations (UN) statistics for World Population Prospects 2019, the world-population is anticipated to rise in the next 30 years, from 7.7 billion in the year 2019 to 9.7 billion in 2050, and the global elderly population is also rising.
Thus, with rising elderly population suffers from chronic back pain and arthritis which will lead to a rise in the market. For instance, in December 2023, SPR Therapeutics completed enrollment in the RESET Clinical Trial of the SPRINT PNS System for chronic low back pain (LBP), the largest prospective, multicenter randomized controlled trial to date. The trial compares percutaneous peripheral nerve stimulation (PNS) with standard interventional treatments for chronic LBP.
Increasing the number of surgical procedures carried out will bolster the market growth.
The market for pain management devices is being driven altogether by the rise in surgical operations. The rising rate of long-term sicknesses such as cancer and neurological issues has raised the requirement for surgical methods, which has, in turn, raised the requirement for pain alleviation innovation. The requirement for pain management instruments has also been extended by progresses in innovation and the appearance of negligibly intrusive methods.
Also, it is expected that the market will rise due to the developing accentuation on early illness discovery and treatment, rising awareness of healthcare management among the public, growing healthcare services access, and an increase in government programs to bolster healthcare, will drive the market.
Market Restraints:
Side effects associated with using painkillers as a first resort for pain management
Pain medications are frequently the primary line of treatment due to potential side effects such as sickness, drowsiness, constipation, and nausea. Addictive medications can further complicate the situation. Alternative pain management methods, such as pain management devices, can reduce pain without medication. These devices can be used alongside physical therapy or as standalone treatments, reducing side effects and improving pain management.
North America is expected to dominate the market share.
North America has a significant place in the pain management devices market due to its expansive healthcare sector, prominent investment in healthcare, innovative technology, rising chronic pain incidences, environment regulations, and accessibility to healthcare administrations for all regions. The US is also known for its progressed and advanced infrastructure of healthcare and accentuation on advancement in technology.
The predominance of persistent pain due to an elderly populace and wrong lifestyle issues may drive the rising demand for pain administration devices in North America. The regulatory initiatives in North America, especially the US, assist the advancement, endorsement, and commercialization of medical devices that manage pain, cultivating innovation and expansion. This accessibility to healthcare services contributes to the higher adoption rate of pain management devices.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 116 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $5.84 Billion |
| Forecasted Market Value (USD) by 2029 | $13.22 Billion |
| Compound Annual Growth Rate | 12.3% |
| Regions Covered | Global |
Company Profiles
- NeuroMetrix, Inc.
- Medtronic
- Boston Scientific Corporation
- Zynex Medical
- BioElectronics Corporation
- Pain Management Technologies
- SPR Therapeutics
- Becton, Dickinson, and Company
- Abbott
- Nevro Corp
Market Segmentation:
By Devices
- Electrical Stimulators
- Neurostimulation Devices
- Analgesic Infusion Pumps
- Ablation Devices
By Application
- Facial & Migraine Pain
- Neuropathic Pain
- Cancer Pain
- Musculoskeletal Pain
- Others
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- UK
- Germany
- Italy
- France
- Others
- Middle East and Africa
- Israel
- Saudi Arabia
- Others
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
For more information about this report visit https://www.researchandmarkets.com/r/oud65m
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
