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Pain management devices are medical devices that are primarily used to manage chronic and acute pain. These devices offer non-invasive and minimally invasive pain relief options and help avoid or minimize the use of opioids and other pain medications. Some common pain management devices include neurostimulation devices, analgesic infusion pumps, ablation devices, and wearable pain relief devices.
The global pain management devices market is estimated to be valued at US$ 4,280.9 million in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Neurostimulation devices apply electrical stimulation to the spinal cord or peripheral nerves to block pain signals being transmitted to the brain. Analgesic infusion pumps continuously deliver pain relieving drugs directly into the spinal cord or tissues. Ablation devices use various sources of energy like radiofrequency, cryotherapy or lasers and precisely alter or destroy certain nerves to block pain signals. Wearable devices like transcutaneous electrical nerve stimulation (TENS) devices and soft exoskeleton assist patients by providing relief and supporting injured body parts respectively. The global pain management devices market is driven by the growing preference of patients and doctors for non-invasive or minimally invasive pain management options and increasing availability of affordable and easier-to-use devices.
Market Dynamics:
The global pain management devices market opportunity is expected to be flourished by growing demand for non-invasive pain management methods. Non-invasive devices have gained popularity as they allow targeted pain relief without surgery and have lesser side effects than oral pain medications. Wearable devices have emerged as an effective solution for chronic pain as they can be worn discretely for continuous relief throughout the day. The growing availability of novel non-implantable devices will expand treatment options for more types of pain like neuropathic pain, arthritic pain, cancer pain etc. and drive the market growth during the forecast period.
Further, clinical studies proving efficacy and safety of neurostimulation devices in relieving various chronic pain conditions like failed back surgery syndrome and complex regional pain syndrome will encourage more doctors to recommend such devices and boost their demand. Regulatory approvals for innovative neural interfaces and approval of reimbursement for costly neuromodulation procedures will additionally fuel the pain management devices industry expansion.
Segment Analysis
The pain management devices market comprises various segments such as consumables, devices, and services. Among these, the devices segment held the largest market share in 2023. This is because of the growing demand for various drug delivery systems, neuromodulation devices, and ablation devices for pain management. Neuromodulation devices dominated the devices segment in 2023 due to the rising preference for minimally-invasive pain therapies.
PEST Analysis
Political: Governments across the world are providing favorable reimbursement policies for pain management procedures which is boosting the market growth. However, stringent regulations for new devices approval may slow down the process.
Economic: Rising healthcare spending coupled with growing disposable income is fueling the demand for pain management devices. Developing regions are witnessing higher economic growth rate which is opening new opportunities.
Social: Increasing prevalence of chronic diseases like arthritis and cancer causing chronic pain is a major factor. Growing awareness about safer & effective pain therapies is encouraging people to adopt pain management devices & services.
Technological: Advanced technologies like neuromodulation, ultrasound therapy, and radiofrequency ablation are allowing treatment of chronic pain with minimally invasive procedures. Connected drug delivery systems are also gaining popularity.
Key Takeaways
The global pain management devices market is expected to witness high growth over the forecast period. The global pain management devices market is estimated to be valued at US$ 4,280.9 million in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. .
North America holds the largest share currently led by the US due to presence of major players, availability of advanced healthcare facilities, and favorable reimbursement structures. However, Asia Pacific is expected to grow at the fastest pace due to improving healthcare infrastructure, increasing awareness, and rising medical tourism in countries like China, India & South Korea.
Key players operating in the pain management devices market are Stryker Corporation, Pfizer Inc. (Hospira Inc.), Medtronic Plc, Boston Scientific Corporation, Baxter International Inc., Braun Melsungen AG, Abbott Laboratories, Colfax Corporation (Djo Global LLC), Kimberly-Clark Corporation (Baylis Medical), Johnson & Johnson (Codman and Shurtleff, Inc.), Neuspera Medical, ZetrOZ Systems, Therabody, BioElectronics Corporation, Nevro Corp, Stevanato Group S.p.A., Bexson Biomedical, Inc., SPR Therapeutics, Lumaflex, Saluda Medical Pty Limited, DyAnsys Inc., Pacira BioSciences, Inc., InterSystems, Nalu Medical, Inc., and StimaWELL North America Inc. Key players are focusing on new product launches, collaborations and geographic expansions to gain higher market share.
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- Source: Coherent Market Insights, Public sources, Desk research
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
