December 9, 2024

Pain Management Devices Market is Expected to be Flourished by Growing Prevalence of Chronic Pain Conditions

Pain management devices are used to treat various types of acute and chronic pain through several pain relief techniques such as Transcutaneous Electrical Nerve Stimulation (TENS), Spinal Cord Stimulation (SCS), and Radiofrequency Ablation (RFA). TENS devices are small, portable self-administered devices used for chronic pain conditions such as back pain, arthritis pain, and labor pain. SCS devices involve the implantation of a small device that sends electrical impulses to the spinal cord to block pain signals from reaching the brain. RFA involves the use of a probe placed through the skin to deliver radiofrequency energy to disrupt nerves and provides pain relief. The growing prevalence of chronic pain conditions such as arthritis, lower back pain, cancer pain, and neuropathic pain is driving the demand for pain management devices globally.

The global pain management devices market is estimated to be valued at US$ 4.5 billion 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.

Market Dynamics:
The increasing prevalence of chronic pain conditions is expected to drive the growth of the global pain management devices market over the forecast period. According to the Centers for Disease Control and Prevention, around 20.4% of U.S. adults experience chronic pain and 8% of U.S. adults have high-impact chronic pain that limits life or work activities. The rising geriatric population is also expected to contribute to the growth of the market. Older adults are more prone to develop chronic pain conditions such as back pain, arthritis, and joint pain. Further, growing awareness regarding the availability of non-opioid and minimally invasive pain management options is also expected to propel the demand for pain management devices.

Segment Analysis
The global pain management devices market is dominated by neurostimulation devices sub segment. Neurostimulation devices are highly effective for chronic pain conditions and holds the largest share owing to factors such as rising prevalence of neurological disorders associated with chronic pain and limited availability of effective alternative treatment options. Spinal cord stimulators sub segment within neurostimulation devices is the fastest growing segment.

PEST Analysis
Political: Regulations around pain management devices are very stringent which delays new product approvals and increases compliance costs for manufacturers. However, growing awareness about pain disorders is driving favorable policy changes supporting use of these devices.
Economic: Aging population demographic and rising incidence of chronic pain disorders are driving demand for pain management devices globally. However, high device costs impact market growth in price sensitive regions.
Social: Poor perception and lack of knowledge around chronic pain conditions limits market growth. However, increasing accessibility to device therapies through various awareness programs supports market growth.
Technological: Advancements in neurostimulator technologies such as Burk stimulators and rechargeable battery operated devices are driving preference for neurostimulation based devices. Integration of AI and big data analytics also supports new product development.

Key Takeaways
The global pain management devices market is expected to witness high growth owing to factors such as rising geriatric population, high incidence of cancer and neurological disorders, and growing preference for minimally invasive techniques. The global pain management devices market is estimated to be valued at US$ 4.5 billion in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.

Regional analysis indicates North America dominated the market and is expected to continue dominating due to favorable reimbursement policies and presence of major players. However, Asia Pacific is expected to be the fastest growing region supported by growing medical tourism, availability of low-cost devices, and rising disposable incomes.

Key players operating in the pain management devices market are Boston Scientific Corporation, Medtronic plc, Abbott Laboratories, Becton, Dickinson and Company, Baxter International Inc. With the support of various awareness programs, easy accessibility to device therapies, and new product launches, these key players are further expanding their regional presence and strengthening their product portfolio. However, stringent regulations continue to be a key challenge for new market entrants.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it

Ravina
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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.

Ravina Pandya

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.

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