Newark, Oct. 17, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global Pain Management Devices market is expected to grow from USD 3.82 Billion in 2022 to USD 7.20 Billion by 2030, at a CAGR of 8.25% during the forecast period 2022-2030.
The surge in COVID-19 and cancer cases, among others, innovation in product development by the organizations, and increased government support are some factors that would drive the market growth during the forecast period.
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Competitive Strategy
To enhance their market position in the global Pain Management Devices market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In July 2021: Venus Remedies Company launched a customer healthcare division that will offer different products for pain management.
Market Growth & Trends
Pain is caused by various diseases like acute arthritis, injury and osteoarthritis, multiple sclerosis, fibromyalgia, diabetic neuropathy, cancer, and stomach ulcers. Pain can be categorized based on duration as acute pain. Pain due to tissue injury or illness is an unpleasant sensation and emotional experience. Pain management devices are increasingly utilized to treat chronic pain by customers at home having had primary healthcare professional (HCP) history of use, mainly from chiropractors and physical therapists. These devices are used to treat body pain and contain muscle & joint pain. Three significant instrument classifications exist in the pain management devices market. All transcutaneous electrical nerve stimulation (TENS) devices deliver pulses and heat, which interferes with nerves’ transmittal of pain signals to the brain, thus mitigating the perception of pain. The pulse and heat delivered via TENS units are also said to stimulate blood flow to the area, which encourages healing and can assist the body release endorphins. Light-based devices include those that use LED light, low-level light lasers, infrared light, and polarized medical light. Many suppliers offer LED lightweight instruments for antiaging & acne because of the relative ease of gaining cosmetic device clearance compared to medical devices. LED light treatment helps release nitric oxide from cells, stimulating healing on a cellular level instead of just interfering with pain signals sent to the brain as TENS devices do. The surge in healthcare expenditure and the number of surgeries are helping boost the market growth. Also, the increasing number of cancer cases is anticipated to grow market growth. Moreover, the high prevalence of musculoskeletal disorders, such as osteoarthritis, arthritis, rheumatoid arthritis, and orthopaedic degenerative diseases, is helping to drive market growth.
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Key Findings
• In 2022, the neuromodulation & neurostimulation devices segment dominated the market with the largest market share of 32.17% and market revenue of USD 1.22 Billion.
The product type segment is divided into analgesic infusion pumps, neuromodulation & neurostimulation devices, ablation devices, and electrical stimulator. In 2022, the neuromodulation & neurostimulation devices segment dominated the market with the largest market share of 32.17% and market revenue of USD 1.22 Billion. This growth is attributed to the increasing prevalence of neurological diseases and lifestyle-related disorders. Also, the technological advancements in neurostimulation devices and the ever-increasing availability of implantable neurostimulation instruments for pain management in an increasing adult population are propelling the segment’s market growth. Moreover, increasing adoption of robotic technologies for the expansion of product applications & integration of the latest technologies in ablation instruments to offer enhanced patient safety, as well as procedural efficiency, are expected to drive the segment’s market growth.
• In 2022, the over-the-counter (OTC) segment dominated the market with the largest market share of 56.11% and market revenue of USD 2.14 Billion.
The mode of purchase segment is divided into over-the-counter (OTC) and prescription. In 2022, the over-the-counter (OTC) segment dominated the market with the largest market share of 56.11% and market revenue of USD 2.14 Billion. This growth is attributed to the rising prevalence of neck pain, back pain, and headaches.
• In 2022, the neuropathic pain segment dominated the market with the largest market share of 28.22% and market revenue of USD 1.08 Billion.
The application segment is divided into neuropathic pain, facial & migraine pain, cancer pain, musculoskeletal pain, and others. In 2022, the neuropathic pain segment dominated the market with the largest market share of 28.22% and market revenue of USD 1.08 Billion. This growth is attributed to the increasing prevalence of the target population and ever-increasing initiatives by the market players.
Regional Segment Analysis of the Pain Management Devices Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, 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)
The North America region occurred as the largest market for the global Pain Management Devices industry, with a market share of 49.32% and a market value of around USD 1.88 Billion in 2022. North America dominates the pain management devices market due to increasing customer awareness. Further, a high incidence of hypertension & stroke, well-established healthcare facilities, growing demand for drug-free therapeutic procedures, and the increasing number of pain management centers are also promoting market growth in this region.
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Key players operating in the global 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.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global Pain Management Devices market based on below mentioned segments:
Global Pain Management Devices Market by Product Type:
• Analgesic Infusion Pumps
• Neuromodulation & Neurostimulation Devices
• Ablation Devices
• Electrical Stimulators
Global Pain Management Devices Market by Mode of Purchase:
• Over-the-counter (OTC)
• Prescription
Global Pain Management Devices Market by Application:
• Neuropathic Pain
• Facial & Migraine Pain
• Cancer Pain
• Musculoskeletal Pain
• Others
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About the report:
The global Pain Management Devices market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
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