Chicago, Aug. 28, 2023 (GLOBE NEWSWIRE) -- In the near future, the pain management devices industry is poised to undergo a transformative evolution, driven by rapid advancements in medical technology and an increasing focus on personalized healthcare. Innovations such as wearable neurostimulation devices, smart pain patches, and implantable pain-relief devices are set to revolutionize the way chronic and acute pain is managed. These devices will offer more precise and customizable solutions, leveraging real-time data collection and analysis to tailor therapies to individual patients' needs. Integration with telemedicine platforms will further enhance accessibility and patient-doctor collaboration, while non-invasive techniques like focused ultrasound and magnetic stimulation will provide novel alternatives to traditional pain management methods. As a result, the pain management landscape is expected to shift towards safer, more effective, and patient-centric approaches, significantly improving the quality of life for individuals dealing with various forms of pain.
Pain Management Devices market in terms of revenue was estimated to be worth $2.2 billion in 2021 and is poised to reach $3.3 billion by 2026, growing at a CAGR of 8.6% from 2021 to 2026 according to a latest report published by MarketsandMarkets™. Pain management devices are used to manage chronic and acute pain in patients suffering from various types of disease conditions, such as cancer, neurological disorders, and musculoskeletal disorders, among others. These devices restore the ability to do everyday activities, decrease the need for oral pain medications, and improve the quality of life of patients suffering from these conditions. However, product recalls and high procedural costs likely to challenge market growth in the coming years.
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Pain Management Devices Market Scope:
| Report Coverage | Details |
| Market Revenue in 2021 | $2.2 billion |
| Estimated Value by 2026 | $3.3 billion |
| Growth Rate | Poised to grow at a CAGR of 8.6% |
| Market Size Available for | 2019–2026 |
| Forecast Period | 2021–2026 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By Application, By Mode of Purchase, & By Region |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | High growth in emerging markets |
| Key Market Drivers | Growing number of surgical procedures performed |
Pain Management Devices market major players covered in the report, such as:
- Medtronic PLC (Ireland)
- Boston Scientific (US)
- Abbott (US)
- Becton, Dickinson and Company (US)
- Baxter International (US)
- B. Braun Melsungen AG (Germany)
- Stryker (US)
- Smiths Medical (US)
- Moog Inc. (US)
- Avanos Medical, Inc. (US)
- Nipro Corporation (Japan)
- Atricure (US)
- Nevro Corp. (US)
- Micrel Medical Devices SA (Greece)
- InfuTronix Solutions LLC (US)
- Teleflex, Inc. (US)
- Mindray Medical International Limited (China)
- Shenzhen MedRena Biotech Co., Ltd. (China)
- Epic Medical (Singapore)
- Bioness (US)
- Microtransponder (US)
- Neuronano (Sweden)
- Gimer Medical (Taiwan)
- Bluewind Medical (Israel)
- Soterix Medical Inc. (US)
- and Among Others
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This report categorizes the Pain Management Devices market into the following segments and subsegments:
By Type
- Neurostimulation Devices
- Infusion Pumps
- Ablation Devices
By Application
- Neuropathic Pain
- Musculoskeletal Pain
- Cancer Pain
- Facial Pain & Migraine
- Other Applications
By Mode of Purchase
- Prescription
- Over-the-counter
By Region
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- RoE
- Asia
- Japan
- China
- India
- RoAPAC
- Latin America
- Middle East & Africa
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The key stakeholders in the Pain Management Devices market include:
- Medical Device Manufacturers: Companies at the forefront of developing and producing pain management devices, ranging from neurostimulation implants and infusion pumps to wearable devices and therapeutic equipment.
- Healthcare Providers: Physicians, surgeons, pain specialists, and healthcare institutions that prescribe, administer, and monitor the usage of pain management devices as part of patient treatment plans.
- Patients: Individuals suffering from chronic or acute pain who directly benefit from these devices to enhance their quality of life and manage their pain effectively.
- Research and Development Entities: Academic institutions, research organizations, and innovation-driven companies engaged in advancing pain management technology, conducting clinical trials, and contributing to the continuous evolution of devices.
- Regulatory Authorities: Government agencies responsible for ensuring the safety, efficacy, and compliance of pain management devices, such as the Food and Drug Administration (FDA) in the United States and similar regulatory bodies globally.
- Health Insurance Providers: Companies that facilitate reimbursement and coverage for pain management devices and associated treatments, impacting accessibility and affordability for patients.
- Distributors and Retailers: Entities involved in distributing, marketing, and selling pain management devices to healthcare facilities, pharmacies, and direct-to-consumer channels.
- Telemedicine Platforms: Increasingly important in the modern landscape, these platforms facilitate remote consultations, treatment monitoring, and patient education related to pain management devices.
- Advocacy Groups and Nonprofits: Organizations dedicated to raising awareness, promoting research, and supporting individuals living with pain-related conditions, influencing policy and facilitating patient engagement.
- Investors and Financial Institutions: Venture capitalists, private equity firms, and financial institutions that invest in research, development, and commercialization of pain management technologies.
- Government Bodies and Policy Makers: Entities that shape healthcare policies, regulations, and funding initiatives that impact the pain management devices market's growth and accessibility.
- Professional Associations: Medical societies, pain management associations, and industry groups that facilitate collaboration, knowledge exchange, and standards development among stakeholders.
Together, these stakeholders play a vital role in shaping the development, adoption, and utilization of pain management devices, with the ultimate goal of improving pain relief, patient outcomes, and overall well-being.
Recent Developments:
- In January 2020, Medtronic launched Efficio, a cloud-based data management software, for use with the SynchroMed II intrathecal drug delivery system. This enables clinicians to efficiently manage their targeted drug delivery pump practices to treat patients with chronic pain, cancer, and severe spasticity
- In November 2020, Abbott launched IonicRF Generator a minimally invasive device that uses heat to target specific nerves for chronic pain management.
- In June 2019, Boston Scientific acquired Vertiflex, Inc. (US), a the privately held developer of the Superion Indirect Decompression System, a minimally invasive device used to improve physical functions and reduce pain in patients with lumbar spinal stenosis (LSS).
- In February 2019, Stryker acquired Arrinex (US), a medical device company that developed a novel cryoablation technology, ClariFix, for treating chronic rhinitis.
- In April 2019, Avanos Medical Received the US FDA 0020 501(k) clearance for its ON-Q infusion pump for pain management with Bolus pump. The new ON-Q with Bolus design incorporates improvements that make it simpler and more user-friendly for patients and providers.
Frequently Asked Questions (FAQs) of Pain Management Devices Market:
What is the market size of the pain management devices market?
The global pain management devices market is projected to reach USD 3.3 billion by 2026 from USD 2.2 billion in 2021, at a CAGR of 8.6% during the forecast period.
What are some of the major drivers for this market?
Growing number of surgical procedures performed and increase in the prevalence of chronic diseases. This factor is estimated to drive the market in the coming years.
Who are the major players in the pain management devices market?
Some of the prominent players operating in the pain management devices market are Medtronic PLC (Ireland), Boston Scientific (US), Abbott (US), Becton, Dickinson and Company (US), Baxter International (US), B. Braun Melsungen AG (Germany), Stryker (US).
What is the impact of COVID-19 on the pain management devices market?
The pain management devices market witnessed a loss of business, and the trend continued till late December 2020. Unfavorable changes in regulations and guidelines are hampering the growth of this industry
Which region has the highest growth potential in the pain management devices market?
North America is expected to dominate the pain management devices market, with a share of 52.3% in 2020 and is expected to register the CAGR of 7.3% during the forecast period.
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Report Objectives:
- To define, describe, and forecast the pain management devices market-based type, application, mode of purchase, and region.
- To provide detailed information regarding the major factors influencing the growth of this market (such as drivers, restraints, opportunities, and challenges).
- To analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall pain management devices market.
- To analyze the opportunities for stakeholders and provide details of the competitive landscape for market leaders.
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- To profile the key players and analyze their market shares and core competencies.
- To track and analyze competitive developments such as product launches & approvals, partnerships, agreements, collaborations, joint ventures, expansions, and acquisitions in the overall pain management devices market.
- To benchmark players within the market using the proprietary “Competitive Leadership Mapping” framework, which analyzes market players on various parameters within the broad categories of business and product/service strategy.
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