Pain Management Devices Market is projected to grow at a healthy CAGR of 9% to reach ~$3.5 billion by 2026
According to the 2019 National Health Interview Survey, more than 7% United States adults had chronic pain syndrome, which limited their ability to perform out normal tasks at work.
The Global Pain Management Devices Market is expected to grow at a rate of 9% to reach ~$3.5 billion by 2026. Rising cases of chronic pain-inducing diseases (like diabetes, muscoskeletal disorders), increased geriatric population, favorable reimbursement scenario for spinal cord stimulation (SCS) devices in developed countries, rising R&D investment, increasing incidence of sports injuries and cancer, and growing demand for chronic pain management in home care treatment are some of the main factors driving the global pain management devices market.
Advent of Advanced Pain Management Technologies Drives the Pain Management Devices Market
At the moment, oral medications are the primary line of treatment for pain management since they are easily available and less expensive. The quality of treatment and care, however, has greatly improved in recent years as a result of the development of advanced technologies, FDA-approved non-prescription medical devices, devices used in combination with prescription medications, or other kinds of pain management therapy.
Spinal cord stimulators, transcutaneous electrical nerve stimulation devices, analgesic infusion pumps, and ablation devices are numerous types of pain management devices available in the market.
Numerous advancements have recently been developed to improve the quality of life for people suffering from chronic pain, including:
- In October 2021, SPR Therapeutics secured $37M VP funding to scale operations for Sprint pain relief device
- In August 2020, Medtronic launched its FDA-approved neurostimulator, called the InterStim Micro Neurostimulator which helps patients to effective control bladder and bowel movement
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Key Challenges/ Constraints: Pain Management Devices Market
Patients with chronic pain who are no longer responding to drug therapy usually turn to pain management devices as a second line of treatment. Hypersensitivity reactions and post-operative infections caused due to the use of these devices are likely to hamper growth of the pain management devices market.
North America Leads in terms of Adoption of Pain Management Devices Market
With a >50% market share, North America dominates the market for pain management devices, followed by Europe and Asia Pacific. Some of the major factors influencing the market growth include the need for drug-free therapies, the availability of well-planned reimbursement and insurance coverage, and the presence of major players in this region.
Competitive Landscape Analysis of Pain Management Devices Market
The global pain management devices market is marked by presence of established key players such as Medtronic, Boston Scientific, Abbott, BD, Baxter International, Stryker, Smiths Medical, Nipro Corporation, Nevro Corp., Mindray Microtransponder, among others.
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Pain Management Devices Market
