Transcutaneous Electrical NerveStimulation (TENS), Neuromuscular Electrical Stimulation (NMES/EMS), TrigeminalNerve Stimulation (TNS), and Transcranial Magnetic Stimulation (TMS) are someof the non-invasive pain management approaches.
Statistics:
The global PainManagement Devices Market is estimated to account for US$ 17,004.2 Mn interms of value by the end of 2027.
Global Pain Management DevicesMarket: Drivers
Increasing investment in painmanagement devices is expected to propel growth of the global pain managementdevices market over the forecast period. For instance, in June 2020, CereVasc,Inc., a developer of a minimally invasive implant for the treatment ofhydrocephalus raised US$ 43 million to help launch first-in-human clinicaltesting.
Global Pain Management DevicesMarket: Opportunities
Increasing prevalence of diabetesis expected to offer lucrative growth opportunities for players in the globalpain management devices market. For instance, according to the study, “Globaland regional diabetes prevalence estimates for 2019 and projections for 2030and 2045: Results from the International Diabetes Federation Diabetes Atlas,9th edition”, published in the journal Diabetes Research and Clinical Practice,in September 2019, 463 million people are expected to suffer from diabetes in2019 worldwide and the number is expected to reach 578 million by 2030 and 700million by 2045.
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Global Pain Management DevicesMarket: Restraints
Stimulators that use electricalcurrents to block pain signals before they reach the brain prove sometimesfatal and may lead to medical device injuries. Such scenario is expected tohinder growth of the market.
Key Takeaways:
The global pain management devicesmarket was valued at US$ 5,745.0 Mn in 2019 and is forecast to reach a value ofUS$ 17,004.2 Mn by 2027 at a CAGR of 14.6% between 2020 and 2027. Increasingincidence and prevalence of chronic diseases is expected to increase demand forpain management devices during the forecast period.
Neurostimulation Devices segmentheld dominant position in the global pain management devices market in 2019,accounting for 56.2% share in terms of value, followed by radiofrequencyablation and analgesic pumps, respectively. Increasing approval and launch ofnew devices is expected to propel the segment growth during the forecastperiod.
Market Trends
Increasing prevalence ofarthritis is boosting growth of the market. For instance, According to theCenters for Disease Control and Prevention (CDC)’s May 2019 report, anestimated 54.4 million US adults have diagnosed arthritis, which accounted foraround 1 in 4 people in the U.S.
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Major players in the market arefocused on approval and launch of new devices to expand their productportfolio. For instance, in January 2020, Axonics Modulation Technologies, Inc.received the U.S. FDA approval for its second-generation programmer for itsr-SNM sacral neuromodulation system. The new programmer is designed to programthe Axonics external trial neurostimulator and the implantable neurostimulatorin the procedure and post-operative environments.
Global Pain Management Devices Market:Competitive Landscape
Major players operating in theglobal pain management devices market include, Baxter International Inc., B.Braun Melsungen AG, Boston Scientific Corporation, Codman and Shurtleff, Inc.,DJO Global LLC, NeuroMetrix, Inc., Hospira Inc., Kimberly-Clark Corporation,Medtronic, Plc, Smiths Medical, Axonics Modulation Technologies, Inc.,NeuroSigma, Inc., and Abbott
Global Pain Management DevicesMarket: Key Developments
April 2020: NeuroMetrix, Inc.announced that Quell technology has been selected for use in a large,NIH-funded, randomized, pragmatic clinical trial of TENS for fibromyalgia.
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