Global Pain Management Devices Market is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Highest Growth
- Vikas Kumar
- July 16, 2022
- HEALTHCARE, NEWS
- Pain Management Devices Market, Pain Management Devices Market Forecast, Pain Management Devices Market Growth, Pain Management Devices Market Report, Pain Management Devices Market Share, Pain Management Devices Market size, Pain Management Devices Market Trend
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The Global Pain Management Devices Market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 8% during the forecast period (2021-2027F). Pain is a signal in the nervous system that something may be wrong. It is an unpleasant feeling, such as a prick, tingle, sting, burn, or ache. Pain may be sharp or dull. It may come and go, or it may be constant.
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The increasing geriatric population along with the rising prevalence of chronic diseases are the contributing factors to the market growth of the pain management device market. For instance, as per CDC, in 2020, as many as 5.8 million Americans were living with Alzheimer’s disease. This number is projected to nearly triple to 14 million people by 2060. Furthermore, technological advancements in medical technology and the rising awareness about pain management devices also contribute to the considerable market share of pain management devices.
Based on product type, the market is segmented into electrical stimulators, radiofrequency (RF) ablation, analgesic infusion pumps, neurostimulation, and others. The RF ablation segment is expected to witness significant growth in the pain management market. The rising demand for minimally invasive treatment attributes to the significant market share of the segment in the pain management device market. Furthermore, the higher effectiveness of the devices in treating chronic pain, and the rising prevalence of diseases that cause such as Arthritis is contributing to the market growth of the RF ablation segment. For instance, as per CDC, about 1 in 4 US adults (23.7%) or about 58.5 million people have doctor-diagnosed arthritis.
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Based on applications, the market is segmented into cancer, neuropathic pain, facial & migraine, musculoskeletal disorder, trauma, and others. The cancer segment grabbed significant market share in the pain management devices market in 2020. This is mainly due to the rising incidences of cancer that result in the occurrence of chronic pain. For instance, as per the WHO, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020.
Based on end-users, the market is segmented into physiotherapy centers, hospitals & clinics, and others. The hospitals & clinics segment grabbed significant market share in the pain management devices market in 2020. This is mainly due to their specialization in the treatment of multiple diseases. Furthermore, the rising prevalence of chronic diseases is also a contributing factor to the segmental growth of the hospitals & clinics in the pain management devices market. For instance, as per the CDC, about 659,000 people in the United States die from heart disease each year accounting for around 25% of the population of the U.S who is suffering from heart disease.
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Additionally, the report provides detailed report also provides insights into the global pain management devices market according to the regions such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a significant market for the pain management devices industry. The presence of sophisticated healthcare infrastructure and the rising healthcare expenditure in the region is responsible for the regional growth in the pain management devices market. For instance, the per person annual healthcare expenditure of Canada accounted for US$ 3,541.25 in 2016 which rose by around 9% in 2019 and reached US$ 3,873.7. Furthermore, the presence of well-established market players and frequent product launches in the region also contributes to the regional growth in the pain management device market.
B Braun Melsungen AG, Baxter International Inc., Boston Scientific Corp., Nevro Corp., Enovis, OMRON Healthcare Inc., Medtronic plc, ICU Medical Inc., Abbott Laboratories, and Stryker Corporation are some of the key players operating in the global pain management devices market. Several M&As along with partnerships have been undertaken by these players to develop various types of pain management devices.
Global Pain Management Devices Market Segmentation
Market Insight, by Product Type
- Electrical Stimulators
- Radiofrequency (RF) Ablation
- Analgesic Infusion Pumps
- Neurostimulation
- Others
Market Insight, by Application
- Cancer
- Neuropathic pain
- Facial & migraine
- Musculoskeletal disorder
- Trauma
- Others
Market Insight, by End-users
- Physiotherapy Centers
- Hospitals & Clinics
- Others
Market Insight, by Region
- North America
- United States
- Canada
- Rest of North America
- Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Rest of Europe
- Asia-Pacific
- China
- India
- Australia
- Japan
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
• B Braun Melsungen AG
• Baxter International Inc.
• Boston Scientific Corp.
• Nevro Corp.
• Enovis
• OMRON Healthcare Inc.
• Medtronic plc
• ICU Medical Inc.
• Abbott Laboratories
• Stryker Corporation
