Pain Management Devices Market: Current Analysis and Forecast (2021-2027)
$3999 – $6999
Emphasis on Product (Electrical Stimulators, Radiofrequency (RF) Ablation, Analgesic Infusion Pumps, Neurostimulation, and Others.); Application (Cancer, Neuropathic Pain, Facial & Migraine, Musculoskeletal Disorder, Trauma, and Others); End-users (Physiotherapy Centers, Hospitals & Clinics, and Others); Region/Country
Detailed Analysis of COVID-19 Impact on the Pain Management Devices Market
The Global Pain Management Devices Market is anticipated to grow with an elevated CAGR of around 8% over the forecast period (2021-2027). 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.
With the rapid advancement in technology and rising awareness among the target population regarding pain management devices. Furthermore, many industry players are focusing on expanding their portfolio by launching new services and products in the market due to which the pain management devices market is witnessing an uptick all over the globe. For example, in November 2021, the U.S. Food and Drug Administration authorized the marketing of EaseVRx, a prescription-use immersive virtual reality (VR) system that uses cognitive behavioral therapy and other behavioral methods to help with pain reduction in patients 18 years of age and older with diagnosed chronic lower back pain. Additionally, the rising geriatric population and increasing prevalence of chronic diseases are also contributing to the growth of 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 prominent players operating in the pain management devices market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new varieties of pain management devices.
Insights Presented in the Report
“Amongst Product Type, RF ablation segment holds the major share”
Based on product type, the market is segmented into electrical stimulators, radiofrequency (RF) ablation, analgesic infusion pumps, neurostimulation, and others. The RF ablation segment accounted for a significant market share in 2020 and it is estimated that it will exhibit a higher CAGR during the forecast period. The growth of this segment is mainly due to the rising demand for minimally invasive treatment. Furthermore, the technological advancements and the frequent product launches attribute to the considerable market share of the segment in the market. For instance, in November 2020, Abbott announced the launch of the IonicRF Generator, a radiofrequency ablation device that uses heat to target specific nerves and prevent pain signals from reaching the brain.
“Amongst Application, cancer segment holds the major share”
Based on application, the pain management devices market is divided into cancer, neuropathic pain, facial & migraine, musculoskeletal disorder, trauma, and others. The cancer segment grabbed a significant market share in 2020 and is anticipated to grow at a rapid rate in the upcoming years owing to the rising cases of cancer and the chronic pain associated with them is responsible for the segmental growth in the market. For example, according to WHO, in 2020, there were 2.3 million women diagnosed with breast cancer globally. As of the end of 2020, there were 7.8 million women are living who were diagnosed with breast cancer in the past 5 years.
Amongst End-users, the hospitals & clinics segment holds the major share”
Based on end-users, the pain management devices market is divided into physiotherapy centers, hospitals & clinics, and others. The hospitals & clinics segment grabbed a significant market share in 2020 and is anticipated to grow at a rapid rate in the upcoming years owing to the presence of skilled professionals and their specialization in the treatment of multiple diseases. Furthermore, the rising hospitalization due to the surging geriatric population and the chronic diseases among them results in the increasing segmental growth of hospitals & clinics in the pain management devices market. For instance, as per the WHO, between 2015 and 2050, the proportion of the world’s population over 60 years will nearly double from 12% to 22%. Also, 1 in 6 people in the world will be aged 60 years or over by 2030.
“North America represents one of the largest markets of pain management devices market”
For a better understanding of the market dynamics of the pain management devices market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. In 2020, North America held a significant share in the pain management devices industry. This can be mainly due to the presence of well-established market players and frequent product launches in the region. For instance, in June 2021, NeuraLace got FDA clearance for a chronic pain-relieving nerve stimulation device. Axon Therapy system uses external nerve stimulation to lessen the pain caused by surgical procedures, limb loss, severe burns, car accidents, and other injuries, with an option for completely non-invasive, non-addictive pain relief.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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|1.4.||Currency used in Report|
|2.1.||Research Process of the Pain Management Devices Market|
|2.2.||Research Methodology of the Pain Management Devices Market|
|2.5.||Main Objective of the Pain Management Devices Market Study|
|5||GLOBAL PAIN MANAGEMENT DEVICES MARKET COVID-19 IMPACT|
|6||GLOBAL PAIN MANAGEMENT DEVICES MARKET REVENUE, 2019-2027F|
|7.2.||Radiofrequency (RF) Ablation|
|7.3.||Analgesic Infusion Pumps|
|8.3.||Facial & migraine|
|9.2.||Hospitals & Clinics|
|10.1.3.||Rest of North America|
|10.2.6.||Rest of Europe|
|10.3.5.||Rest of Asia Pacific|
|10.4.||Rest of World|
|12||PAIN MANAGEMENT DEVICES MARKET OPPORTUNITIES|
|13||PAIN MANAGEMENT DEVICES MARKET TRENDS|
|14||LEGAL & REGULATORY FRAMEWORK|
|15.1.||Demand Side Analysis|
|15.2.||Supply Side Analysis|
|16||VALUE CHAIN ANALYSIS|
|17.1.||Porter’s Five Forces Analysis|
|18.1.||B Braun Melsungen AG|
|18.2.||Baxter International Inc.|
|18.3.||Boston Scientific Corp.|
|18.6.||OMRON Healthcare Inc.|
|18.8.||ICU Medical Inc.|
Research Methodology for the Global Pain Management Devices Market Analysis (2021-2027)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global pain management devices market were the three major steps undertaken to create and analyze the adoption of pain management devices in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global pain management devices market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the pain management devices through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the pain management devices market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as product type, application, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of pain management devices across the globe.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the pain management devices. Further, we conducted factor analysis using dependent and independent variables such as the growing number of people with chronic diseases and the increasing elderly population all over the globe. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the pain management devices sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the pain management devices market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of pain management devices across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the pain management devices market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the pain management devices market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type, application, and end-users of the pain management devices market.
The main objective of the Pain management devices Market Study
The current & future market trends of pain management devices were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of pain management devices in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product type, application, and end-users
- Define and analysis of the regulatory framework for the pain management devices industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the pain management devices market for the major region
- Major regions studied in the report include North America, Europe, Asia-Pacific and Rest of the world
- Company profiles of the pain management devices market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry