Pain management devices are used for alleviating various types of acute and chronic pain through effective administration of medications. These devices use different modes such as thermal, electrical, radiofrequency and ultrasound therapy for relieving pain by stimulating nerves and interrupting pain signals to the brain.
The global pain management devices market is estimated to be valued at US$ 4,280.9 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing prevalence of chronic pain globally is expected to boost the growth of pain management devices market over the forecast period. According to National Center for Biotechnology Information, chronic pain affects nearly 50 million adults in the U.S. annually. Chronic pain can lead to other health issues and worsen the quality of life. Pain management devices help reduce chronic pain through effective pain relief. Moreover, increasing adoption of minimally invasive surgical procedures is also fueling the demand for pain management devices. Non-invasive nature, faster recovery time, and lesser complications associated with minimally invasive procedures have boosted their preference over traditional open surgeries.
SWOT Analysis
Strength: Pain Management Devices offer alternative non-drug or invasive options for treating various pain conditions. They provide relief through electric stimulation of the nervous system or through heat therapy. These devices are safe, non-addictive, and allow patients to self-administer pain relief as needed. Some devices even allow patients to monitor and track their pain levels and responses to treatments.
Weakness: Some Pain Management Devices require training to properly apply and operate. This reliance on proper training and use could lead to ineffective treatments if not used correctly. Additionally, the ongoing costs of certain disposable supplies needed for some devices may deter some patients and healthcare providers.
Opportunity: The growing prevalence of chronic pain conditions and an aging population are increasing demand for alternative pain relief methods. Pain Management Devices provide non-opioid options that help address concerns over addiction and misuse of prescription painkillers. Many newer models are smaller, more user-friendly, and allow for wireless connectivity and remote monitoring, expanding their potential applications and appeal.
Threats: Stricter reimbursement policies from insurance providers regarding the ongoing use and supplies required for some Pain Management Devices pose economic barriers to their long-term adoption. Additionally, the entrance of new competing pain relief drugs, procedures, or alternative therapies could challenge the market position of certain Pain Management Device products over time.
Key Takeaways
The global pain management devices market is expected to witness high growth over the forecast period of 2023 to 2030. The increasing incidence of chronic diseases, rising geriatric population, growing demand for non-opioid and minimally invasive pain management solutions are major factors driving market growth. The global pain management devices market is estimated to be valued at US$ 4,280.9 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the market owing to the presence of major players, acceptance of advanced devices, favorable reimbursement policies, and launch of innovative Pain Management Devices in the region. Asia Pacific is expected to grow at the fastest pace due to rapidly increasing patient population, rising healthcare expenditure, and improving access to advanced medical technologies in countries like China and India.
Key players: Key players operating in the pain management devices market include Stryker Corporation, Pfizer Inc. (Hospira Inc.), Medtronic Plc, Boston Scientific Corporation, Baxter International Inc., Braun Melsungen AG, Abbott Laboratories, Colfax Corporation (Djo Global LLC), Kimberly-Clark Corporation (Baylis Medical), Johnson & Johnson (Codman and Shurtleff, Inc.), Neuspera Medical, ZetrOZ Systems, Therabody, BioElectronics Corporation, Nevro Corp, Stevanato Group S.p.A., Bexson Biomedical, Inc., SPR Therapeutics, Lumaflex, Saluda Medical Pty Limited, DyAnsys Inc., Pacira BioSciences, Inc., InterSystems, Nalu Medical, Inc., and StimaWELL North America Inc.
