PAIN MANAGEMENT DEVICES MARKET ANALYSIS

The global pain management devices market is estimated to be valued at US$ 4,280.9 million in 2023 and is expected to exhibit a CAGR of 6.5% during the forecast period (2023-2030).

Analysts’ Views on Global Pain Management Devices Market:

Technology advancement in the pain device management is the key driver of progress and innovation in modern society, and also trigger the approval of pain device management. These advancements have revolutionized the way pain is managed, providing more effective and personalized treatment options. Additionally, the approval of pain device management has opened up new avenues for patients to regain control over their pain and improve their quality of life. For instance, on April 18, 2023, Neuspera Medical, a medical device company, announced that the company has received U.S. Food and Drug Administration (FDA) clearance for the next-generation Neuspera ultra-miniaturized system. The system is comprised of a micro-implant that delivers neurostimulation therapy through a wireless platform including a wearable transmitter and iPad-based clinician programmer.

Figure 1. Global Pain Management Devices Market Share (%), by Type, 2023

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Global Pain Management Devices Market– Driver

Effective and U.S. FDA (Food and Drug Administration) approved products are the key market players to expand product portfolio

The effectiveness of pain device management is the key to market expansion. The pain device management market relies heavily on the effectiveness of pain management devices in providing relief to patients. As more individuals seek alternative pain management solutions, the market has significant potential for growth. For instance, on January 26, 2023, ZetrOZ Systems, a leading healing innovations in sports medicine, developing wearable bioelectronic devices for the delivery of sustained acoustic medicine (sam), demonstrated the effectiveness of its samx1 and sam2.0 sustained acoustic medicine devices for soft tissue injury therapies. The samx1 is the first U.S. FDA-cleared pain management device of its kind cleared for everyday, at-home use.

Figure 2. Global Pain Management Devices Market Value (US$ MBillion), by Region, 2023

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Global Pain Management Devices Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global pain management devices market over the forecast period. North America is estimated to hold 44.3% of the market share. According to the U.S. Centers for Disease Control and Prevention Report, the researchers found that an estimated 20.9 percent of U.S. adults experienced chronic pain during 2021, and 6.9 percent experienced high-impact chronic pain (51.6 and 17.1 million persons, respectively). Populations experiencing a higher prevalence of chronic pain and high-impact chronic pain include non-Hispanic America India or Alaska Native adults. Thus, the rise in chronic pain cases is anticipated to increase market growth over the forecast period.

Global Pain Management Devices Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

Global Pain Management Devices Market Segmentation:

The global pain management devices market report is segmented into by Type, by Technology, by Application, and by Region.

By Type, the pain management device market is segmented into Neuromodulation & Neurostimulation Devices, Analgesic Infusion Pumps, and Ablation Devices. Out of which, the Neuromodulation & Neurostimulation Devices segment is expected to dominate the Pain Management Device market during the forecast period, due to the introduction of new products and rise in the prevalence of chronic pain.

By Application, the pain management device market is segmented into neuropathic pain, cancer pain, facial & migraine pain, musculoskeletal pain, and others. The neuropathic pain segment is expected to dominate the market over the forecast period, due to the rising prevalence rate of pain, which is 2.4% in the general population.

By End User, the pain management device market is segmented into hospitals, clinics, and others. The hospital segment is expected to dominate the market over the forecast period, because medical facilities are using more and more technology to manage and treat pain.

Among all the segmentations, the type segment has the highest potential because the major industry players are launching more products, and investing which will boost the market over the forecast period. For instance, on September 2022, Therabody, Inc., the global pioneer in wellness technology, announced the close of its growth equity round with a total financial backing of US$ 165 million, alongside the launch of eight new products that expand the brand to whole-body wellness with proven benefits across performance, pain, stress, and sleep.

Global Pain Management Devices Market Cross Sectional Analysis:

Rising prevalence rate of chronic pain is the main factor for the market expansion. For instance, according to the Pain and Therapy Journal 2021, stated that musculoskeletal pain is a challenging condition for both patients and physicians. Many adults have experienced one or more episodes of musculoskeletal pain at some time of their lives, regardless of age, gender, or economic status. It affects approximately 47% of the general population. Of those, about 39–45% have long-lasting problems that require medical consultation. Inadequately managed musculoskeletal pain can adversely affect quality of life and impose significant socioeconomic problems.

Global Pain Management Devices Market: Key Developments

In March 2022, BioElectronics Corporation, announced that its distribution partner in Mexico has received authorization from Mexican FDA (Cofepris), which allows for the importation of the RecoveryRx device into Mexico. Novro Med S.A. de C.V. has contracted for the exclusive distribution rights for RecoveryRx in Mexico.

In December 2022, Abbott, announced the U.S. Food and Drug Administration (FDA) approval of the company's Eterna spinal cord stimulation (SCS) system– the smallest implantable, rechargeable spinal cord stimulator currently available on the market for the treatment of chronic pain. Eterna SCS utilizes Abbott's proprietary low-dose BurstDR stimulation, the only SCS waveform technology with the highest level of clinical evidence (1A evidence), proven to reduce pain 23% more than traditional waveform technology approaches.

Global Pain Management Devices Market: Key Trends

Integration of Artificial Intelligence can drive the growth of market

The integration of Artificial Intelligence can boost the market growth and also provides the opportunity to the researchers and the patient. Researchers can utilize AI to analyze large amounts of data and identify patterns or trends that may have otherwise been missed. Additionally, patients can benefit from AI-powered technologies that enable personalized treatment plans and improve healthcare outcomes. For instance, on March 07, 2023, Nevro Corp., a global medical device company that is delivering comprehensive, life-changing solutions for the treatment of chronic pain, announced that the company has now initiated the U.S. full market launch of its HFX iQ spinal cord stimulation (SCS) system, following the completion of a successful limited market release.

Global Pain Management Devices Market: Restraint

Strict Market Regulation and Lack of Awareness

One of the main issues impeding market expansion is the strict regulatory environment for pain management devices. Due to the significant expenses associated with the development and approval processes, several makers of pain management devices are delaying the release of its products on the market. A significant barrier to the widespread use of pain management devices among patients and healthcare professionals in many nations is its expensive cost.

To overcome the challenge, certain awareness programs should be done to aware people about such devices, and also to treat by using pain management devices.

Global Pain Management Devices Market- Key Players

Major players operating in the global 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.

*Defination: Medical devices that are expressly made to reduce or control pain are known as pain management devices. These devices can relieve a variety of types of pains, including chronic pain, acute pain, and postoperative pain. They are designed to be used as part of an all-encompassing pain management strategy. Devices for managing pain function in a variety of ways, including drug administration, thermal therapy, and electrical stimulation. Drug administration devices for pain management typically involve the delivery of medication directly to the affected area, providing targeted relief. Thermal therapy devices, on the other hand, use heat or cold to alleviate pain by increasing blood flow or numbing the area. Electrical stimulation devices work by sending mild electrical impulses to the nerves, which can disrupt pain signals and provide relief. These different approaches allow for a personalized and comprehensive approach to managing pain effectively.