Transcutaneous Electrical Nerve Stimulation (TENS), Neuromuscular Electrical Stimulation (NMES/EMS), Trigeminal Nerve Stimulation (TNS), and Transcranial Magnetic Stimulation (TMS) are some of the non-invasive pain management approaches.
The global pain management devices market is estimated to account for US$ 17,004.2 Mn in terms of value by the end of 2027.
Global Pain Management Devices Market: Drivers
Increasing investment in pain management devices is expected to propel growth of the global pain management devices market over the forecast period. For instance, in June 2020, CereVasc, Inc., a developer of a minimally invasive implant for the treatment of hydrocephalus raised US$ 43 million to help launch first-in-human clinical testing.
Global Pain Management Devices Market: Opportunities
Increasing prevalence of diabetes is expected to offer lucrative growth opportunities for players in the global pain management devices market. For instance, according to the study, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 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 in 2019 worldwide and the number is expected to reach 578 million by 2030 and 700 million by 2045.
Global Pain Management Devices Market: Restraints
Stimulators that use electrical currents to block pain signals before they reach the brain prove sometimes fatal and may lead to medical device injuries. Such scenario is expected to hinder growth of the market.
The global pain management devices market was valued at US$ 5,745.0 Mn in 2019 and is forecast to reach a value of US$ 17,004.2 Mn by 2027 at a CAGR of 14.6% between 2020 and 2027. Increasing incidence and prevalence of chronic diseases is expected to increase demand for pain management devices during the forecast period.
Neurostimulation Devices segment held dominant position in the global pain management devices market in 2019, accounting for 56.2% share in terms of value, followed by radiofrequency ablation and analgesic pumps, respectively. Increasing approval and launch of new devices is expected to propel the segment growth during the forecast period.
Increasing prevalence of arthritis is boosting growth of the market. For instance, According to the Centers for Disease Control and Prevention (CDC)’s May 2019 report, an estimated 54.4 million US adults have diagnosed arthritis, which accounted for around 1 in 4 people in the U.S.
Major players in the market are focused on approval and launch of new devices to expand their product portfolio. For instance, in January 2020, Axonics Modulation Technologies, Inc. received the U.S. FDA approval for its second-generation programmer for its r-SNM sacral neuromodulation system. The new programmer is designed to program the Axonics external trial neurostimulator and the implantable neurostimulator in the procedure and post-operative environments.
Global Pain Management Devices Market: Competitive Landscape
Major players operating in the global 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 Devices Market: 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.