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The key highlights of the report include:
Market Overview (2016-2026)
- Forecast CAGR (2021-2026): 9%
- Forecast Market Size (2026): USD 14.5 Billion
The growth in the global pain management devices market is induced by rising prevalence of chronic diseases such as cardiovascular disease, cancer, musculoskeletal disease, and neurovascular disease. Such diseases have a negative impact on a person’s health by reducing immunity and causing chronic pain. The prevalence of the mentioned diseases is highest in adults and the geriatric community. A portable pain relief device is simple to use and run, reducing a person’s reliance on others. As a result of the benefits of pain management products, demand for them is increasing among patients with chronic diseases. Consumers’ disposable income is increasing, particularly in developing countries, which is driving the market further.
Industry Definition and Major Segments
Pain management refers to the medical branch that employs an interdisciplinary method to relieve suffering and improve the quality of life for those who suffer from chronic pain. Pain can resolve quickly once the underlying trauma or disease has healed and is handled by a single practitioner with analgesics and sometimes anxiolytics.
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Based on type, the market is divided into:
- Neurostimulation Devices
- Transcutaneous Electrical Nerve Stimulation (TENS) Devices
- Spinal Cord Stimulation (SCS) Devices
- Ablation Devices
- RF Ablation Devices
- Cryoablation Devices
- Analgesic Infusion Pumps
- Internal
- External
Based on mode of purchase, the industry is segmented into:
- OTC
- Prescription-Based
Based on application, the market can be categorised as:
- Neuropathic Pain
- Cancer Pain
- Facial Pain and Migraine
- Musculoskeletal Pain
- Others
On the basis of region, the market is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The need for pain relief products is at an all-time high due to a rise in the number of diabetic patients. Many patients have reported feeling relieved after using these instruments. This has resulted in the expansion of the pain relief device market.
Patients are increasingly looking for new therapeutic options, such as pain relief systems, due to the ineffectiveness of oral medications. Furthermore, one of the reasons driving up demand is a lack of preference for surgeries. Because of the high costs involved with hospitalisation, there is a greater desire for shorter hospital stays and a transition to less expensive treatment environments, which increases the product demand.
Key Market Players
The major players in the market are Abbott Laboratories, Becton, Dickinson and Company, Boston Scientific Corporation, B. Braun Melsungen AG, Johnson & Johnson Services, Inc, Medtronic Plc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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