The global pain management market was valued at US$ 3,691.2 million in 2020 and is expected to reach US$ 5,786.9 billion by 2028.
Growing at a compound annual growth rate (CAGR) of 6.2% during the forecast period from 2021 – 2028. Pain Management refers to the branch of medicine care which helps in reducing the pain by prevention, diagnosis and treatment of pain. Pain management devices are referred as the medical devices which are used for pain management such as cancer pain, neuropathic pain, musculoskeletal pain, nociceptive pain and others. Neurostimulation, infusion pumps and electric stimulation are the widely prescribed devices by physicians to eliminate chronic pain.
The rising cases of chronic diseases which includes lifestyle disorders such as obesity and diabetes needs muscle and nerve stimulator, high occurrence of musculoskeletal disorders such as arthritis, osteoarthritis, orthopedic degenerative disorders and rheumatoid arthritis and also rising cases of chronic pain and inability to carry out routine errands, will boost product demand. In addition, increasing cases of cancer and pain management devices are the crucial drivers for the growth of pain management devices market. Other reasons for the demand include the rise in geriatric population which demands for pain rehabilitation centres which is helpful in urgent pain management treatments. After surgery, pain is one of the major reasons of hospitals where cost of monitoring and treatment of side effects demands for pain management drugs and devices.
However, higher cost of hospitalization and shifting towards minimal expensive care facilities restrains the market growth. Also, meagre reimbursement for chronic pain treatment in developing countries hampers the market growth. In addition, inadequacy for oral drugs intake is enhancing patients for finding substitute treatment such as pain management devices and lack of preference for surgeries are the factors boosting demand for the devices market.
Asia-Pacific is considered as a lucrative option for the manufacturing companies of pain management devices. Higher growth opportunities in this region is due to factors such as growing rate of chronic diseases, improving healthcare infrastructure, growing middle-class population and awareness for safety and efficacy of pain management device. According to U.S. Department of Commerce, Japan accounts for largest geriatric populations in the world, of which 20% of its population aged 65 years and above.
Global pain management devices are segmented by devices, drugs, application, end- user and region. Based on devices, it is bifurcated into analgesic infusion pumps, electrical stimulators, radiofrequency ablation and neurostimulation. By drugs injection, it is listed into opioids and non- narcotic analgesics. Non- narcotic analgesics is further bifurcated into anesthetics, anticonvulsants, anti- depressants NSAIDS and others. On the basis of application, it is categorised into facial & migraine, musculoskeletal disorder, neuropathic pain, cancer, trauma and others. Further by end- user, it is classified into physiotherapy centers, hospitals & clinics and others. Based on regional insights, it is bifurcated into North America (US, Canada, Rest of North America), Asia Pacific (China, India, South Korea, Rest of Asia Pacific), Europe (UK, Russia, Germany, Rest of Europe), Rest of the World (Latin America and Middle East & Africa).
Major players in the global pain management devices market include DJO Global LLC, Baxter International Inc., St. Jude Medical, Bio-Medical Research Ltd., Codman and Shurtleff, Inc., Stryker Corporation, Hospira Inc., Boston Scientific Corporation, Medtronic Plc, Smiths Medical, Kimberly-Clark Corporation, B. Braun Melsungen AG., and Pain Management, Inc among others.
Segmentation and Scope of the Global Pain Management Devices Market
Global pain management devices market is segmented by devices, drugs, application, end- user and region.
By End- User
Prominent players in the Global Pain Management Devices Market includes