Pain Management Devices Market can anticipate expansion at 7.12% CAGR and to touch USD 72.67 billion from 2020-2030.
Pain management Devices Market Overview
The pain management devices market can anticipate expansion at a rate of 7.12% from 2020 to 2030, believes MRFR (Market Research Future). MRFR further expects the market share to touch USD 7.26 billion by 2030. Pain management devices are the ones that deal with the chronic pain of the patients. Patients over ages have suffered chronic pain in parts of the body that have caused significant outbursts like cancer pain, musculoskeletal pain, and others.
The Pain management devices market consists of transcutaneous stimulating devices, ablation devices, and infusion pumps. The increase in the geriatric population worldwide has led to an increase in chronic pain. This also has led to increased awareness among the people regarding the need to check their diet, their body metabolism, and the type of work their bodies are subjected to. Factors like such are driving the Pain management devices market. With the launch of a new and innovative form of these devices, the potential and market rate of the Pain management devices market is increasing by the day. However, the limited availability of the appropriate platform for maintaining these devices has become a restraining factor for the market.
The pandemic is affecting the growth of the market in different domains. The outbreak of covid 19 is bringing changes in the pain management devices market. Also, Covid 19 is putting plenty of pressure on the healthcare sector. The clinics, pain services and public services are operating primarily for covid patients. Due to the covid 19, the surgeries and patients visiting the hospital for chronic illness treatment have reduced.
Most of the hospitals handle the covid patient care. Treatments with social distancing are allowed in many places. Also, the pain management devices market is witnessing a slight decline in demand during this period. The chronic pain management device operation came to a halt as it is a non-urgent treatment. Even the journal of anesthesia says that covid 19 has a negative impact on the pain management devices market. The market will require considerable time to recover from these losses.
The rise in the population of aged individuals is a crucial driver for the market. The pain management devices market has diversified end users. The aged population has the highest demand for the market. Surgeries, pains and chronic illnesses are higher in the aged population. It leads to more use of effective pain devices in recent years. The prevalence of chronic pain is immense in the aged population. In the upcoming year, it is a factor that will lead to the massive demand for the market. The use of spinal cord stimulator, electrical nerve stimulator and infusion pumps are higher.
The rise in the geriatric population is another factor driving the demand for the market. Further, the pain rehabilitation centre is surging the demand for the market. The launch of rehabilitation centres is helpful for urgent pain management treatments. There are post-surgery pain management and chronic illness pain management segments in this market. The demand for pain devices to manage cancer pain is higher. The prevalence of cancer is increasing the pain management devices among the patients. Further, governmental initiatives to develop the pain management devices market is another driver for the market.
The rising adoption of pain management devices will increase the market growth opportunities. Earlier, clinical pain drugs were very popular for pain management. However, the side effects and recovery is better with pain management devices. Due to this, the market will witness tremendous demand in the forecast period. The development of pain management devices for neuropathy, musculoskeletal disorders and cancer will be high.
These are the crucial areas requiring pain management devices. Further, the pain management devices market has high investments from the developed economies. There is a high need for the medical industry to manage pain patients. There is growth of pain management wearable devices in market. In the upcoming years, the higher rate of investment from North America and the Asia Pacific will lead to lucrative growth opportunities. New technological advancements, devices and developments will tract new end players towards the market.
The pain management devices prove beneficial to manage any kind of chronic pain. The adoption of these technologies is surging at an exponential pace. Few factors decrease the adoption rate of the pain management devices market. The side effects after the use of pain management services are restraining the market growth.
The side effects of using these devices are moderate when compared to clinical pain drugs. However, infection and hypersensitivity are serious cancers. It can decrease the adoption rate of these technologies in the forecast period. These factors limit the decline and patient interest to choose these devices.
The high cost of the treatment is a significant challenge in the market. The pain management device operations are expensive. Most of the patients hesitate to choose these treatments due to the high cost. Chronic pain can affect the everyday affectivities of the individual.
Due to this the adoption of cost-effective pain management is higher in many regions. Most of the patients do not consider the higher rate of pain management device treatments. It affects the growth of the market in the forecast period. Further, the poor reimbursement for such treatment in developing nations is another challenge for the market.
The pain management devices market trends is escalating during the forecast period. There are crucial drivers of the market such as the rise in the aged population. The rise in the geriatric population is another driver for the market.
Governmental initiatives keep on propelling the growth of the market. The pain management rehabilitation centres enable more urgent services. Due to the rapid adoption of pain management devices the growth opportunities arise. The cost of the treatment is a major challenge for the market. Also, the hypersensitive effects are a limitation in the market.
Asia Pacific region will dominate the pain management devices market in the forecast period. The presence pain management device companies establish a profitable market in this region. It is a region that will witness the highest demand rate in 2023. The incidence of chronic diseases and surgeries are higher in this region. due to this the pain management devices market size in India is growing rapidly.
The growing health care infrastructure will bring favourable changes to the market. More adoption of pain management will lead to high profits. Also, the rising awareness about is leading to more demand. Japan, India is some of the countries with a high geriatric population in this region. Due to all these factors, the growth pain management devices market in the pacific will be promising.
The competition in the pain management devices market is increasing. During the forecast period, there are plenty of developments in the competitive landscape. The expansion, acquisition and partnerships are part of the competitive landscape. The rising investments in the market will lead to plenty of technological advancements.
The pain management devices market is fragmented into Asia Pacific, North America and Europe. The rapidly developing health care infrastructure is the crucial reason for high growth in the Asia pacific. Pain management has high scope in Asia pacific. The cases of injuries and chronic illnesses are rising in this region. It is leading to a high rate of demand in Asia pacific. Japan is the key player in the Asia Pacific market. There is more than 20% of the geriatric population in this region.
Most of the population is above 65 years in this region. It leads to more demand for pain management services in the forecast period. North America is another region massive demand. For investments are higher in this region. Further, advanced treatments are available with effective pain management devices. US pain management devices market is witnessing plenty of revenue in recent years. The launch of advanced pain management devices is possible in North America. Both these regions will witness exceptional demand during the forecast period.
The key players of the pain management devices market are
In January 2020, Efficio, cloud-based data management software, was launched by Medtronic and the intrathecal drug delivery system used this.
In November 2020, another Pain management devices market firm Abbott declared an invasive device called IonicRF Generator that deals with chronic pain management by setting targets. This created a competitive scene among the market dynamics that majorly helped with the growth of the Pain management devices market.Report overview
|Market Size||2030: USD 7.26 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors and Trends|
|Segments Covered||Type, application|
|Geographies Covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Vendors||Baxter International Inc. (US), Boston Scientific Corporation (US), Medtronic Plc (US), St. Jude Medical (US), Bio-Medical Research (BMR) Ltd. (UK), Codman and Shurtleff, Inc. (US), Stryker Corporation (US), Hospira Inc. (US), Smiths Medical (UK), Kimberly-Clark Corporation (US), DJO Global LLC (US), B. Braun Melsungen AG. (Germany) and Pain Management, Inc (US).|
|Key Market Opportunities||investment and development in R&D|
|Key Market Drivers||
Pain Management Devices Market stood at USD 7.26 billion in 2030
Pain Management Devices Market can expand at 7.12% CAGR from 2020 to 2030.
North America can dominate the Global Pain Management Devices Market due to heavy funding in the R&D departments in the healthcare sector.
Baxter International Inc., Boston Scientific Corporation, Medtronic Plc, St. Jude Medical, Bio-Medical Research (BMR) Ltd., Codman and Shurtleff, Inc., Stryker Corporation, Hospira Inc., Smiths Medical, Kimberly-Clark Corporation, DJO Global LLC, B. Braun Melsungen AG., and Pain Management, Inc are the biggest players of the Global Pain Management Devices Market.