Yahoo Finance Pain Management Devices Market Estimated to Reach $3.3 billion by 2026 - Exclusive Report by MarketsandMarkets™
Chicago, Feb. 01, 2023 (GLOBE NEWSWIRE) -- According to the new market research report published by MarketsandMarkets, "Pain Management Devices Market by Type (Neurostimulation, SCS, TENS, RF Ablation, Infusion Pumps), Application (Neuropathy, Cancer, Facial, MSK, Migraine), Mode of Purchase (OTC, Prescription-based) & Region (NA, Europe, APAC) - Global Forecasts to 2026", the global pain management devices market in terms of revenue was estimated to be worth $2.2 billion in 2021 and is poised to reach $3.3 billion by 2026, growing at a CAGR of 8.6% from 2021 to 2026.
Browse in-depth TOC on "Pain Management Devices Market"
182 - Tables
56 - Figures
249 – Pages
Download an Illustrative Overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=91418163
Pain Management Devices Market Report Scope:
Report Coverage | Details |
Market Value by 2026 | $3.3 billion |
Growth Rate | Poised to grow at CAGR of 8.6% |
Historical Data | 2019–2026 |
Base Year | 2020 |
Forecast Period | 2021–2026 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, By Application, By Mode of Purchase, & By Region |
Geographies Covered | North America, Europe, Asia Pacific, ROW |
Key Companies Profiled/Vendors | Medtronic PLC (Ireland), Boston Scientific (US), Abbott (US), Becton, Dickinson and Company (US), Baxter International (US), B. Braun Melsungen AG (Germany), among other players |
Key Market Opportunities | High growth in emerging markets |
Key Market Drivers | Growing number of surgical procedures performed |
Pain management devices are used to manage chronic and acute pain in patients suffering from various types of disease conditions, such as cancer, neurological disorders, and musculoskeletal disorders, among others. These devices restore the ability to do everyday activities, decrease the need for oral pain medications, and improve the quality of life of patients suffering from these conditions. However, product recalls and high procedural costs are likely to challenge market growth in the coming years.
Request for assumptions & how numbers were triangulated.
https://www.marketsandmarkets.com/requestsampleNew.asp?id=91418163
In this report, the pain management devices market has been segmented based on type, application, mode of purchase, and region.
Based on type, the pain management devices market is segmented into neurostimulation devices, infusion pumps, and ablation devices. In 2020, the neurostimulation segment accounted for 58.0% of the pain management devices market. This segment is projected to reach USD 1,910.7 million by 2026 from USD 1,247.7 million in 2021, at a CAGR of 8.6%. Neurostimulation devices provide pain relief by disrupting pain signals travelling between the spinal cord and the brain. These devices can be either implantable or non-implantable in nature. Neuromodulation devices are further classified into transcutaneous electrical nerve stimulators (TENS) and spinal cord stimulators. The large share and high growth of this segment are attributed to the advantages of neuromodulation as compared to alternative therapies for managing chronic pain, its long-term cost effectiveness, and technological developments in the neurostimulation devices segment.
Based on application, the pain management devices market is segmented into neuropathic pain, musculoskeletal pain, cancer pain, facial pain and migraine, and other applications. In 2020, the neuropathic pain segment held the largest market share of 31.4%. The presence of substantial clinical evidence supporting the high efficacy of pain management devices in the treatment of neuropathic pain, the development of novel neuropathic pain management devices, the global ageing population (the geriatric population is at high risk of neuropathic pain due to the increased incidence of neuropathic pain associated with many age-related diseases), the side effects of drugs used to treat neuropathic pain, and the availability of new neuropathic pain management devices.
On the basis of mode of purchase, the pain management devices market is segmented into prescription and over-the-counter products. Prescription devices had the largest market share of 89.7% in 2020. The availability of many FDA-approved prescription-based pain management devices, the longer market presence of these devices with established safety and efficacy profiles, long-term cost effectiveness, and a favourable reimbursement scenario for these devices are the key factors stimulating the growth of the prescription-based devices market.
Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=91418163
Geographical Growth Scenario:
The pain management devices market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America has been among the frontrunners in developing pain management devices and services in the healthcare industry. The pain management devices market in the US is expected to offer growth opportunities in the coming years owing to the increasing incorporation of pain management devices in ambulatory care centers. Many major global players are also based in the US, owing to which the country has become a centre of innovation in the pain management devices market.
Key Players:
Some of the prominent players operating in the pain management devices market are Medtronic PLC (Ireland), Boston Scientific (US), Abbott (US), Becton, Dickinson and Company (US), Baxter International (US), B. Braun Melsungen AG (Germany), Stryker (US), Smiths Medical (US), Moog Inc. (US), Avanos Medical, Inc. (US), Nipro Corporation (Japan), Atricure (US), Nevro Corp. (US), Micrel Medical Devices SA (Greece), InfuTronix Solutions LLC (US), Teleflex, Inc. (US), Mindray Medical International Limited (China), Shenzhen MedRena Biotech Co., Ltd. (China), Epic Medical (Singapore), Bioness (US), Microtransponder (US), Neuronano (Sweden), Gimer Medical (Taiwan), Bluewind Medical (Israel), Soterix Medical Inc. (US) and other players.
Top Pain Management Devices Market Player:
Medtronic is the leading player in the pain management devices market. The company, as part of its marketing and sales strategy, focuses on rapid and cost-effective product delivery to its global customers. Additionally, the company maintains strong relationships with physicians and providers to gain a detailed understanding of their requirements. The company has gained a major share in the neuromodulation market because of its diversified product portfolio, widespread geographical presence, focus on inorganic growth strategies, strong focus on R&D, and aggressive marketing and sales strategies.
Boston Scientific is one of the key players in the pain management devices market. Through its Rhythm Management segment, the company provides neuromodulation products, such as rechargeable spinal cord stimulators and microstimulators for managing neuropathic pain. Moreover, Boston Scientific has a strong geographic presence in more than 40 countries globally. The company markets and distributes its products to ~13,000 hospitals, clinics, outpatient facilities, and medical offices in over 100 countries worldwide.
Abbott is among the major players in the pain management devices market. The company’s leading position can be attributed to its wide product portfolio. The firm focuses on organic and inorganic growth strategies.
Browse Adjacent Markets: Medical Devices Market Research Reports & Consulting
Browse Related Reports:
Veterinary Pain Management Market
Wearable Healthcare Devices Market
CONTACT: About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com
