Pain Management Devices Market expected to reach $5.76 Billion by 2028-Allied Market Research

According to a new report published by Allied Market Research, titled, “Pain Management Devices Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2028," The global pain management devices market was valued at $3.68 billion in 2020, and is projected to reach $5.7 billion by 2028, registering a CAGR of 6.3% from 2021 to 2028. Pain management is a branch of medical science, which eases the suffering of patients suffering from chronic pain or acute pain. Spinal cord stimulators, transcutaneous electrical nerve stimulation (TENS) devices, intrathecal infusion pumps, external infusion pumps, and others are widely used in management of chronic pain. 

The pain management devices market is expected to experience significant growth during the forecast period, owing to rise in prevalence of chronic pain, surge in demand for long-term pain management devices, adverse effects associated with pain therapeutics, and availability of technologically advanced devices coupled with rise in adoption of these devices. According to the U.S. Centers for Disease Control and Prevention (CDC), more than 50 million of American adults suffer from chronic pain. The American Academy of Pain Medicine reports that more than 1.5 billion people worldwide suffer from chronic pain and that approximately 5%–7% of the global population suffers from neuropathic pain. 

In addition, increase in demand for pain management devices, upsurge in awareness among people toward pain management devices, and increase in healthcare expenditure across the globe are expected to drive the growth of the global pain management devices market. However, hypersensitivity reactions post-operative infection caused by the use of these devices limit the growth of the market. Moreover, they are usually used as second line of treatment in patients with chronic pain who become resistant to drug therapy, which impedes their adoption globally, thereby restraining the market growth. The pain management devices market is segmented into type, application, and region.

On the basis of type, the market is categorized into neuromodulation & neurostimulation devices, analgesic infusion pumps, and ablation devices. Under the neuromodulation & neurostimulation devices segment, the market is further bifurcated into spinal cord stimulators and transcutaneous electrical nerve stimulation (TENS) devices. Under the analgesic infusion pumps, the pain management devices market is further divided into external infusion pumps and intrathecal infusion pumps. In 2020, the neuromodulation & neurostimulation devices segment dominated the global market, and is anticipated to continue this trend during the forecast period. This is attributed to surge in demand neuromodulation & neurostimulation devices, due to their cost efficiency and increase in target population.

By application, the market is classified into neuropathic pain, cancer pain, facial & migraine pain, musculoskeletal pain, and others. At present, the neuropathic pain segment garners the major share, owing to surge in number of target population, technological advancements in pain management devices, and rise in demand for pain management devices for management of neuropathic pain.

Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA). North America accounted for 42.7% share of the global pain management devices market share in 2020, and is expected to remain dominant throughout the forecast period. This was attributed to the higher adoption of pain management devices, higher number of target population, ease of access to innovative products, availability of well-developed healthcare infrastructure, and strong presence of key players. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period, majorly due to improvement in healthcare infrastructure, rise in number of advanced medical facilities, surge in awareness regarding pain management devices, and increase in number of target population.

Key Findings Of The Study

• By type, the neuromodulation & neurostimulation devices segment held largest share in the global market in 2020.
• On the basis of application, the neuropathic pain segment held largest share in the global market in 2020.
• Region wise, Asia-Pacific is expected to experience growth at the highest rate during the forecast period.

The key players profiled in this report include Abbott Laboratories, B Braun Melsungen AG, Baxter International Inc., Boston Scientific Corp., DJO Global LLC., Johnson & Johnson (Codman And Shurtleff, Inc.,), Kimberly Clark Corporation, Medtronic Plc., Pfizer, Inc., and Stryker Corp.