Global Pain Management Devices Market - WishTree Insight

Global Pain Management Devices Market by Product Type (Neurostimulation, Infusion Pumps, RF Ablation, and Others), Application (Facial, Cancer, Neuropathic Pain, and Others), and Regions, The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The Pain Management Devices market size was valued at USD 6.8 billion in 2021 and is expected to surpass USD 14.1 billion by 2031, expanding at a CAGR of 9.9 % during the forecast period, 2021–2031. The market's growth is attributed to the increase in chronic diseases.

INTRODUCTION

Pain management devices are used to treat both chronic and acute pain. These devices are used to treat patients with different types of illness conditions such as neurological disorders, cancer, musculoskeletal problems, and others. These devices help people to live better lives by restoring their capacity to perform daily tasks, improving their quality of life, and reducing their need for oral painkillers.

Market Trends, Drivers, Restraints, and Opportunities

• The growing prevalence of lifestyle disorders is driving the global pain management devices market.
• The growing prevalence of trauma, muscle, and nerve stimulator is a key driver creating lucrative growth in the market.
• The ineffectiveness of oral drugs is boosting the pain management device as an alternative treatment option in the market.
• Lack of preference for surgeries is expected to spur the market.
• Expansion and product launches are expected to offer lucrative opportunities for market players in the market in the forecast period.

Scope of the Report

Market Segment Insights

The neurostimulation segment is projected to register a considerable CAGR

Based on product type, the pain management devices market is divided into neurostimulation, infusion pumps, radiofrequency ablation, and others. The neurostimulation segment is expected to expand at a rapid pace during the forecast period owing to the increase in the prevalence of neurological disorders such as treating epilepsy, Parkinson’s disease, depression, and others. However, the radiofrequency ablation (RFA) segment is anticipated to hold a key share of the market in the coming years. The growth is attributed to its wide application scope in pain management, cardiology, oncology, gynecology, cosmetology, and others.

The neuropathic pain segment is expected to expand at a rapid pace

Based on application, the pain management devices market is divided into facial, cancer, neuropathic pain, and others. The neuropathic pain segment is expected to expand at a rapid pace during the forecast period owing to the growing prevalence of the target population and increasing initiatives by industry players. However, the cancer segment is anticipated to hold a key share of the market in the coming years due to the rising cancer cases.

The North American region is anticipated to constitute a key market share

In terms of regions, the pain management devices market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of the North American region is expected to constitute a key share of the market during the projected period. The growth in the region is attributed to the favorable healthcare infrastructure, which facilitates easy access to advanced pain management, increasing government initiatives with well-planned reimbursement scenarios, and increase in the elderly people population. However, the market of the Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to R&D investments to produce technologically advanced healthcare treatment options.

Competitive Landscape

Key players competing in the pain management devices market are OMRON Healthcare, Inc. (Japan); Abbott (U.S.); Smiths Medical (U.S.); Micrel Medical Devices SA (Greece); Mindray Medical International Limited (China); Bluewind Medical (Israel).

FAQs

How much is the market worth?

The Pain Management Devices market size was valued at USD 6.8 billion in 2021 and is expected to surpass USD 14.1 billion by 2031.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 9.9%.

What are the key drivers of the market?

The market's growth is attributed to the increasing prevalence of chronic diseases.

What segments are covered in the Pain Management Devices report?

The segments covered in the report are product type (neurostimulation, infusion pumps, rf ablation, and others), and application (facial, cancer, neuropathic pain, and others).

Mention which region is expected to hold the highest share of the Pain Management Devices market.

The North American region is expected to hold the highest share of the Pain Management Devices market.

Which segment holds the largest market share in Pain Management Devices by 2031?

The neurological segment holds the largest market share in Pain Management Devices by 2031.

Mention the key players in the market.

OMRON Healthcare, Inc. (Japan); Abbott (U.S.); Smiths Medical (U.S.); Micrel Medical Devices SA (Greece); Mindray Medical International Limited (China); Bluewind Medical (Israel)