3D Printing Medical Devices Market Growt...
Posted in Medical Devices by Adolf on Jul 8,2023 471
Pain management devices are medical instruments designed to alleviate chronic and acute pain, improving patients' quality of life and reducing reliance on medications. These devices employ various technologies such as electrical stimulation, radiofrequency ablation, ultrasound, and wearable technologies to target and manage different types of pain, including musculoskeletal, neuropathic, and cancer-related pain.
These devices offer a non-invasive, non-pharmacological alternative to traditional pain relief methods, minimizing the risk of addiction and side effects associated with pain medications. 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.
The global pain management market value was US$ 4.8 billion in 2022, driven by the increasing prevalence of chronic pain conditions across the globe. The market size is anticipated to grow at a CAGR of 8.7% during the forecast period of 2023-2031 to achieve a value of US$ 10.1 billion by 2031.
The global pain management devices market has experienced substantial growth in recent years, driven by factors such as the increasing prevalence of chronic pain conditions, an aging population, and a growing awareness of the need for effective pain management solutions. Technological advancements, such as the development of smart, connected devices, and the increasing demand for minimally invasive pain management techniques, have further contributed to the market's expansion.
The adoption of pain management devices has been increasing steadily due to factors such as the rising prevalence of chronic pain conditions, an aging population, and growing awareness of the need for effective pain management solutions. Technological advancements, such as the development of smart, connected devices, and the increasing demand for minimally invasive pain management techniques, have further contributed to the market's expansion.
Based on type, the market is segmented into neurostimulation devices, infusion pumps, and ablation devices. Neurostimulation devices provide pain relief by disrupting pain signals traveling 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 is attributed to advantages of neuromodulation as compared to alternative therapies for managing chronic pain, its long-term cost effectivity and technological developments in the neurostimulation devices segment.
Based on application, the market is segmented into neuropathic pain, musculoskeletal pain, cancer pain, facial pain & migraine, and other applications. The presence of substantial clinical evidences in the favour of high efficacy of pain management devices in neuropathic pain treatment, development of novel neuropathic pain management devices, rising aging population across the globe (geriatric population is at high risk of neuropathic pain due to the increased incidence of neuropathic pain associated with many age-related diseases), side effects of drugs used to treat neuropathic pain, and availability of reimbursement are fuelling the adoption of pain management devices for neuropathic pain treatment are the major factors contributing to the growth of the pain management devices market for neuropathic pain applications.
Based on region, the pain management devices market is segmented into -
North America: The largest market for pain management devices, driven by factors such as the high prevalence of chronic pain, advanced healthcare infrastructure, and a strong focus on the development and adoption of innovative pain management solutions.
Europe: The second-largest market, with increasing demand for pain management devices due to a growing awareness of the importance of effective pain management and supportive regulatory frameworks.
Asia-Pacific: Expected to witness the highest growth rate due to factors such as a rapidly aging population, increasing prevalence of chronic pain conditions, and growing investments in healthcare infrastructure.
Some key trends of the market are as follows:
The major companies in the market are Abbott Laboratories, Becton, Dickinson and Company, Boston Scientific Corporation, B. Braun Melsungen AG, Johnson & Johnson Services, Inc., Medtronic Plc, Braun Melsungen AG, Baxter, Nevro Corp., Enovis, OMRON Healthcare, Inc., ICU Medical, Inc., Stryker Corporation and Stimwave LLC among others.