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The pain management devices market addresses the growing need for effective pain management solutions to treat chronic pain conditions among populations worldwide. Pain management devices provide drug-free options for chronic pain relief through therapies such as electrical stimulation, radiofrequency ablation, and cryotherapy. These technologies help alleviate pain by disrupting pain signals between the nerves and brain. Common chronic pain conditions treated include lower back pain, neck pain, arthritis, fibromyalgia and neuropathic pain.
The global pain management devices market is estimated to be valued at US$ 4,280.9 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of minimally invasive procedures is a key trend in the pain management devices market. Minimally invasive techniques for pain management such as radiofrequency ablation involve the use of thin needles or catheters to disrupt targeted nerves or terminate nerve pathways without significant surgical procedures. This reduces recovery time and risk of surgical complications compared to open surgeries. Growing patient preference for minimally invasive procedures to avoid complex surgeries is expected to drive the demand for radiofrequency ablation devices and neuromodulation therapies in the pain management market. Product innovations allowing improved accuracy and customized treatments will further increase the adoption of minimally invasive techniques for chronic pain relief over the forecast period.
Porter’s Analysis
Threat of new entrants: The pain management devices market exhibits moderate threat of new entrants due to high R&D costs and well established key players.
Bargaining power of buyers: The bargaining power of buyers is moderate owing to presence of many national and global players offering a variety of devices for pain management.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and differentiated products in the market.
Threat of new substitutes: Threat from new substitutes is moderate as new innovative devices are continuously replacing the conventional devices.
Competitive rivalry: The market exhibits high rivalry as major players compete in areas of product innovation, quality, and pricing.
Key Takeaways
The global pain management devices market is expected to witness high growth over the forecast period. The global pain management devices market is estimated to be valued at US$ 4,280.9 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.
North America dominates the pain management devices market and is expected to continue its dominance over the forecast period. Key factors contributing to its large share include presence of major players, rapid adoption of novel devices, and high healthcare expenditure.
Key players operating in the pain management devices market are Stryker Corporation, Pfizer Inc. (Hospira Inc.), Medtronic Plc, Boston Scientific Corporation, Baxter International Inc., Braun Melsungen AG, and Abbott Laboratories. Key players Stryker Corporation, Pfizer Inc. (Hospira Inc.), and Medtronic Plc are the top three players operating in the pain management devices market. Stryker Corporation offers a wide range of drug delivery systems and neuromodulation devices for pain management.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
