June 18, 2024

The Rising Adoption of Medical Devices is Driving the Global Pain Management Devices Market

Pain management devices have gained significant importance over the past decade owing to the growing prevalence of chronic pain disorders. Pain management devices offer non-invasive and minimally invasive solutions for treating various types of acute and chronic pain by delivering electrical stimulation, heat therapy, or cooling therapy to affected areas. Some of the major devices available in the market include neuromodulation devices, analgesic infusion pumps, and ablation devices. Neuromodulation devices alter nerve activity through electrical stimulation of the brain, spinal cord, or peripheral nerves and have proven effective in managing various types of chronic and cancer pain. Similarly, analgesic infusion pumps such as intrathecal drug delivery systems are widely adopted for long term delivery of pain medication directly to the spinal cord or specific target areas.

The global Pain Management Devices Market is estimated to be valued at US$ 6.2 billion 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:
One of the major trends contributing to the growth of the pain management devices market is the rising preference for minimally invasive procedures. Minimally invasive procedures aid in faster recovery, minimal complications, and reduced hospital stay as compared to conventional open surgeries. Technological advancements have enabled the development of miniaturized devices such as spinal cord stimulators that can be implanted using minimally invasive techniques. This has significantly increased the adoption of neuromodulation devices for managing chronic pain conditions. Growing awareness regarding the benefits of non-pharmacological treatment options and availability of reimbursement are also encouraging the adoption of pain management devices, especially in developed markets.

Porter’s Analysis
Threat of new entrants: The pain management devices market has moderate barriers to entry due to required capital investments and regulatory compliance for medical devices.
Bargaining power of buyers: Individual customers have low bargaining power whereas hospitals and healthcare providers have higher bargaining power due to bulk purchasing.
Bargaining power of suppliers: A few large medical device companies dominate the supply market, giving them significant bargaining power over other market players.
Threat of new substitutes: Alternative pain management treatments like medications, therapies provide low to moderate threat of substitution depending on the case and patient requirements.
Competitive rivalry: The pain management devices market sees high competition with the presence of global and regional players offering similar products.

Key Takeaways

The global pain management devices market is expected to witness high growth over the forecast period of 2023 to 2030. The global Pain Management Devices Market is estimated to be valued at US$ 6.2 billion in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.

Regional analysis: North America accounts for the largest share of the global pain management devices market and is expected to continue its dominance over the forecast period. This can be attributed to increasing geriatric population, rising incidence of chronic diseases leading to pain and availability of advanced healthcare infrastructure in the region. Asia Pacific region is expected to grow at the highest CAGR during the forecast period with countries like China and India emerging as high potential markets.

Key players: Key players operating in the pain management devices market include Medtronic plc, Boston Scientific Corporation, Abbott, Koninklijke Philips N.V., Smiths Medical, BD, B. Braun Melsungen AG, Stryker Corporation. These players are focusing on new product launch and geographical expansion to strengthen their market position.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it