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Pain Management Devices Industry is Growing at a CAGR of 8.5% | Growing Demand in Asia Pacific Region

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Pain Management Devices Industry is Growing at a CAGR of 8.5% | Growing Demand in Asia Pacific Region

A number of factors, such as the growing demand for long-term pain management among the geriatric population, large patient population base, adverse effects of pain medications, development of novel pain management device, established reimbursement scenario for spinal cord stimulation (SCS) devices in developed countries, and high proven efficacy of pain management device for the treatment of chronic pain are driving the growth of the pain management devices market.

Pain Management Devices Market: Impact Analysis

1. Development of Novel Pain Management Devices
2. Adverse Effects of Pain Medications
3. High Proven Efficacy of Pain Management Devices
4. Strong Product Pipeline for Pain Management Devices

The pain management devices market is valued at an estimated USD 4.64 Billion in 2021 and is projected to grow at a CAGR of 8.5%.

Types of Pain Management Equipment:

Based on type, the pain management equipment market is categorized into neurostimulation devices (transcutaneous electrical nerve stimulation (TENS) and spinal cord stimulation (SCS)), ablation devices (RF ablation and cryoablation), and analgesic infusion pumps (intrathecal and external infusion pumps). The neurostimulation devices segment is expected to account for the largest share of the market. This can majorly be attributed to the cost-effectiveness of neurostimulation devices, high efficacy of TENS and SCS devices in alleviating chronic pain, and availability of reimbursement for SCS therapy in developed countries.

The Asia-Pacific region has become an attractive destination for companies engaged in the manufacture of pain management device. The high growth opportunities in this regional segment can be attributed to a number of factors, including growing incidence of chronic diseases, improving healthcare infrastructure in the region, growing middle-class population and disposable income levels, and rising awareness about the safety and efficacy of pain management device.

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Applications of Pain Management Devices:

On the basis of applications, the pain management devices market is segmented into neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, and other applications (pregnancy/labor and menstrual pain, sports injuries, post-operative pain, and trauma pain). The neuropathic pain segment is estimated to witness the highest growth during the forecast period, primarily due to the high prevalence of diseases resulting in neuropathic pain.

Leading players in the pain management equipment market are focusing on the strategies of new product launch and geographic expansion. These strategies help market players to strengthen their product portfolios, streamline their manufacturing capabilities, expand their distribution networks, and penetrate into high-growth markets.

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Some of the Major Key Players From Pain Management Devices Market are Medtronic plc (Ireland), St. Jude Medical, Inc. (U.S.), and Boston Scientific Corporation (U.S.) were the top players.

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