Pain Management Devices Market: Rapidly Evolving Industry…… COVID-19….


The global pain management devices market size is expected to reach USD 9.3 billion by 2026 registering a CAGR of 7.6%, according to a new study by Grand View Research, Inc. Rising prevalence of diabetes, coupled with increasing geriatric population base across the globe, is the major factor augmenting the growth of this market. Preference for pain management devices over oral drugs and surgical interventions is also likely to be a high impact rendering driver for the market over the forecast period.
With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.
The global market is expected to witness strong growth as a result of various technological advancements in this field. These advancements include the advent of products such as electrode-based wearable automatic transcutaneous electrical nerve stimulators, which provide peripheral pain management in a 60-minute run cycle.
Neurostimulation devices are more efficient than traditional methods as they show a sustained reduction in pain. Additionally, traditional therapy involves intake of medicines that could result in many adverse effects. Such equipment is widely used to manage neuropathic pain as spinal cord stimulators yield the best results. Moreover, these devices offer a customized level of stimulation depending on the activities undertaken by the patient in a day.
North America was the largest regional market in 2018 and held around half of the global revenue owing to the increased number of people affiliated with pain and thereby requiring management devices. The region is expected to maintain its dominance throughout the forecast years on account of presence of sophisticated healthcare infrastructure and rising adoption of advanced equipment by healthcare professionals and patients over conventional treatment therapies.
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Further key findings from the study suggest: 
·         By product, neurostimulation led the global market in 2018, accounting for a revenue share of more than 60.0%. These devices have higher preference over traditional technologies due to their higher efficiency in terms of providing relief for a longer duration
·         The radiofrequency ablation segment is expected to witness the highest CAGR from 2019 to 2026. Rising usage of these devices to cure cancer is the major factor driving their adoption. Long-term relief from cancer pain is also a high impact rendering driver for this segment
·         Key companies in the global pain management devices market include B Braun Melsungen AG.; Baxter International, Inc.; Boston Scientific Corp.; Codman and Shurtleff; DJO Global LLC; Pfizer, Inc.; Medtronic Plc; Smiths Medical; Stryker Corp.; and St. Jude Medica.
The global pain management devices market size was valued at USD 5.2 billion in 2018 and is expected to register a CAGR of 7.6% over the forecast period. High prevalence of diabetes, coupled with rising geriatric population base, is a high impact rendering driver for this market. According to the estimates of the International Diabetes Federation, the global prevalence of diabetes is expected to increase from 366 million in 2011 to 552 million by 2030. This is expected to increase product demand to manage chronic pain. Moreover, growing geriatric population base suffering from and susceptible to various diseases, including non-communicable diseases like cardiovascular disorders (CVDs), cancer, and diabetes, is likely to boost the demand.
Increasing cases of cancer have also led to rise in the demand for these devices to manage pain caused due to a tumor compressing a nerve and several other factors depending upon the stage of cancer. The therapies given to the patients are also a potential contributor toward cancer pain. Studies have shown that around 20 to 50% of cancer patients experience acute pain at the time of diagnosis and around 75% complain about pain during the disease progression.
The global market is expected to witness strong growth as a result of various technological advancements in this field. These advancements include the advent of products such as electrode-based wearable automatic transcutaneous electrical nerve stimulators, which provide peripheral pain management in a 60-minute run cycle.
The Asia Pacific market is estimated to expand at the highest CAGR of 8.5% from 2019 to 2026. This growth is attributed to increasing demand for these devices in as a result of rising need for management of cancer and diabetes-related chronic pain in a cost-effective manner. In addition, rapidly improving healthcare infrastructure in emerging countries, such as India and Japan, is contributing toward market growth.
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Grand View Research has segmented the global pain management devices market on the basis of the product, application:
Pain Management Devices Product Outlook (Revenue, USD Million, 2014 - 2026)
·         Electrical Stimulators
o    Transcutaneous Electrical Nerve Stimulators (TENS)
o    Others
·         Radiofrequency Ablation (RFA)
·         Analgesic Infusion Pumps
o    Intrathecal Infusion Pumps
o    External Infusion Pumps
·         Neurostimulation
o    Spinal Cord Stimulators
o    Deep Brain Stimulators
o    Sacral Neurostimulators
o    Others
Pain Management Devices Application Outlook (Revenue, USD Million, 2014 - 2026)
·         Cancer
·         Neuropathic Pain
·         Facial & Migraine
·         Musculoskeletal Disorders (MSDs)
·         Trauma
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



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