Published Date : 28 Nov 2022
The global pain management devices market size was exhibited at USD 4.44 billion in 2022 and is expected to hit around USD 8.58 billion by 2030, growing at a CAGR of 8.5% from 2022 to 2030.
One of the important aspects likely to contribute to the growth of the pain management devices market throughout the forecast period is an increase in the number of chronic disease cases. The rising frequency of diseases such as obesity and diabetes has boosted the demand for muscle and nerve stimulators, boosting the growth of the pain management devices market.
The rising number of cancer cases is expected to drive up product demand during the forecast period. Furthermore, the high frequency of musculoskeletal ailments such as osteoarthritis and arthritis, as well as the resulting increase in chronic pain and inability to perform normal duties, would drive the product demand for pain management devices.
The high expenses of hospitalization have raised the desire for shorter hospital stays and less expensive care settings, driving up demand of pain management devices in the market during the forecast period.
Pain Management Devices Market Report Scope
|Market Size In 2022||USD 4.44 Billion|
|Market Size By 2030||USD 8.58 Billion|
|Growth Rate from 2022 to 2030||CAGR of 8.5%|
|Forecast Period||2022 to 2030|
Based on the product type, the neuromodulation devices segment dominated the global pain management devices market in 2020 with the highest market share. The electrical impulses are used in neuromodulation devices. Deep brain stimulation, spinal cord stimulation, dorsal ganglion stimulation, and other devices are among them, which drive the growth of the segment during the forecast period.
North America is the largest segment of the pain management devices market in terms of region. The expanding usage of pain management devices is likely to drive the growth of the North American pain management devices market during the forecast period. Furthermore, the rising per capita income, increased demand for drug-free therapy, and the rising prevalence of chronic pain problems are all expected to boost the North American pain management devices market.
Europe region is the fastest-growing region in the pain management devices market. The developed European countries such as the UK, Germany, and France are likely to propel the Europe market growth during the forecast period. The increasing acceptance of technologically advanced devices, together with the growing popularity of pain management devices due to greater treatment outcomes, is expected to drive the European pain management devices market growth.
Drivers: Rising number of surgical procedures
The number of surgical procedures performed globally has increased significantly over the years. This is due to an ageing population as well as an increase in the prevalence of obesity and other lifestyle diseases. Obesity is a major contributor to the development of cardiovascular and orthopedic diseases. The primary application of infusion pumps is analgesia/pain management. Following bariatric surgery, cardiothoracic surgery, and laparoscopic cholecystectomy, infusion pumps are also commonly used for the local administration of narcotic analgesics. As a result, the rising number of surgical procedures is driving the growth of the pain management devices market during the forecast period.
Restraints: High cost of pain management devices
Some of the pain management devices are quite expensive. The cost of pain management devices ranges from $2,000 to $10,000. Physiotherapy trainers or practitioners cannot afford the expense of pain management devices. The pain management devices also need to be installed and maintained properly. This leads to the high cost of installation and maintenance of pain management devices. As a result, the high cost of pain management devices is restricting the growth of the pain management devices market during the forecast period.
Opportunities: Emerging markets
The emerging economies such as China, India, and Brazil present significant growth opportunities for pain management device manufacturers. This can be attributed primarily to the region's diverse healthcare markets, the rising prevalence of chronic diseases, and increased R&D initiatives to develop innovative medical technologies. Moreover, in Asia-Pacific, rising healthcare expenses, infrastructural developments in the healthcare sector, and low-cost manufacturing is driving the growth of the market for pain management devices. Thus, the high growth in an emerging market is driving the creation of lucrative opportunities for the growth of pain management devices during the forecast period.
Challenges: Use of medicines instead of pain management devices
The doctors frequently utilize medication as the first line of treatment for persistent pain. Pain experts prefer to give drugs to people who are suffering from pain instead of pain management devices because they are more readily available, have more clinical proof, and are less expensive. Physicians usually use pain management devices Transcutaneous Electrical Nerve Stimulation (TENS) and Spinal Cord Stimulator (SCS) only if medicine and other treatments have failed. As a result, the use of medicines is a huge challenge for the growth of the pain management devices market during the forecast period.
Key Market Players
Segments Covered in the Report
By Product Type
By End User
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