Pain Management Devices Market Size & CAGR (2023-2031)
The pain management devices market was valued at US$ 6.18 billion in 2023 and is expected to reach US$ 11.53 billion by 2031. The market is expected to register a CAGR of 8.1% in 2023–2031. Technological advancement will likely remain key to pain management devices market trends.
Pain Management Devices Market Analysis
Pain management devices are used to control or manage pain resulting from cancer treatments, arthritis, and old injuries. In hospitals, devices that can be purchased over-the-counter or used during pain management therapy are used based on the patient's level of difficulty with the pain. Devices for managing pain are used during the implantation, replacement, or other surgical procedures involving a device needed to treat pain. Treatment for nerve pain and chest pain resulting from coronary heart disease involves the use of infusion pumps or neurostimulators. The aging population, rising rates of new product launches, and rising incidence of chronic pain all contribute to the ongoing demand for pain management devices.
Pain Management Devices Market Overview
The market for pain management devices has grown significantly in recent years due to a rise in the frequency of chronic pain conditions and technological advancements. The market comprises many devices, such as analgesic infusion pumps, neurostimulators, and electrical stimulation devices. North America and Europe dominate the market for pain management devices, but emerging markets in Latin America and Asia-Pacific are also expanding quickly. Abbott Laboratories, Boston Scientific Corporation, Medtronic, and other major players are in the market. The market is defined by constant innovation, as businesses engage in R&D to bring more potent and minimally invasive pain management solutions to the market. Other important factors influencing market dynamics are patient preferences, reimbursement policies, and regulatory approvals.
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Pain Management Devices Market: Strategic Insights
Market Size Value in US$ 4,527.31 Million in 2019 Market Size Value by US$ 8,388.67 Million by 2027 Growth rate CAGR of 8.1% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Pain Management Devices Market: Strategic Insights
| Market Size Value in | US$ 4,527.31 Million in 2019 |
| Market Size Value by | US$ 8,388.67 Million by 2027 |
| Growth rate | CAGR of 8.1% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Pain Management Devices Market Drivers and Opportunities
Growing Demand for Pain Management Devices to Favor Market
Many technologies and techniques are used in pain management devices to reduce or control pain. Transcutaneous electrical nerve stimulation (TENS) units, pulsed electromagnetic field (PEMF) devices, ultrasound therapy, and infrared therapy devices are a few common varieties. Every gadget functions according to distinct principles and could be helpful for a range of pain situations, from acute injuries to long-term illnesses. For many adults in the United States, chronic pain is a paralyzing condition that interferes with daily activities such as work and life. The Centers for Disease Control and Prevention estimate that in 2021, 5.1% (17.1 million people) and 20.9% (51.6 million adults) of American adults suffer from chronic pain and high-impact chronic pain, respectively. Thus, an increase in the number of patients with chronic pain and awareness regarding the portability, safety, effectiveness, and ease of use of pain management devices will likely drive the demand. This leads to drives the growth of the market.
Introduction of Novel Products – An Opportunity in Pain Management Devices Market
Neurostimulation devices for the treatment of chronic pain have been made possible by advancements in the medical field. Numerous businesses, including Abbott, Medtronic, and Omron Healthcare, Inc., have introduced neurostimulation technology. Key players have also turned their attention to neurostimulation therapy. Over the past few decades, neurostimulation has advanced from a low-resolution technique to a highly sophisticated methodology utilizing cutting-edge technologies. Numerous neurological applications of neurostimulation have been tested; the results show great promise, and the field is beginning to pay more attention to this emerging field. Numerous medical technologies use neurostimulation, and some of these devices have already received approval for clinical use. The development of neurostimulation followed developments in other fields. The field's rapid development was aided by adopting emerging technologies, including flexible electronics, application-specific integrated circuit (ASIC) technology, wireless energy transfer, and silicon microfabrication, among many others. Neurostimulation therapy is a cutting-edge technology that should see greater growth prospects in the future. In January 2024, positive long-term results from the COMFORT randomized controlled trial (RCT) of California-based Nalu Medical's peripheral nerve stimulation (PNS) device for treating chronic pain have been released. The Nalu neurostimulation system is being tested in the COMFORT randomized controlled trial (RCT) to treat foot, ankle, shoulder, and lower back pain. A non-invasive multi-channel brain neuromodulation system was approved in March 2021 to treat acute migraines.
Pain Management Devices Market Report Segmentation Analysis
Key segments contributing to the pain management devices market analysis derivation are product type, and application.
- Based on therapy type, the pain management devices market is segmented into neuromodulation devices, ablation devices, analgesic infusion pumps. The neuromodulation devices segment held a larger market share in 2023.
- By application, the market is segmented into neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, others. The neuropathic pain segment held the largest share of the market in 2023.
Pain Management Devices Market Share Analysis by Geography
The pain management devices market report's geographic scope is divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the pain management devices market. In North America, the U.S. is the largest market for pain management devices in 2023. Well-established healthcare infrastructure, the presence of key players and healthcare facilities, and early adoption of technologically advanced products are the factors that likely contribute to the region's market growth. For instance, in November 2021, the FDA granted de novo approval for AppliedVRx, its flagship immersive therapeutic, to treat chronic low back pain. EaseVRx was previously designated as a breakthrough device in 2020. AppliedVR is a pioneer in advancing the next generation of immersive therapeutics. With preloaded software content on a proprietary hardware platform, EaseVRx is a prescription-only medical device that offers pain management training based on cognitive behavioral skills and other behavioral methods.
Pain Management Devices Market Report Scope
Pain Management Devices Market News and Recent Developments
The Pain Management Devices market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for pain management devices and strategies:
- Boston Scientific Corporation announced the close of its acquisition of Relievant Medsystems Inc., a company that offers the only U.S. Food and Drug Administration-cleared IntraceptIntraosseous Nerve Ablation System, a therapy to treat vertebrogenic pain that is a form of chronic low back pain (Source: Boston Scientific Corporation Company Name, Newsletter, 2023)
- Nevro Corp., a global medical device company that is delivering comprehensive, life-changing solutions for the treatment of chronic pain, announced that it has acquired Vyrsa Technologies, a privately held medical technology company focused on a minimally invasive treatment option for patients suffering from chronic sacroiliac joint pain. (Source: NEVRO CORP Company Name, Press Release, 2023)
Pain Management Devices Market Report Coverage and Deliverables
The “Pain Management Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type ; Application ; and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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