The global pain management devices market is growing at a considerable CAGR of 7.3% during the forecast period (2024-2031). The market growth is driven by the increasing prevalence of chronic diseases and the easy availability of technically advanced pain management devices in the market. Additionally, supportive reimbursement policies of governments across the globe are contributing to the growth of the market. However, the high cost of pain management devices, lack of awareness regarding the availability of pain management devices, and insufficiency of a pain specialist in underdeveloped and some emerging economies are restraining the market growth.
The global pain management devices market is segmented by application (cancer pain, neuropathic pain, musculoskeletal pain, facial and migraine pain, other (trauma)), by device type (neurostimulators devices, analgesic infusion pumps, ablation devices), and geography (North America, Europe, Asia-Pacific, and Rest of the World).
Market Dynamics
- The cancer pain management devices market is anticipated to hold a major market share during the forecast period, owing to the high prevalence of cancer globally. The devices are in huge demand to reduce the pain generated due to nerve compression mainly due to the tumor compressing.
- North America is projected to hold a major market share in the global pain management market, attributing to the high presence of the geriatric population which is more prone to such chronic pain, high adoption of pain management devices, easy accessibility to well-developed infrastructure for health, and favorable reimbursement policies of the region.
- Asia-Pacific region is expected to witness significant growth, owing to the increasing number of developments related to improvement in healthcare infrastructure, growing reforms in healthcare, and an increase in the adoption of products related to pain management devices.
- Further, investment in R&D for new advanced technology development, the presence of a large patient pool, and increasing healthcare expenditure among others are contributing significantly to the growth of the Asia-Pacific region.
The major players in the global pain management devices market include Abbott Laboratories, B. Braun Melsungen AG, Johnson & Johnson Services, Inc., Medtronic, NEVRO Corp., Pfizer Inc, and others. The market players are actively adopting different growth strategies such as mergers & acquisitions, capacity expansion, and product innovation among others, contributing significantly to the market growth.
Recent Developments
- In October 2024, AtriCure, Inc. launched the cryoSPHERE MAX™ cryoablation probe. The product features a larger ball tip designed to optimize Cryo Nerve Block™ therapy (cryoNB), for post-operative pain. It reduces freeze times by 50% when compared to AtriCure’s first generation cryoSPHERE® cryoablation probe, and over 30% when compared to the cryoSPHERE®+ probe.
- In February 2024, Royal Philips launched Philips Image Guided Therapy Mobile C-arm System 9000 – Zenition 90 Motorized. The therapy helps surgeons deliver high-quality care to more patients and is designed to meet complex vascular needs and a range of clinical procedures such as cardiac interventions, pain management, and urology.
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