Pain Management Devices Market Share US$ 4.65 Billion by 2030 – Says a New Research Report by Emergen Research

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Rising demand for chronic pain management in home care settings is a significant factor driving global pain management devices market revenue growth

Pain Management Devices Market Size – USD 2.19 Billion in 2021, Market Growth – at a CAGR of 8.6%, Market Trends – Rising prevalence of neurological disorders”

— Emergen Research

VANCOUVER, BC, CANADA, January 12, 2023 /EINPresswire.com/ — The Global Pain Management Devices Market size is expected to reach USD 4.65 Billion at a steady revenue CAGR of 8.6% in 2030, according to latest analysis by Emergen Research. Rising prevalence of neurological disorders is a major factor driving market revenue growth. According to a new United Nations report, up to 1 billion individuals, or nearly one in six of the world’s population, suffer from neurological disorders, including migraine, brain injuries, and neuroinfections as well as diseases such as Alzheimer’s Disease (AD) and Parkinson’s Disease (PD), stroke, multiple sclerosis, and epilepsy. While every year, 6.8 million individuals die as a result of these illnesses. In addition, 20%–40% of patients with many basic neurological conditions experience chronic pain, which is a frequent component of many neurological disorders. These illnesses are caused by various pathophysiologies, such as neurodegeneration, neuroinflammation, and traumatic injury to central nervous system, hence, pain management devices are increasingly used to manage this pain.

Moreover, product recalls and high procedure costs are major factors expected to restrain market revenue growth. Devices for pain treatment are used to administer critical fluids, neurostimulators, and ablation, which entails the use of risky medicines. When utilizing these devices incorrectly, patients can sustain severe injuries or even can die. According to the Institute of Medicine, around 1.5 million patients experience prescription errors each year, costing USD 8,750 each Potential Adverse Drug Event (PADE). The Emergency Care Research Institute (ECRI) has highlighted issues with drug administration, especially use of infusion pumps, in its top 10 list of health technology concerns. Furthermore, sale of pain management devices is affected if these products are recalled due to safety and efficacy concerns, which is a concern for device manufacturers.

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Some Key Highlights From the Report

On 14 October 2022, HSS announced that Lumoptik, a medical device startup based in Illinois, inked a multiyear collaboration deal to test and develop technology for enhancing epidurals and other pain management treatments. In addition to evaluating the use of company’s epidural needle-guidance system as a training aid, HSS and Lumoptik will collaborate on development of further uses for technology and three to four clinical trials.

The neurostimulation devices segment is expected to account for largest revenue share in the global market over the forecast period. Neurostimulation distributes pain-relieving impulses by interfering with the pain signals that are travelling between spinal cord and brain, two significant biological organs. Components of neurostimulation include a neurostimulator (which generates electrical impulses), leads (insulated medical wires that carry electrical pulses), and a programmer (used to configure neurostimulation system and its settings). Neurostimulation is possible with external radio-frequency-driven systems as well as fully implanted systems. One of the key advantage of these devices is capacity for user or patient to alter the level and location of stimulation using a handheld programmer. These neurostimulation devices have a lot of benefits due to their ability to precisely target the area where patient or user is experiencing discomfort.

The neuropathic pain segment is expected to account for largest revenue share in the global market over the forecast period. Neuropathic pain is characterized by hyperalgesia, an increased sensitivity to stimuli, and nociceptive responses to non-noxious stimuli. Pathophysiological conditions that result in development of neuropathic pain might include autoimmune disorders that affect central nervous system and virally-induced neuropathy. According to estimates, neuropathic pain affects anywhere from 3% to 17% of the general population. Patients need additional therapeutic modalities because majority of neuropathic pain treatments are ineffective or have side effects that limit their use.

The Over-The-Counter (OTC) pain management devices segment accounted for largest revenue share in 2021. A number of significant market participants have created over-the-counter painkillers. For instance, NeuroMetrix, Inc. received 510(k) permission from the U.S. Food and Drug Administration (FDA) (K140333) to utilize its wearable device to treat chronic pain. This system uses wearable technology to stimulate sensory nerves in a comfortable and non-invasive way to safely and effectively reduce pain. In addition, this system is now employed in the company’s SENSUS pain management system. This system is lightweight, hence can be worn both while sleeping and engaging in daytime activities. The company is now able to promote OTC device through retail distribution channels without a prescription due to this 510(k) authorization.

The North America market is expected to account for largest revenue share during the forecast period attributed to increasing R&D activities in countries in this region. An implant can be used to instantaneously and drug-freely relieve pain and can provide a much-needed alternative to opioids and other medications with a high risk of addiction. The biocompatible and water-soluble device softly wraps around nerves and delivers precise, targeted cooling to numb neurons and stop pain signals from reaching the brain. User can remotely activate the gadget and change its intensity using an external pump. While, this device easily dissolves into body without the need for surgical extraction, when it is no longer needed.

Some major companies in the global market report include Medtronic, Stryker, BD, B. Braun SE, Boston Scientific Corporation, Abbott, Baxter, Avanos Medical, Inc., Teleflex, Incorporated, and Smiths Medical.

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For the purpose of this report, Emergen Research has segmented the global pain management devices market based on type, application, mode of purchase, and region:
Type Outlook (Revenue, USD Million; 2019–2030)
Neurostimulation Devices
Transcutaneous Electrical Nerve Stimulation (TENS) Devices
Spinal Cord Stimulation
Infusion Pumps
High Use of Infusion Pumps in Postoperative Pain Management
Interathecal Infusion Pumps
External Infusion Pumps
Ablation Devices
RF Ablation Devices
Cryoablation Devices

Application Outlook (Revenue, USD Million; 2019–2030)
Neuropathic Pain
Cancer Pain
Facial Pain & Migraine
Musculoskeletal Pain
Other Applications

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Mode of Purchase Outlook (Revenue, USD Million; 2019–2030)
Over-the-Counter Pain Management Devices
Prescription-Based Pain Management Devices

Regional Outlook (Revenue, USD Million, 2019–2030)
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
Israel
Rest of Middle East & Africa

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Radical Highlights of the Pain Management Devices Market Report:
Comprehensive overview of the Pain Management Devices market along with analysis of the changing dynamics of the market

Growth Assessment of various market segments throughout the forecast period

Regional and global analysis of the market players, including their market share and global position

Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market

Impact of the technological developments and R&D advancements on the Pain Management Devices market

Information about profit-making strategies and developmental strategies of major companies and manufacturers

Insightful information for the new entrants willing to enter the market

Details and insights about business expansion strategies, product launches, and other collaborations

The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis

Thank you for reading the report. The report can be customized as per the requirements of the clients. For further information or query about customization, please reach out to us, and we will offer you the report best suited for your needs.

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About Emergen Research
At Emergen Research, we believe in advancing with technology. We are a growing Marketresearch and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.

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Emergen Research
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