Pain Management Devices Market size to grow by USD 2.70 billion from 2022 to 2027 | Technological advances in ablation devices are major trends - Technavio

NEW YORK, Aug. 19, 2023 /PRNewswire/ -- The pain management devices market is estimated to grow at a CAGR of 8.92% between 2022 and 2027. The market size is forecast to increase by USD 2,705.68 million, according to Technavio. Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report -Request a sample report

Pain management devices market – Company Analysis
Company Landscape - The pain management devices market is fragmented, with the presence of several global as well as regional companies. A few prominent companies that offer pain management devices in the market are Abbott Laboratories, AtriCure Inc., Avanos Medical Inc., B.Braun SE, Baxter International Inc., Becton Dickinson and Co., Boston Scientific Corp., DJO Global Inc., ICU Medical Inc., InfuTronix, Johnson and Johnson Services Inc., Kimberly Clark Corp., Medtronic Plc, Micrel Medical Devices SA, Moog Inc., Nevro Corp., OMRON Corp., Pfizer Inc., Stryker Corp., and Theragen Inc. and others.

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Company Offerings -

• Abbott Laboratories - The company offers pain management devices such as Proclaim SCS system.
• B.Braun SE - The company offers pain management devices such as Contiplex C continuous nerve block sets.
• Becton Dickinson and Co. - The company offers pain management devices such as BD Alaris PK Plus syringe pump.
• For details on the company and its offerings – Request a sample report

Pain Management Devices Market - Segmentation Assessment

Segment Overview

Technavio has segmented the market based on application (neuropathic pain, musculoskeletal disorder, cancer, facial and migraine, and others), product (neurostimulation devices, infusion pumps, and ablation devices), and geography (North America, Asia, Europe, and Rest of World (ROW)).

• The neuropathic pain segment is estimated to witness significant growth during the forecast period. This growth is driven by expanding target groups, technological advances in pain management devices, and increasing demand for pain management devices to treat neuropathic pain. Moreover, neuropathic pain is a complex chronic pain disorder resulting from tissue damage. The effects of nerve fiber injury result in alterations in nerve function at the injury site and in the area surrounding the injury. Hence, these factors are expected to drive segment growth during the forecast period.

Geography Overview

By geography, the pain management devices market is segmented into North America, Asia, Europe, and the Rest of the World (ROW). The report provides actionable insights and estimates the contribution of all regions to the growth of the global pain management devices market.

• North America is estimated to contribute 44% to the growth of the market during the forecast period. The growing elderly population, increasing advances in technology enabling the development of innovative devices, and rising healthcare spending are driving the growth of this region's market. In addition, the presence of companies such as Becton, Dickinson, Chemyx Inc. (Chemyx), Flowonix Medical, and Baxter International are also driving growth. These companies are focused on developing advanced and innovative pain management devices. Hence, these factors are expected to drive market growth in the region during the forecast period.

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Pain Management Devices Market-Market Dynamics

key Drivers- The increasing prevalence of chronic diseases among the geriatric population is a key factor driving market growth. 

Major Trends- Technological advances in ablation devices are major trends in the market. 

Significant Challenges- The high cost of neurostimulation devices and procedures is a significant challenge restricting market growth. The high cost of neurostimulators has limited their adoption in some developing countries such as India and China. The cost of deep brain stimulation (DBS) surgery ranges from USD 70,000 to USD 100,000 for bilateral surgery. Furthermore, end-users also pay additional costs to maintain these devices, perform post-operative device calibrations, and regularly replace batteries. Additionally, insurance coverage for new neurostimulation therapies is limited. Medicare no longer covers his TENS therapy for back pain. Hence, the high cost of neurostimulation devices is a key factor driving market growth during the forecast period.

Driver, Trend & Challenges are the factor of market dynamics that states about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this Pain Management Devices Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the pain management devices market between 2023 and 2027.
• Precise estimation of the size of the pain management devices market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the pain management devices market across North America, Asia, Europe, and the Rest of the World (ROW)
• A thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of pain management devices market companies.

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Table of Contents

Executive Summary

Market Landscape

Market Sizing

Historic Market Size

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Product

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, and Trends

Vendor Landscape

Vendor Analysis

Appendix

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