Pain Management Devices Market Size to Reach USD 4.65 Billion in 2030 | Emergen Research

VANCOUVER, BC, Feb. 7, 2023 /PRNewswire/ -- The pain management devices market size reached USD 2.19 Billion in 2021 and is expected to register a CAGR of 8.6% during the forecast period, according to latest analysis by Emergen Research.  A major factor driving revenue growth of pain management devices market is the increasing incidences of cancer and sports-related injuries. Little over 30 million children and teenagers play organized sports in the United States alone, and each year more than 3.5 million of them have injuries that limit their ability to play.

Sports-related injuries account for nearly one-third of all childhood injuries. Sprains and strains are by far the most frequent injuries. Roughly 10 million deaths, or nearly one in six deaths, were caused by cancer in 2020, making it the top cause of death globally. Breast, lung, colon, rectum, and prostate cancers are the most prevalent types of cancer. The use of tobacco, having a high body mass index, drinking alcohol, eating few fruits and vegetables, and not exercising account for about one-third of cancer-related fatalities.

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Drivers:

Pain management devices' steady market revenue growth can be attributed to favorable reimbursement policies for Spinal Cord Stimulation (SCS). Hospitals, healthcare systems, and geographic regions all have different cost structures. According to a study, the price of implanting a spinal cord stimulator in many major US cities can run anywhere from USD 13,000 to more than USD 50,000. Hence, having established reimbursement scenarios in many of the regions helps patients with the cost, driving demand for pain management devices. For instance, Medicare reimbursed doctors for percutaneous spinal cord stimulator procedures in the amount of USD 1.02 billion and open spinal cord stimulator procedures in the amount of about USD 145 million.

Restraints:

Recalls of products are a major factor that is expected to restrain market revenue growth. Pain treatment devices are used to administer neurostimulators, ablation, and critical fluids, which use risky medicine. If utilized incorrectly, patients can face severe or fatal injuries. According to the Institute of Medicine, around 1.5 million individuals face prescription mistakes, costing USD 8,750 each can be a fatal drug events. The Emergency Care Research Institute (ECRI) has pointed out drug administration issues, particularly regarding infusion pumps, in its list of concerns regarding healthcare technology. Since the sale of pain medications is impacted by the recall of such medical products owing to efficacy and safety concerns, device manufacturers are quite concerned.

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Growth Projections:

The pain management devices Market is expected to register a CAGR of 8.6% over the forecast period and revenue is expected to increase from USD 2.19 Billion in 2021 to USD 4.65 Billion in 2030. Advent of modern cloud architecture is expected to drive revenue growth in the market.

Current Trends and Innovations:

The use of virtual reality is a current market trend. In VR environments, patients are immersed in full-body sensory experiences. They differ from movies or games that are visualized on a screen due to their level of interactivity and immersion, which call for a higher level of brain attention. For instance, players of the VR game Cool! use a mouse to toss fish and magical orbs to cuddly otters while exploring a 360-degree immersive world while wearing VR goggles. In a separate study, Ted Jones, Ph.D., of the Behavioral Medicine Institute in Knoxville, Tennessee, and associates examined the potential efficacy of DeepStream VR's "Cool!" analgesic in treating sufferers of neuropathic pain. 30 individuals with neuropathic pain participated in the initial experiment and experienced a single, 5-minute treatment session. The researchers also found that pain decreased on average by 60% during and 33% after each session and that the pain relief persisted for 2 to 48 hours after the game was done.

Strategic Initiatives:

Major companies included in the market report are Medtronic, Stryker, BD, B. Braun SE, Boston Scientific Corporation, Abbott, Baxter, Avanos Medical, Inc., Teleflex, Incorporated, Smiths Medical.

• On 14 December 2022, in order to improve care for patients with MSK problems, Yale New Haven Health System partnered with IncludeHealth, a digital musculoskeletal company. By utilizing IncludeHealth's platform to conduct virtual physical therapy in patients' homes, the alliance will enable a hybrid care approach. According to the parties, the hybrid model is a first for the industry and will be useful for a variety of patient demographics, including those undergoing surgery, those with chronic pain, and those doing outpatient physical therapy. The goal is to maintain a patient's ability to make decisions about their care along with their trusted healthcare team.

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Scope of Research

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For the purpose of this report, Emergen Research has segmented global pain management devices market on the basis of type, application, mode of purchase, and region:

• Type Outlook (Revenue, USD Million; 2019–2030)
• Neurostimulation Devices 
     a. Transcutaneous Electrical Nerve Stimulation (TENS) Devices
     b. Spinal Cord Stimulation
• Infusion Pumps
     a. High use of infusion pumps in postoperative pain management
     b. Interathecal Infusion Pumps
     c. External Infusion Pumps
• Ablation Devices
     a. RF Ablation Devices
     b. Cryoablation Devices
• Application Outlook (Revenue, USD Million; 2019–2030)

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

• Over-the-Counter Pain Management Devices
• Prescription-Based Pain Management Devices
• Regional Outlook (Revenue, USD Billion, 2019 - 2030)
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Rest of APAC
• Latin America
• Brazil
• Mexico
• Rest of LATAM
• Middle East & Africa
• UAE
• Saudi Arabia
• Africa
• Rest of Middle East

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