The global pain management devices market is projected to reach USD 3.3 billion by 2026 from USD 2.2 billion in 2021, at a CAGR of 8.6% during the forecast period Pain management devices are used to manage chronic and acute pain in patients suffering from various types of disease conditions, such as cancer, neurological disorders, and musculoskeletal disorders, among others. These devices restore the ability to do everyday activities, decrease the need for oral pain medications, and improve the quality of life of patients suffering from these conditions. However, product recalls and high procedural costs likely to challenge market growth in the coming years.
Drivers: growing number of surgical procedures performed
The increasing number of surgical procedures performed worldwide is a major driver of the pain management devices market. The growing prevalence of chronic conditions, such as cancer and neurological disorders, has led to an increased demand for surgical interventions, which, in turn, has fostered the demand for pain management devices. Additionally, technological advancements and the introduction of minimally invasive procedures have further driven the demand for pain management devices. Moreover, the increasing focus on early diagnosis and treatment of diseases, the rising awareness about healthcare, the increasing availability of healthcare services, and the increasing government initiatives to promote healthcare are projected to drive the growth of the market.
Opportunities: High growth in emerging markets
The pain management devices market is expected to experience exponential growth in emerging markets due to increasing awareness of the benefits of pain management devices and rising disposable incomes. As the demand for pain management products continues to grow, manufacturers are offering improved products and services at competitive prices, which is expected to further drive the growth of the global pain management devices market. Moreover, government initiatives to increase healthcare access and affordability, such as the Affordable Care Act (ACA) in the US, are likely to boost the demand for pain management devices in the region. In addition, technological advancements, such as the development of smart pain management devices, are expected to create new opportunities for the market.
Some of the prominent players operating in the pain management devices market are Medtronic PLC (Ireland), Boston Scientific (US), Abbott (US), Becton, Dickinson and Company (US), Baxter International (US), B. Braun Melsungen AG (Germany), Stryker (US), Smiths Medical (US), Moog Inc. (US), Avanos Medical, Inc. (US), Nipro Corporation (Japan), Atricure (US), Nevro Corp. (US), Micrel Medical Devices SA (Greece), InfuTronix Solutions LLC (US), Teleflex, Inc. (US), Mindray Medical International Limited (China), Shenzhen MedRena Biotech Co., Ltd. (China), Epic Medical (Singapore), Bioness (US), Microtransponder (US), Neuronano (Sweden), Gimer Medical (Taiwan), Bluewind Medical (Israel), Soterix Medical Inc. (US) and other players.
Medtronic is the leading player in the pain management devices market. The company, as part of its marketing and sales strategy, focuses on rapid and cost-effective product delivery to its global customers. Additionally, the company maintains strong relationships with physicians and providers to gain a detailed understanding of their requirements. The company has gained a major share in the neuromodulation market because of its diversified product portfolio, widespread geographical presence, focus on inorganic growth strategies, strong focus on R&D, and aggressive marketing and sales strategies.
Boston Scientific is one of the key players in the pain management devices market. Through its Rhythm Management segment, the company provides neuromodulation products, such as rechargeable spinal cord stimulators and microstimulators for managing neuropathic pain. Moreover, Boston Scientific has a strong geographic presence in more than 40 countries globally. The company markets and distributes its products to ~13,000 hospitals, clinics, outpatient facilities, and medical offices in over 100 countries worldwide.
Abbott is among the major players in the pain management devices market. The company’s leading position can be attributed to its wide product portfolio. The firm focuses on organic and inorganic growth strategies.