CAGR: 9.4%Current Market Size: USD 6.40 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2022-2029Base Year: 2021
The Global Pain Management Devices market is expected to grow from USD 6.40 billion in 2021 to USD 13.13 billion by 2029, at a CAGR of 9.4% during the Projection period 2022-2029. The growth of this market is mainly driven owing to the increasing demand due to the increasing elderly population suffering from orthopedic degenerative disorders and the rising demand for sports injuries.
Pain management device market growth is expected to be strong during the Projection period due to increasing cases of diabetes, cancer, and mental disorders. The use of neurostimulation devices such as transcutaneous electrical nerve stimulation devices has also proven to be effective in treating neuropathic and spinal cord injuries which will boost the growth of the pain management devices market at a faster rate. It is expected that technological advancements in the pain management field would benefit the global pain management market. A significant increase in musculoskeletal disorders that cause pain and disability is also occurring which includes rheumatoid arthritis, arthritis, orthopedic degenerative disorders etc. The discomfort caused by these conditions has increased the prevalence of chronic pain and the inability to perform routine tasks, resulting in the use of pain management devices which is proven to be beneficial for the growth of the pain management devices market. Future demand for pain management devices will increase as chronic conditions and awareness about the advantages of these devices over opioids grow. Increasing technological advances in medical technology are contributing to the growth of the pain management devices market since manufacturers are continuously striving to develop innovative pain management devices that will improve patients' quality of life.
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The market growth has been fueled by an increase in the number of sports injuries such as ligament ruptures, knee and ankle injuries, sprains and strains, among others. A sports person came across so many injuries during the game, which makes it difficult for them to continue the game with the same zeal, which propels the growth of pain management devices because pain management devices take approximately 20 – 30 minutes to relieve the pain as a result of which the market is experiencing more growth in the sports sector. The most widely used pain management treatment for sports injuries is electrotherapy, it strengthens the muscles, reduces pain and has minimal side effects.
The availability of pain-relieving medications in the market is the major restraining factor which is hampering the growth of the pain management devices market. People who are suffering from pain prefer medications over pain management devices because medications are readily available and cost-effective. Physicians prescribe medications to treat pain due to their availability and acceptability among patients. Moreover, physicians recommend pain management devices-based treatment in only severe cases where the medication will not work which is also affecting the growth of the market.
Continuous research and development are creating more opportunities for the market to grow and become more acceptable among consumers. Consumers are looking for more instant pain-relief options apart from medications which are triggering the key players to develop more such devices in order to cope with the consumer’s demand. Moreover, the majority of consumers are not comfortable with taking medications to relieve pain which is also playing a key role in the development of the pain management devices market.
The high production cost of pain management devices is one of the major challenges the device manufacturing industry deals with which is impacting the growth of the market. Because the high cost of production directly affects the cost of the final product. Eventually, the high cost of the device will affect the sales of the market as consumers will look for alternative options rather than spending huge amounts of money on pain management devices.
The global pain management devices market has been segmented based on product type, application, and region.
By Product Type
The product type segment includes neurostimulation devices, ablation devices, RFA and others. The neurostimulation devices segment led the largest share of the pain management devices market with a market share of around 25.83% in 2021. More than 57.5% of the market share went to the neurostimulation segment in 2021, which is attributed to the growing prevalence of neurological conditions. There is also an expectation that the market will be driven by technological advances, rising product demands, as well as an increasing geriatric population.
The application segment includes musculoskeletal pain, cancer pain, neuropathic pain and others. The neuropathic pain segment led the pain management devices market with a market share of around 39.28% in 2021. A key factor in the growth of this segment is the rising prevalence of the target audience and the increased efforts of the industry to boost pain management device sales. Moreover, high investment in the research and development sector will also open new opportunities for the growth of the market.
Global Pain Management Devices Market- Sales Analysis.
The sale of Pain Management Devices expanded at a CAGR of 9% from 2015 to 2021.
The advancement in technology and the development compared to traditional methods of pain management is one of the major growth drivers in the Pain Management Devices Market. The growing geriatric population and the use of pain management devices in sports injuries are the leading cause behind the growth of the market.
A key role played by pain management devices in the growth of the market is treating chronic pain patients who become resistant to drug treatment, which will continue to add value to the market for the foreseeable future. Moreover, continuous research and development will also propel the market's growth as the devices become more efficient and effective.
Similar concerns about drug addiction and the negative effects of painkiller therapies are pushing more people to use painkiller devices. For example, according to the National Survey on Drug Use and Health Report, around 10.1 million adults and adolescents aged 12 and older misused opioids in 2019. Additionally, reimbursement programmes for different pain management therapies, rising R&D expenditures, rising demand for wearable pain management devices, and various government initiatives will positively impact the market growth for pain management devices in the ensuing years.
Thus, owing to the aforementioned factors, the global Pain Management Devices Market is expected to grow at a CAGR of 9.4% during the Projection period from 2022 to 2029.
By Regional Analysis:
The regions analyzed for the gloves market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region dominated the pain management devices market and held a 36.2% share of the market revenue in 2021.
Global Pain Management Devices Market- Country Analysis:
Germany's pain management devices market size was valued at USD 0.50 billion in 2021 and is expected to reach USD 1.03 billion by 2029, at a CAGR of 9.5% from 2022 to 2029. There is a strong opportunity for growth for players in the pain management devices market in the region due to a diversified healthcare market, an increase in R&D initiatives, as well as the onset of chronic illnesses.
China’s pain management devices market size was valued at USD 0.75 billion in 2021 and is expected to reach USD 1.58 billion by 2029, at a CAGR of 9.8% from 2022 to 2029. With the increasing demand for modern agricultural machinery and the continuous R&D and application of new technologies, China's smart agriculture market is expected to grow rapidly and sustainably.
India's pain management devices market size was valued at USD 0.52 billion in 2021 and is expected to reach USD 1.08 billion by 2029, at a CAGR of 9.6% from 2022 to 2029. The rising elderly population and increasing cases of orthopedic disorders driving the growth of the market in the region. Moreover, a number of trade agreements are making the region more attractive to market growth.
Key Industry Players Analysis:
To increase their market position in the global pain management devices business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
6.40 billion in 2021
By Product Type, By Application and By Region.
Revenue Projection, competitive landscape, company ranking, growth factors, and trends
Stryker, Medtronic, ICU Medical Inc., Boston Scientific Corp., Envois, OMRON Healthcare, Inc., Abbott, B Braun Melsungen AG, Nevro Corp., Stimwave LLC, DJO Global LLC, LivaNova, Smith’s Medical, Melsungen AG, SPR Therapeutics, Atricure Corporation, and Micrel Medical Devices.
By Product Type
Scope of the Report
Global Pain Management Devices Market by Product Type:
Global Pain Management Devices Market by Application:
Global Pain Management Devices Market by Region:
Global Pain Management Devices market is expected to reach USD 13.13 billion by 2029, at a CAGR of 9.4% from 2022 to 2029.
On the basis of product type, the Pain Management Devices market is segmented into Neurostimulation Devices, Ablation Devices, RFA and Others.
The Pain Management Devices market is projected to have a CAGR of 9.4%.
Based on application, the global Pain Management Devices market has been segmented into Musculoskeletal Pain, Cancer Pain, Neuropathic Pain and Others.
Rising demand in the sports sector is driving the growth of the Pain Management Devices Market.
Leading market players active in the global Pain Management Devices market are Stryker, Medtronic, ICU Medical Inc., Boston Scientific Corp., Envois, OMRON Healthcare, Inc., Abbott, B Braun Melsungen AG, Nevro Corp., Stimwave LLC, DJO Global LLC, LivaNova, Smith’s Medical, Melsungen AG, SPR Therapeutics, Atricure Corporation, Micrel Medical Devices.
Political Factors- More weight is placed on the political factor that affects the company. The government can have an impact on the sector in several ways. With elections that are regarded as fair and transparent, the USA has a robust democratic system and an efficient rule of law. In a presidential democracy like that of the USA, the people elect a single person to serve as both the head of state and the head of government. Numerous tech behemoths, including Microsoft, Amazon, Google, Apple, and others, call the USA home, which supports a robust economy. As a result, the government works to develop more business-friendly regulations. Numerous concerns are associated with the nation's political climate. Risks can include monetary controls, currency restrictions, and trade restrictions. To reduce political risks, the businesses should take specific actions. Companies can avoid investments where this type of risk is greater, for example. Large potential losses may be offset by political risk insurance. Therefore, the political environment has a direct impact on the success and income of each operating business.
Economical Factors- The software and information technology (IT) sector in the US is the most developed and expanding. And evidence of this may be found in the growth of the USA's GDP contribution and the creation of numerous job opportunities. The sector generates 11.8 million jobs and $1.6 trillion of the US value-added GDP, or more than 8% of the US economy. With a per capita income of more than $65,112, the USA is a high-income nation. The American economy is capitalist, or you might say market-based. The global economy exposes the US economy to more external shocks. A slowdown in the economies of Europe or Asia has a greater impact on the US economy. For instance, the Indian IT industry depends heavily on foreign clients, particularly the USA, for more than 70% of its revenue; therefore, changes in the exchange rate can have a significant impact on the performance of the IT industry as well as other sectors. The USA's inflation rate in 2019 was 2.3%, which is 0.4% higher than the inflation rate in 2018, which was 1.9%. The majority of the physical and human resources needed for the information and technology sector are readily available because the USA is a developed country. Infrastructure refers to all of the hardware and networking tools required to maintain an IT operation. The majority of empirical investigations have come to the conclusion that greater use of information and technology can boost GDP, productivity, and employment.
Social Factor- A social environment is made up of a group of people's values, beliefs, habits, and activities. A company is impacted by both its own internal social environment and the external social environment. There are other social issues that also have a strong impact on business. For instance, there is no official language in the United States. However, English is spoken by the majority of Americans, or close to 30 million people. English has been designated as an official language in 31 US states. There are 350 languages spoken in the USA besides English, some of which are Spanish, Chinese, French, etc. Given the variety of languages spoken there, communication in the nation is made simple. Additionally, the fact that English is a universal language makes it easier for IT companies to interact and collaborate with global businesses. For international corporations and businesses operating there, the task is fairly simple due to the high level of education in economies like India, China, Japan, France, and the United States. There are plenty of qualified workers readily available for IT organisations.
Technological Factors- Technological features including R&D effort, automation, technology incentives, and the pace of technological progress are examples of technological factors. They can establish entry barriers, the minimum effective production level, and have an impact on outsourcing choices. Additionally, changes in technology can have an impact on prices, quality, and innovation. A company should analyse the industry's technological state as well as how quickly it is being disrupted by technology. Slow technological disruption will allow more time, whereas rapid disruption may give a firm little time to adapt and be profitable.
Environmental Factors- Environmental considerations include ecological and environmental elements including weather, climate, and climate change, which may have a particularly negative impact on some sectors of the economy like tourism, agriculture, and insurance. Additionally, as people become more aware of the possible effects of climate change, it is changing how businesses run and the products they offer, creating new markets but also eroding or eliminating existing ones. Climate changes such as climate change, greenhouse gas emissions, and growing pollution, effectively by prominent market players. It should put more emphasis on waste management, recycling, renewable energy sources, and Pain Management Devices wastage that decomposes naturally or artifically. It should also be aware of how its resources and waste are being used up, as this could have a detrimental effect on its brand reputation and consumer loyalty.
Legal Factors- Legal considerations include those related to discrimination, consumers, antitrust, employment, and health and safety laws. These elements may have an impact on a company's operations, expenses, and product demand. The packaging industry are subject to very strict legislative requirements. Market players to gain consumer loyalty and their faith in its brand products, it is crucial that it abide by all laws and binding rules and regulations. Nearly all nations now have laws that must be followed for consumer protection, data privacy, intellectual property rights (IPR), health and safety, employees and the workplace, and other topics. Therefore, it becomes essential for this business to conduct itself in a lawful and ethical manner in order to prevent any legal proceedings or penalties or punishments from a court of law. The law is derived from five sources, similar to the United States, including common law, treaties, statutory law, and administrative regulations (which includes case law). Information technology law is a transaction-based discipline that deals with problems that come up when businesses create, licence, buy, or sell products and services related to information technology and computers.
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