Northbrook, IL -- (SBWire) -- 12/13/2021 --According to the new market research report "Pain Management Devices Market by Type (Neurostimulation, SCS, TENS, RF Ablation, Infusion Pumps), Application (Neuropathy, Cancer, Facial, MSK, Migraine), Mode of Purchase (OTC, Prescription-based) & Region (NA, Europe, APAC) - Global Forecasts to 2026", published by MarketsandMarkets™, the global Pain Management Equipment 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.
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The major factors driving the growth of this market include expanding patient population, growing demand for long-term pain management among the geriatric population, and increasing preference for pain management devices owing to the adverse effects of pain medications on patients. Furthermore, factors such as high proven efficacy of pain management devices for the treatment of chronic pain, development of novel pain management devices, and established reimbursement scenario for SCS devices in developed countries are also fueling market growth.
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.
Neurostimulation devices to register the highest share in the type market.
Based on type, the pain management devices market is segmented into neurostimulation devices, infusion pumps, and ablation devices. In 2020, the neurostimulation segment accounted for 58.0% of the pain management equipment market. This segment is projected to reach USD 1,910.7 million by 2026 from USD 1,247.7 million in 2021, at a CAGR of 8.6%. Neurostimulation devices provide pain relief by disrupting pain signals traveling between the spinal cord and the brain. These devices can be either implantable or non-implantable in nature. Neuromodulation devices are further classified into transcutaneous electrical nerve stimulators (TENS) and spinal cord stimulators. . The large share and high growth of this segment is attributed to advantages of neuromodulation as compared to alternative therapies for managing chronic pain, its long-term cost effectivity and technological developments in the neurostimulation devices segment.
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Neuropathic pain to hold the largest segment of the market.
Based on application, the pain management devices market is segmented into neuropathic pain, musculoskeletal pain, cancer pain, facial pain & migraine, and other applications. The neuropathic pain segment accounted for the largest market share of 31.4% in 2020. The presence of substantial clinical evidences in the favor of high efficacy of pain management devices in neuropathic pain treatment, development of novel neuropathic pain management devices, rising aging population across the globe (geriatric population is at high risk of neuropathic pain due to the increased incidence of neuropathic pain associated with many age-related diseases), side effects of drugs used to treat neuropathic pain, and availability of reimbursement are fueling the adoption of pain management devices for neuropathic pain treatment are the major factors contributing to the growth of the pain management devices market for neuropathic pain applications.
North America dominated the pain management devices market in 2020 and is expected to grow at a 7.3% CAGR during the forecast period. North America has been among the frontrunners in developing pain management devices services in the healthcare industry. The pain management equipment market in the US is expected to offer growth opportunities in the coming years owing to the increasing incorporation of pain management devices in the ambulatory care centers. Many major global players are also based in the US, owing to which the country has become a center of innovation in the pain management devices industry.
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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.
Pain Management Devices Market Worth $3.3 Billion by 2026 - Exclusive Report by MarketsandMarkets™
North American pain management devices market to dominate the market during the forecast period.