Pain Management Devices Market to be Worth $14.14 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, June 27, 2023 /PRNewswire/ -- The global pain management devices market size is expected to reach USD 14.14 billion by 2030, registering a CAGR of 9.5% over the forecast period, according to a new report by Grand View Research, Inc. The market is experiencing growth due to the rising prevalence of chronic diseases and the expanding elderly population worldwide. The preference for pain management devices as an alternative to surgical procedures and oral medications is also expected to drive market growth significantly. Technological advancements in the field, particularly in electrostimulation devices, incorporating Artificial Intelligence (AI), Microelectromechanical Systems (MEMS), and Machine Learning(ML) applications are contributing to the market growth.

Key Industry Insights & Findings from the report:

• In terms of revenue, the neurostimulation segment held the largest share of 57.7% in 2022 due to the rising prevalence of neurological illnesses.
• The radiofrequency ablation segment is anticipated to exhibit the fastest growth over the forecast period due to the increasing prevalence of cardiovascular & chronic conditions and the rising shift toward minimally invasive surgeries.
• The neuropathic pain segment held the largest revenue share of 31.9% in 2022 due to the high prevalence of neuropathic pain and the latest product launches by players in the industry.
• The cancer segment is projected to showcase lucrative growth over the forecast period due to the growing usage of pain management devices to alleviate pain associated with cancer.

Read full market research report with ToC for more Insights, "Pain Management Devices Market Size, Share & Trends Analysis Report By Application (Neuropathic, Cancer), By Product (RFA, Neurostimulation), By Region (North America, Asia Pacific), And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Pain Management Devices Market Growth & Trends

Furthermore, there is a rising incidence of musculoskeletal disorders, including osteoarthritis, arthritis, rheumatoid arthritis, and degenerative orthopedic conditions. This rise in cases has led to an increased impact on individuals' ability to perform daily activities and a higher prevalence of chronic pain among this population. For instance, according to the Global RA Network, over 350 million individuals had arthritis worldwide in 2021. Furthermore, technological advancements are anticipated to drive further growth. For instance, in October 2022, Nevro Corp., a medical device organization, revealed that it had obtained permission from the FDA, a federal agency of the Department of Health and Human Services, for the Senza HFX iQ Spinal Cord Stimulation (SCS) system.

It is a system that utilizes Artificial Intelligence (AI) to maintain and optimize pain alleviation by utilizing each patient's response. This would significantly expand the company's portfolio. Moreover, the company started the U.S. full market launch of the SCS system in March 2023. Many elective surgeries were cancelled or postponed during the COVID-19 pandemic to reduce the exposure of the patients as well as the healthcare providers, which is anticipated to augment the need for pain management devices. In July 2020, the U.S. Food and Drugs Authority permitted an Emergency Use Authorization (EUA) for the electroCore- a non-invasive vagus nerve stimulator to help COVID-19 patients at home with asthma-related problems.

Pain Management Devices Market Segmentation 

Grand View Research has segmented the global pain management devices market on the basis of product, application, and region:

Pain Management Devices Market - Product Outlook (Revenue, USD Million, 2018 - 2030)

• Electrical Stimulators
• TENS
• Others
• Radiofrequency Ablation (RFA)
• Analgesic Infusion Pumps
• Intrathecal Infusion Pumps
• External Infusion Pumps
• Neurostimulation
• Spinal Cord Stimulators
• Deep Brain Stimulators
• Sacral Neurostimulators
• Others

Pain Management Devices Market - Application Outlook (Revenue, USD Million, 2018 - 2030)

• Cancer
• Neuropathic Pain
• Facial & Migraine
• Musculoskeletal
• Trauma
• Others

Pain Management Devices Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• The Netherlands
• Asia Pacific
• Japan
• China
• India
• Australia
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia

List of Key Players of Pain Management Devices Market

• B Braun Melsungen AG
• Baxter
• Boston Scientific Corp.
• Nevro Corp.
• Enovis
• OMRON Healthcare, Inc.
• Medtronic
• ICU Medical, Inc.
• Abbott
• Stryker
• Stimwave LLC

Check out more market research studies published by Grand View Research:

• Neurostimulation Devices Market - The global neurostimulation devices market size is expected to reach USD 14.8 billion by 2030, registering a CAGR of 12.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing prevalence of chronic diseases, such as migraine and epilepsy, due to unhealthy diets & lifestyle, and rising geriatric population across the globe are expected to be the major growth-driving factors for the market. On the other hand, adverse effects and risks associated with neurostimulation devices and stringent regulations regarding product approval are expected to hamper the market growth to some extent. The increasing incidence of Road Traffic Accidents (RTAs) is another key factor supporting the market development.
• Orthopedic Braces And Supports Market - The global orthopedic braces and supports market size is anticipated to reach USD 7.01 billion by 2030, registering a CAGR of 6.7% during the forecast period, according to a new report by Grand View Research, Inc. The key factors driving the market growth include the rising prevalence of chronic diseases such as osteoarthritis and rheumatoid arthritis, the incidence of trauma & injury, and technological advancements. In December 2021, Nan yang Technological University, Singapore, and an engineering firm developed X-Brace - a knee brace that is 30.0% lighter than conventional knee braces. It is distributed by a subsidiary of Delsson- Wearable Kinetics.
• Self-injection Devices Market - The global self-injection devices market size is expected to reach USD 10.8 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.7% from 2022 to 2030. Increasing patient volume and rising prevalence of chronic diseases along with the high adoption of advanced drug delivery systems are factors estimated to surge the demand for self-injection devices.

Browse through Grand View Research's  Medical Devices Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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