Pain Management Devices Market to Grow at CAGR of 6.4% During Forecast Period, Observes TMR Study

• The global market is predicted to rise due to increasing incidence of chronic medical disorders, introduction of highly technological treatment solutions, and advantageous reimbursement policies
• The global pain management devices market is predicted to rise at a considerable pace due to increase in geriatric population

ALBANY, N.Y., April 7, 2022 /PRNewswire/ -- The valuation of global pain management devices market stood at US$ 4.1 Bn in 2020. The market is anticipated to develop at a CAGR of 6.4% during the forecast period, from 2021 to 2028. The global pain management devices market is predicted to attain the valuation of US$ 7.1 Bn by 2028. The growing frequency of neurological illnesses, trauma, cancer, and arthritis are responsible for the development of the global pain management devices market. Following the introduction of improved healthcare facilities and rise in the number of hospitals throughout the world, this market is likely to flourish in the years to come. Moreover, the market for pain management devices is expanding due to the rising frequency of sports-related injuries and lifestyle-related disorders.

Additionally, the global pain management devices market is being propelled by undesirable effects of pain drugs, huge base of patient population, and high demonstrated efficacy of pain management devices. However, issues such as a dearth of pain clinics in various countries, scarcity of pain experts, lack of understanding about the availability and usage of pain management equipment, and cost factor of these devices are likely to hamper market growth.

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Due to improvements in innovative pain treatment devices, North America is likely to be a prominent region in the global pain management devices market. This growth can be attributed to the increasing prevalence of chronic illnesses and the emergence of sports-related injuries, both of which are fueling demand for pain management devices in the region. In addition, the growth of the regional market is attributed to a combination of growing creative ideas and proximity to social insurance offices. The market is also likely to grow due to increased expenditures in R&D activities pertaining of pain management devices in the region.

Key Findings of Market Report

• The radiofrequency (RF) ablation devices category is predicted to grow at a fast pace during the forecast period. The expansion of this segment is likely to be fueled by rise in the incidence of cardiovascular problems such as atrial fibrillation, as well as an increasing number of patients struggling with cancer and pain and require minimally invasive surgeries. Increase in use of the ultrasonic ablation technology in radiofrequency (RF) ablation devices is expected to boost the global market.
• Over the past several years, the number of surgical procedures conducted throughout the world has climbed dramatically. This is due to a growth in the senior population, as well as a surge in obesity as well as other lifestyle disorders. Obesity is a major contributor to orthopedic and cardiovascular problems.
• Due to rise in disposal income as well as better knowledge about the safety and efficacy of pain management devices, Latin America is likely to present considerable growth prospects for market participants. The Asia Pacific pain management devices market is likely to expand due to increasing incidences of diabetes and chronic wounds, as well as an increase in the prevalence of neck pain and back pain. Due to their rapidly developing healthcare infrastructure, Asia Pacific countries such as India and China are anticipated to dominate the regional market.

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Global Pain Management Devices Market: Growth Drivers

• Increasing incidence of neuropathic pain throughout the world is projected to present possibilities for pain management device manufacturers. Furthermore, the growing prevalence of chronic debilitating illnesses and the aging population are likely to boost demand for pain management devices.
• The global pain management devices market is expected to be dominated by a large number of players. The global market is marked by fierce competition among its participants. Market participants are vying for larger stakes in the global market. As a result, they are focusing on introducing various types and executive gadgets with developments to remain competitive in the market.

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Global Pain Management Devices Market: Key Competitors

• B. Braun Melsungen AG
• Bio-Medical Research (BMR) Ltd.
• Baxter International, Inc.
• Avanos Medical, Inc.
• DJO Global, Inc.
• Medtronic plc

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Global Pain Management Devices Market: Segmentation

Product Type

• Electrical Stimulation Devices
• Radiofrequency Ablation Devices
• Analgesic Infusion Pumps
• Neurostimulation Devices

Application

• Electrical Stimulation Devices
• Neurostimulation Devices
• Analgesic Infusion Pump
• Radiofrequency Ablation Devices

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