The global Pain Management Devices Market Market Growth Accelerated by Rising Prevalence of Chronic Diseases



Pain management devices such as TENS (Transcutaneous Electrical Nerve Stimulation) devices, neuromuscular stimulators, nerve stimulators, steam therapy devices, pain relief patches and pain relief creams help reduce pain, relax muscles, increase blood circulation and induce sleep without use of medications. These pain management devices provide non-invasive treatment options and help improve quality of life for patients suffering from chronic pain conditions like arthritis, back pain and postoperative pain.

The global Pain Management Devices Market is estimated to be valued at US$ 4.6 billion in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The rising prevalence of chronic diseases such as arthritis, lower back pain and diabetic neuropathy has accelerated the demand for pain management devices in the market. As per the Arthritis Foundation, arthritis is the leading cause of disability in the United States, affecting over 54 million adults and 300,000 children. Pain management devices help treat chronic pain without side effects of pain medications. Technological advancements have led to the emergence of novel pain management devices with improved efficacy and portability. Formulation of favourable reimbursement policies drives adoption of pain management devices for post-operative and chronic pain treatment.


Segment Analysis
The global pain management devices market is dominated by neurostimulation devices subsegment. Neurostimulation devices work by using mild electric currents to block pain signals from being sent to the brain. They are effective in treating various types of chronic and acute pain such as neuropathic pain and cancer pain. Neurostimulation devices are gaining popularity owing to their ability to provide pain relief without the side effects of opioid drugs.

Key Takeaways
The global pain management devices market is expected to witness high growth owing to the rising prevalence of various chronic pain indications such as lower back pain, arthritis pain etc. The global Pain Management Devices Market is estimated to be valued at US$ 4.6 billion in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023-2030.

North America currently dominates the global pain management devices market and is expected to continue its dominance during the forecast period. High awareness regarding advanced pain management technologies and large healthcare expenditure are key factors driving the North American pain management devices market. The presence of major players in the region further supports market growth.

Key players
The major players operating in the pain management devices market are Medtronic plc, Boston Scientific Corporation, Abbott, B. Braun Melsungen AG, Bio-Medical Research (BMR) Ltd., Pfizer Inc., DJO Global LLC, Nevro Corp. Medtronic plc and Boston Scientific Corporation collectively hold over 50% of the global pain management devices market share primarily due to their robust neurostimulation device portfolio and strong geographic presence across the world.

Comments

Post a Comment

Popular posts from this blog

Neuroendocrine Cancer is the fastest growing segment fueling the growth of Pituitary Cancer Market

Image
The pituitary cancer market comprises of medical treatment options for patients diagnosed with pituitary cancer. Pituitary cancers are rare tumors that start in the pituitary gland which is a pea-sized gland located at the base of the brain.  The global Pituitary Cancer Market is estimated to be valued at US$ 380.7 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.    Market key trends: One of the key trends fueling the growth of the pituitary cancer market is rising preference of targeted drug therapy over conventional chemotherapy. Targeted drug therapies mainly include somatostatin analogs and dopamine agonists which directly act on cancer cells and have less side effects compared to chemotherapy. These targeted drugs are effective in controlling symptoms and slowing tumor growth in patients with hormone secreting pituitary adenomas and carcinomas. The targe...
Read more

Enhancing Patient Care and Comfort: The Evolution of Hospital Beds

Image
  Hospital beds play a crucial role in patient care, providing comfort, safety, and functionality for individuals requiring medical attention. Over the years, advancements in technology and design have revolutionized hospital beds, leading to improved patient outcomes and caregiver efficiency. From basic adjustable beds to sophisticated models equipped with cutting-edge features, the evolution of hospital beds has transformed the healthcare landscape. Evolution of Hospital Beds: Historically, hospital beds were simple in design, primarily consisting of a metal frame with adjustable height and manual controls. However, as medical practices advanced and patient needs became more complex, the demand for more versatile and ergonomic hospital beds grew. In recent decades, significant strides have been made in the development of hospital bed technology. Modern hospital beds are designed with a focus on patient comfort, safety, and mobility. Features such as electronic controls, motorize...
Read more

Dry Eye Disease Market is Estimated to Witness High Growth Owing to Rising Awareness About Disease Management

Image
  Dry eye disease, also known as keratoconjunctivitis sicca, is a multifactorial disease of the ocular surface characterized by lack of sufficient moisture and tear film instability. Common symptoms of dry eye include stingy or burning sensation in eyes and blurred vision.   Market Dynamics : The Dry Eye Disease Market is witnessing high growth owing to rising awareness about disease management and increasing number of people experiencing symptoms of dry eyes. According to the report, increasing usage of electronic devices and prolonged screen time is a major driver fueling the demand for dry eye treatments. Additionally, growing geriatric population worldwide who are more prone to dry eyes is also contributing to the market growth. Availability of various treatment options along with new product launches is further expected to boost the market during forecast period.   Increasing Prevalence of Dry Eye Disease is Driving Market Growth   One of the major market drive...
Read more