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Medi-Tech Insights

Global Pain Management Devices Market is projected to grow at a consistent rate of 9% to reach USD 3.5 billion by 2026

April 21st, 2022 11:21 AM

Pain is an unpleasant sensation and emotional experience usually caused by tissue damage. Pain can be either acute or chronic. In 2019, The National Health Interview Survey founded that more than 7% of adults in the US had chronic pain syndrome which hindered their normal activities in work place.

Advent of Advanced Pain Management Technologies is driving the growth of Global Pain Management Devices Market

Currently, first line of treatment for pain management is oral medication due to their easy availability, and lower cost. However, in the recent years, due to development of advanced technologies, FDA approved non-prescription medical devices, devices used in combination with prescribed medications or other forms of pain management therapy, the quality of treatment and care has improved immensely.

There are multiple types of pain management devices available in the market such as spinal cord stimulators, transcutaneous electrical nerve stimulation devices, analgesic infusion pumps, and ablation devices. Recently, many developments have been made to improve the quality of life of patients suffering from chronic pain such as:

  • In October 2021, SPR Therapeutics secured $37M VP funding to scale operations for Sprint pain relief device
  • In August 2020, Medtronic launched its FDA-approved neurostimulator, called the InterStim Micro Neurostimulator which helps patients to effective control bladder and bowel movement

Key Market Challenges/Constraints

Pain management devices are usually used as the second line of treatment in patients with chronic pain who become resistant to drug therapy. Hypersensitivity reactions and post-operative infections caused due to the use of these devices are likely to hamper the market growth.

North America Leads in terms of Adoption of Pain Management Devices Market

North America holds the largest market for pain management devices with >50% share, followed by Europe and Asia Pacific. Demand for drug free therapy, availability of well planned reimbursement and insurance coverage and presence of top players in this region are the main factors driving the pain management devices market growth.

Competitive Landscape Analysis: Pain Management Devices Market

The global Pain Management Devices Market is marked by presence of established key players such as Medtronic, Boston Scientific, Abbott, BD, Baxter International, Stryker, Smiths Medical, Nipro Corporation, Nevro Corp., Mindray Microtransponder, among others.

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