The global market for pain management devices is anticipated to rise over the course of the forecast period as chronic, neurological, and musculoskeletal ailments become more prevalent everywhere. Patients with long-term, neurological, and musculoskeletal diseases can use pain management devices to treat both acute and chronic pain. These tools lessen the need for oral painkillers, assist in regaining daily function, and enhance the quality of life for patients with these illnesses. The major causes of death and disability in the United States, according to the Centers for Disease Control and Prevention (CDC), are chronic diseases like diabetes, cancer, and heart disease. During the course of the projected period, an increase in the worldwide elderly population is anticipated to boost market growth for pain management devices. Players in the pain management market should benefit from tremendous growth potential due to the rising demand for novel pain management devices and medicines.
Coherent Market Insights estimates that According to forecasts, the market for Pain Management Devices will grow at a CAGR of 6.54% between 2022 and 2028, from a value of US$ 3,771.46 Mn in 2021 to US$ 5,767.69 Mn by 2028.
Prominent Companies in the Pain Management Industry:
1. B. Braun Melsungen AG
The company is headquartered in Melsungen, Germany, and was established in 1839. In addition to other healthcare goods and services, the company offers extracorporeal blood therapies, anaesthesia, emergency care, and surgical core procedures. Intermedt Medizin & Technik GmbH, a pioneer in the development of dialysis concentrates, was acquired by B. Braun in March 2022. With the groundbreaking of a new factory in January 2022, B. Braun expanded its footprint in Vietnam.
2. Medtronic Plc
The company is headquartered in Dublin, Ireland, and was established in 1949. Medical diagnostic and therapeutic products are produced by Medtronic, PLC. In April 2022, the company declared that it would collaborate with GE Healthcare to address the care needs at ambulatory surgery centres. The purchase of Affera, Inc. was announced by the business in January 2022. In January 2020, the company declared its intention to acquire Stimgenics, LLC and their primary treatment.
3. Pfizer Inc.,
The corporation was founded in 1849, and its corporate headquarters are located in Manhattan, New York City. Pfizer works to advance the disciplines of immunology, cancer, the heart, endocrinology, and neurology through pharmaceutical and vaccine research & development. The company successfully purchased the calcitonin gene-related peptide programmes from Biohaven Pharma in October 2022. In April 2021, Pfizer acquired Amplyx Pharmaceuticals, along with the antifungal medication fosmanogepix. (APX001).
4. Johnson and Johnson
The company’s headquarters are in New Brunswick, New Jersey. In 1886, the corporation was established there. Johnson & Johnson manufactures consumer items, over-the-counter medications, and medical equipment. The corporation declared its intention to split into two publicly traded businesses in November 2021, with one focusing on consumer goods and the other on medicines and medical technologies. The business claims that during the first quarter of April 2021, sales of the Covid-19 vaccination reached a total of $100 million. Abiomed Inc. was bought by Johnson & Johnson for $16.6 billion in November 2022.
5. Boston Scientific Corporation
The company was established in 1979 and has its US headquarters in Marlborough, Massachusetts. The company designs, fabricates, and markets equipment for minimally invasive medical procedures. In January 2021, Boston made the announcement that it would spend up to $1.2 billion to purchase Minneapolis-based Preventice Solutions, Inc. and its portfolio of mobile heart health products. The business disclosed its intent to acquire M.I.Tech Co., Ltd. of South Korea for roughly $230 million in June 2022. Boston declared that it would purchase Obsidio, Inc. in August 2022.
6. Abbott Laboratories
The company was established in 1888, and its US headquarters are in Chicago, Illinois. It sells wholesome products, name-brand generic drugs, medical equipment, and diagnostics. In January 2022, Abbott revealed the Lingo collection of consumer biowearable sensors. To optimise food and exercise regimens, Lingo collects a range of biological measures. Proclaim Plus from Abbott, a multipurpose spinal cord stimulation device for treating chronic pain, received FDA approval in August 2022.
7. Baxter International Inc.,
The company was founded in 1931 and is based in Deerfield, Illinois in the United States. A healthcare company called The Corporation focuses on pharmaceuticals, biotechnology, and medical equipment. In September 2021, Baxter announced that it would pay $12.4 billion to acquire Hill-rom. In December 2021, the $12.5 billion transaction was completed. In January 2023, Baxter unveiled a series of strategic plans to boost operational effectiveness, quicken innovation for patients, and raise shareholder value.
*Definition: Relief of pain in a variety of contexts, from acute and easy to chronic and difficult, is the focus of pain management in medicine and health care.
