The contract manufacturing of pain management devices market is on the rise thanks to the growing dependence on technology in the medical field as well as the increasing incidence of chronic pain. Companies have developed technology to help relieve patients since there is a dire need for solutions to chronic pain. This blog outlines the major players in this fast-changing environment and their work in developing new drugs and devices for pain management.
Who Are the Key Players in Pain Management Devices?
The following companies are known to be industry leaders within the area of pain management devices:
- Medtronic: As a significant player in the market, Medtronic sells a variety of infusion pumps and neurostimulation devices that can be used for effective pain relief. There’s a wide geographic reach of their distribution network, and combined with their marketing efforts, it strategically places them in the market. It means that the majority of patients suffering from pain can be treated using their products.
- Boston Scientific Corporation: Boston Scientific manufactures endovascular stents and other advanced medical devices, specializing in neuromodulation. They have advanced equipment and the ability to build strategies that develop neuromodulation and stimulation devices for the treatment of pain according to individual patient needs.
- Abbott Laboratories: Abbott Laboratories has been active in medical devices that enable more movement for chronic pain patients and patients suffering from movement disorders. Their record of constantly developing newer devices means that patients can utilize such technologies whenever they are made available.
- Stryker Corporation: Established in Michigan in 1941, Stryker utilizes a diverse range of medical technologies, some of which have been designed to deal with chronic pain while others cater to acute pain. They are aggressive in this market due to their use of new products that improve patient outcomes related to pain management.
- LivaNova: Pain management is an important area in healthcare, and with an emphasis on neuromodulation therapies, LivaNova has developed various pain management devices.
How Is the Future of the Market?
The market can profitably grow as pulse radiofrequency neurotomy devices are becoming more popular. A preceding Coherent Market Insights predicted that the market is estimated to be valued at US$ 4,280.9 million in 2023 and is expected to exhibit a CAGR of 6.5% during the forecast period (2023-2030). Here are three potential factors that can benefit from the trends:
- The growing number of patients reported with chronic pain syndrome.
- Increased launch of new products due to technological development.
- Increased knowledge among healthcare professionals and patients regarding new technologies for pain management.
What Are the Market Challenges Pain Management Device Companies Face?
Although receiving significant investment growth estimates, companies in the sphere of pain management devices have multiple hurdles that they have to overcome:
- Enhanced technology comes with high associated procedure costs that can limit reach among certain cohorts of patients.
- Tight regulations can stall getting approval for such devices in the market.
- Continuous product innovation will be key to maintaining competitiveness in this changing market environment.
Conclusion
The pain management devices market can be seen as an evolving, multi-niche market with significant technological development over some time and several firms focused on making improvements in patient outcomes. Focusing on this developing market, Medtronic, Boston Scientific, and Abbott Laboratories have been leading in chronic pain management devices and developing effective solutions for future directions. Their potential in improving quality of life is very promising given the challenges they have to overcome and a focus on technology. These companies are well-positioned to enhance quality of life for individuals suffering from chronic pain conditions.
