Global Pain Management Devices Market, by Type (Neuromodulation & Neurostimulation Devices, Analgesic Infusion Pumps, and Ablation Devices), By Application (Neuropathic Pain, Cancer Pain, Facial & Migraine Pain, Musculoskeletal Pain, and Others), by End User (Hospitals, Clinics, and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
One of the key drivers of market expansion is U.S. FDA (U.S. Food and Drug Administration) approval, as this promotes rapid adaptation. For example, in September 2022, DyAnsys Inc., a medical device company specializing in the autonomous nervous system, announced Primary Relief, its percutaneous electrical nerve stimulator (PENS) system, received approval by the FDA to treat postoperative pain following cardiac surgery. According to DyAnsys, the PENS system can be used for up to three days following cardiac surgery and, in a clinical trial, reduced pain scores compared to a placebo device and the need for analgesics postoperatively. The company also notes fentanyl use by the Primary Relief group in the postoperative period was one-third of the control group.
Global Pain Management Devices Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a positive impact on the global pain management devices market. For instance, according to an article published in Nature in April 2022, the finding indicated that pain ratings remained unchanged among patients after the pandemic onset. However, pain catastrophizing scores were elevated when COVID-19 cases peaked in July 2020. Pain interference, physical function, sleep impairment, and emotional support were improved in the post-COVID-19 cohort. Depression, anxiety, anger, and social isolation remained unchanged.
Global Pain Management Devices Market: Key Developments
Additionally, awareness related to the pain management, are expected to boost market growth during the forecast period. For instance, on February 23, 2023, Pacira BioSciences, Inc., a company committed to non-opioid pain management and regenerative health solutions, and the Ladies Professional Golf Association (LPGA), announced a multi-year sponsorship that makes Pacira’s iovera, a handheld medical device that provides non-medicated pain control by applying cold therapy to a specific nerve to interrupt its ability to transmit a pain signal.
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Pain Management Devices Market”- Forecast to 2030, Global Pain Management Devices Market, by Type (Neuromodulation & Neurostimulation Devices, Analgesic Infusion Pumps, and Ablation Devices), By Application (Neuropathic Pain, Cancer Pain, Facial & Migraine Pain, Musculoskeletal Pain, and Others), by End User (Hospitals, Clinics, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/pain-management-devices-market-3947
Key Takeaways of the Global Pain Management Devices Market:
- The global pain management devices market is expected to exhibit a CAGR of 6.5% during the forecast period. The global level partnerships offers lucrative growth opportunities for players in the global Pain Management Devices market. For instance, in November 2022, InterSystems, a privately held vendor of software systems and technology for high-performance database management, rapid application development, integration, and healthcare information systems, has entered a global partnership agreement with Australia-based PainChek, the developer of a smartphone-based pain assessment monitoring app. PainChek’s software-as-a-service (SaaS) and artificial intelligence (AI) platform uses smart devices with cameras to accurately evaluate patients’ pain levels.
- Among type, the Neuromodulation & Neurostimulation Devices segment is expected to grow in the global Pain Management Devices market over the forecast period. The research analysis provides the better market overview, for instance, on January 5, 2023, Nalu Medical, Inc., a California-based company that has successfully miniaturized neurostimulation implants for the management of chronic intractable pain for both Spinal Cord Stimulation (SCS) and Peripheral Nerve Stimulation (PNS) indications, announced the publication of two key studies in Neuromodulation: Technology at the Neural Interface. One publication discusses the potential mechanisms of action (MOAs) leveraged by a novel, multidimensional waveform Pulsed Stimulation Pattern (PSP) and the results of a pilot clinical study. The other publication reports on interim results from a first-in-human SCS clinical study evaluating the safety and performance of the Nalu Neurostimulation System, composed of a micro-implantable pulse generator (micro-IPG) and a wearable Therapy Disc (power source and stimulation control).
- Among region, North America is expected to be the dominant region in the global pain management devices market, owing to the increasing launch of products. For instance, in April 2021, StimaWELL North America Inc., a technology company, entered the USA market with its award-winning, FDA approved product called, StimaWELL 120MTRS Class II medical device, a wave E stim therapy, transcutaneous electrical nerve + muscle stimulator (EMS) for rapid and effective, back + neck pain relief.
- Major players operating in the global pain management devices market include Stryker Corporation, Pfizer Inc. (Hospira Inc.), Medtronic Plc, Boston Scientific Corporation, Baxter International Inc., Braun Melsungen AG, Abbott Laboratories, Colfax Corporation (Djo Global LLC), Kimberly-Clark Corporation (Baylis Medical), Johnson & Johnson (Codman and Shurtleff, Inc.), Neuspera Medical, ZetrOZ Systems, Therabody, BioElectronics Corporation, Nevro Corp, Stevanato Group S.p.A., Bexson Biomedical, Inc., SPR Therapeutics, Lumaflex, Saluda Medical Pty Limited, DyAnsys Inc., Pacira BioSciences, Inc., InterSystems, Nalu Medical, Inc., and StimaWELL North America Inc.
