Pain Management Devices Market Size Will Generate Record Revenue: USD 5,767.69 Million by 2028

PORTLAND, ID, UNITED STATES, December 3, 2024 /EINPresswire.com/ -- Advancements in technology and the approach of innovation by healthcare companies led to considerable improvements in pain management devices over the past years. From management of chronic pain to reliving post-operative pain, innovative devices have been making their way into the world. Leading device manufacturers have been developing and launching their new products that would relive and manage different kinds of pain. From knee braces to cap-sized neuromodulation devices, new products have been launched to help people improve the quality of their lives. Some of the products are in the development stage, while some have been commercialized and launched. The trend of innovation is expected to bring breakthrough devices in the coming years.

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The U.S. Food and Drug Administration (FDA) authority has been scrutinizing the novel devices developed by healthcare companies for pain management and offering approvals following a careful consideration. One of the leading companies in the healthcare sector gained approval for its neurostimulators that can be used for diabetic patients. These devices relieve pain and improve the quality of life for diabetic patients. The FDA also approved the virtual reality-based devices for those indulged in psychological treatment associated with chronic pain. This innovative approach will help in complementing the ongoing medical treatment for people undergoing chronic pain.

Increase in prevalence of chronic diseases, rise in R&D investments, and launch of innovative products drive the growth of the global pain management devices market. However, hypersensitivity reactions and postoperative infections caused by use of these devices hinder their adoption, which in turn, restricts the market growth. On the other hand, untapped potential in developing countries would present new opportunities in the coming years.

According to the report published by Allied Market Research, the global Pain Management Devices Market garnered $3.68 billion in 2020, and is expected to reach $5.76 billion by 2028, manifesting a CAGR of 6.3% from 2021 to 2028. 

Product Segment Review:

On the basis of product, the pain management devices market is categorized into neuromodulation & neurostimulation devices, analgesic infusion pumps, and ablation devices. Under the neuromodulation & neurostimulation devices segment, the market is further bifurcated into spinal cord stimulators and transcutaneous electrical nerve stimulation (TENS) devices. Under the analgesic infusion pumps, the pain management devices market is further divided into external infusion pumps and intrathecal infusion pumps. Presently, the neuromodulation & neurostimulation devices dominates the global market, and is anticipated to continue this trend over the forecast period, due surge in demand for neuromodulation & neurostimulation devices, cost efficiency offered by these devices, increase in target population.

The report offers detailed segmentation of the global pain management devices market based on type, application, and region.

Based on type, the neuromodulation and neurostimulation devices segment contributed to the largest share in 2020, holding more than three-fifths of the total market share, and is estimated to maintain its leadership status during the forecast period. However, the analgesic infusion pumps segment is expected to maintain the largest CAGR of 7.7% from 2021 to 2028.

Based on application, the neuropathic pain segment held the highest market share, accounting for nearly one-third of the global pain management devices market in 2020, and is expected to maintain its lead position during the forecast period. However, the cancer pain segment is projected to portray the fastest CAGR of 7.8% from 2021 to 2028.

Based on region, North America accounted for the highest share in 2020, holding more than two-fifths of the total market share, and is estimated to continue its dominant share in terms of revenue by 2028. However, Asia-Pacific is projected to manifest the highest CAGR of 7.9% during the forecast period.

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Leading players of the global pain management devices market analyzed in the research include Abbott Laboratories, Baxter International Inc., B Braun Melsungen AG, DJO Global LLC., Boston Scientific Corp., Kimberly Clark Corporation, Johnson & Johnson (Codman And Shurtleff, Inc.), Pfizer, Inc., Medtronic Plc., and Stryker Corp.

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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