Global Pain Management Devices Market to Grow at a CAGR of 8.7% During 2024-2032, Aided by the Rising Issues of Chronic Pain

The global pain management devices industry is being driven by the surging incidences of chronic pain-inducing diseases such as rheumatoid arthritis, osteoarthritis, diabetes, and migraine, among others. The expanding geriatric population with heightened susceptibility to severe diseases and chronic pain is also propelling the growth of the market. Further, the rising awareness among individuals regarding the availability of various pain management devices is also expected to contribute to the market growth. In this regard, the development of wearable pain management devices is also rising with growing expenditure by the key market players. The growing consumer demand for drug-free therapy is expected to support the adoption of pain management devices in the forecast period.

The growing demand for remote health management solutions is compelling the leading market players to develop mobile applications that allow for real-time pain tracking and monitoring. For instance, in January 2021, Abbott Laboratories (NYSE: ABT) announced the launch of its NeuroSphere™ myPath™ digital health-app, which is developed to track and report patient perceived pain relief, associated with spinal cord stimulation (SCS) or dorsal root ganglion (DRG) therapy during the device trial period prior to permanent implantation. It will allow for simplified reporting of outcomes while also providing real-time data access. Furthermore, in January 2022, Medtronic plc (NYSE: MDT) announced that the company has received FDA approval for its Intellis™ rechargeable neurostimulator and Vanta™ recharge-free neurostimulator, which have been developed for the treatment of chronic pain associated with diabetic peripheral neuropathy (DPN). Such developments are expected to positively impact the growth of the pain management devices industry in the forecast period.

Market Breakup by Type, Mode of Purchase, Application, and Region:

• The market is divided, based on type, into neurostimulation devices, ablation devices, and analgesic infusion pumps.
• On the basis of mode of purchase, the market can be distributed into OTC and prescription based.
• Based on application, the industry is segregated into neuropathic pain, cancer pain, facial pain and migraine, and musculoskeletal pain, among others.
• Region-wise, the global market for pain management devices can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for pain management devices is being driven by the increased incidences of chronic pain-inducing diseases.
• The growing geriatric population, with high susceptibility to chronic pain, has significantly contributed to the market expansion. 
• Increased development of wearable pain management devices is also aiding the industry growth.
• The growing awareness among individuals regarding the availability of pain management devices, coupled with the rising disposable incomes and improved living standards are further propelling the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for pain management devices for the periods (2018-2023) and (2024-2032).
• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the types, modes of purchase, applications, and regions of pain management devices.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global pain management devices market are Abbott Laboratories, Becton, Dickinson and Company, Boston Scientific Corporation, B. Braun Melsungen AG, Johnson & Johnson Services, Inc., and Medtronic Plc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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