Pain Management Devices Market Growth & Trends
The global pain management devices market size is expected to reach USD 14.1 billion by 2030, registering a CAGR of 9.3% over the forecast period, according to a new report by Grand View Research, Inc. Increasing prevalence of chronic pain and technological advancements are driving the market growth. The rising prevalence of chronic diseases, coupled with the increasing geriatric population, across the globe is another major factor augmenting the market growth. A high preference for pain management devices over oral drugs and surgical interventions is also likely to be a key growth-driving factor for the market over the forecast period. The global market is expected to witness strong growth as a result of various technological advancements in this field.
The recent electrostimulation devices that are launching in the marketplace have advancements in the form of Microelectromechanical Systems (MEMS), Artificial Intelligence (AI), and machine learning applications. In September 2020, Boston Scientific launched WaveWriter Alpha Spinal Cord Stimulator Systems for personalized pain relief, in Europe. This would significantly expand the company’s portfolio. In February 2022, Boston Scientific Corp. closed the acquisition of Baylis Medical Company, Inc. This acquisition expanded Boston Scientific’s structural heart and electrophysiology product portfolios and included the radiofrequency NRG and VersaCross Transseptal Platforms and dilators used to support left heart access.
Moreover, cases of musculoskeletal disorders, such as arthritis, osteoarthritis, orthopedic degenerative disorders, and rheumatoid arthritis, are increasing at a significant rate. This has augmented the prevalence of chronic pain in these individuals and the inability to carry out routine tasks. For instance, according to the CDC, over 24.5% of adults in the U.S. were suffering from arthritis in 2020, making this the primary reason for work disability. Most of the elective surgeries were postponed or canceled during the COVID-19 pandemic to a rise in the exposure of the patients as well as the healthcare providers, which is expected to increase the demand for pain management devices. In August 2020, the U.S. FDA issued an Emergency Use Authorization (EUA) for the non-invasive vagus nerve stimulator to assist COVID-19 patients at home with asthma-related dyspnea.
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Pain Management Devices Market Report Highlights
In terms of revenue, the neurostimulation segment dominated the market in 2021 owing to the increasing prevalence of the neurological disorder
The radiofrequency ablation segment is expected to register the fastest CAGR over the forecast period owing to the high prevalence of chronic & CVDs and the preference for minimally-invasive surgeries
The neuropathic pain application segment dominated the market in 2021 due to the new product launches by industry players and the increasing prevalence of neuropathic pain
The cancer application segment is expected to register the fastest CAGR over the forecast period owing to the increasing product usage for cancer-related pain
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