Pain Management Devices Market Projected To Raise At USD 10.8 Billion By 2027

 San Francisco, 18 Dec 2020: The Report Pain Management Devices Market Size, Share & Trends Analysis Report By Product (Radiofrequency Ablation, Neurostimulation), By Application (Cancer, Neuropathic), By Region, And Segment Forecasts, 2020 - 2027

The global pain management devices market size is expected to reach USD 10.86 billion by 2027 registering a CAGR of 9.0%, according to a new report by Grand View Research, Inc. Increasing cases of chronic pain and technological advancement are driving the market growth. The rising prevalence of chronic diseases coupled with the increasing geriatric population across the globe is the major factor augmenting the growth of this market. Preference for pain management devices over oral drugs and surgical interventions is also likely to be a high impact rendering driver 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. Most of the elective surgeries were postponed or canceled during the Covid-19 pandemic to decrease 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

• The neurostimulation segment dominated the market with a share of over 57% in 2019 owing to the increased prevalence of neurological disorder
• The radiofrequency ablation segment is expected to show lucrative growth over the forecast period owing to growing prevalence of chronic and cardiovascular diseases and preference for minimally invasive surgeries
• Neuropathic pain dominated the application segment with a share of more than 30% in 2019 and will expand further at a steady CAGR from 2020 to 2027 due to rising cases of neuropathic pain and new product launches by the industry players
• The cancer application segment is expected to register the fastest growth over the forecast period owing to the increasing usage of pain management devices

List of Key Players of Pain Management Devices Market

• Smiths Medical
• Braun Melsungen AG
• Baxter
• Boston Scientific Corp.
• Colfax Corp.
• Medtronic Plc
• Nevro Corp.
• Abbott
• Stryker
• Omron Healthcare, Inc.
• Stimwave LLC

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