Pain Management Devices Market Is Likely To Up Demand At A USD 14.14 Billion By 2030


 San Francisco, 30 May 2024: The Report Pain Management Devices Market Size, Share & Trends Analysis Report By Application (Neuropathic, Cancer), By Product (RFA, Neurostimulation), By Region (North America, Asia Pacific), And Segment Forecasts, 2023 - 2030

The global pain managemPain Management Devices market size is expected to reach USD 14.14 billion by 2030, registering a CAGR of 9.5% over the forecast period, according to a new report by Grand View Research, Inc. The market is experiencing growth due to the rising prevalence of chronic diseases and the expanding elderly population worldwide. The preference for pain managemPain Management Devices as an alternative to surgical procedures and oral medications is also expected to drive market growth significantly. Technological advancements in the field, particularly in electrostimulation devices, incorporating Artificial Intelligence (AI), Microelectromechanical Systems (MEMS), and Machine Learning(ML) applications are contributing to the market growth.

Furthermore, there is a rising incidence of musculoskeletal disorders, including osteoarthritis, arthritis, rheumatoid arthritis, and degenerative orthopedic conditions. This rise in cases has led to an increased impact on individuals’ ability to perform daily activities and a higher prevalence of chronic pain among this population. For instance, according to the Global RA Network, over 350 million individuals had arthritis worldwide in 2021. Furthermore, technological advancements are anticipated to drive further growth. For instance, in October 2022, Nevro Corp., a medical device organization, revealed that it had obtained permission from the FDA, a federal agency of the Department of Health and Human Services, for the Senza HFX iQ Spinal Cord Stimulation (SCS) system.

It is a system that utilizes Artificial Intelligence (AI) to maintain and optimize pain alleviation by utilizing each patient's response. This would significantly expand the company’s portfolio. Moreover, the company started the U.S. full market launch of the SCS system in March 2023. Many elective surgeries were canceled or postponed during the COVID-19 pandemic to reduce the exposure of the patients as well as the healthcare providers, which is anticipated to augment the need for pain management devices. In July 2020, the U.S. Food and Drugs Authority permitted an Emergency Use Authorization (EUA) for the electroCore- a non-invasive vagus nerve stimulator to help COVID-19 patients at home with asthma-related problems.

Access Research Report of Pain ManagemPain Management Devices Market @ https://www.grandviewresearch.com/industry-analysis/pain-management-devices-market

Pain ManagemPain Management Devices Market Report Highlights

  • In terms of revenue, the neurostimulation segment held the largest share of 57.7% in 2022 due to the rising prevalence of neurological illnesses
  • The radiofrequency ablation segment is anticipated to exhibit the fastest growth over the forecast period due to the increasing prevalence of cardiovascular & chronic conditions and the rising shift toward minimally invasive surgeries
  • The neuropathic pain segment held the largest revenue share of 31.9% in 2022 due to the high prevalence of neuropathic pain and the latest product launches by players in the industry
  • The cancer segment is projected to showcase lucrative growth over the forecast period due to the growing usage of pain managemPain Management Devices to alleviate pain associated with cancer

Pain ManagemPain Management Devices Market Report Scope

Report Attribute

Details

The market size value in 2023

USD 7.49 billion

The revenue forecast in 2030

USD 14.14 billion

Growth rate

CAGR of 9.5% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

List of Key Players of Pain ManagemPain Management Devices Market

  • B Braun Melsungen AG
  • Baxter
  • Boston Scientific Corp.
  • Nevro Corp.
  • Enovis
  • OMRON Healthcare, Inc.
  • Medtronic
  • ICU Medical, Inc.
  • Abbott
  • Stryker
  • Stimwave LLC

Access Press Release of Pain ManagemPain Management Devices Market @ https://www.grandviewresearch.com/press-release/global-pain-management-devices-market

 

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