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Pain Management Devices Market Business Opportunity 2020 to 2027 – Leading players Hospira, Halyard Health, Medtronic , Neurotech , Nevro Corp

Pain management devices are used for managing or controlling the pain caused due to medical conditions like arthritis, injury, cancer, and others. Devices for pain management are used according to the severity of the pain, these devices are widely used in hospitals during the pain management therapy. The global pain management devices market is driven by factors such as increasing chronic pain incidences, rising product launches, and growing geriatric population. However, lack of awareness regarding pain management is likely to hinder the growth of the pain management devices market during the forecast period.

The pain management devices market is expected to reach US$ 8,388.67 million in 2027 from US$ 4,527.31 million in 2019. The market is estimated to grow with a CAGR of 8.1% from 2020 to 2027.

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Medtronic plc, ST. Jude Medical, Inc., Boston Scientific Corporation, Hospira, Inc., Halyard Health, Inc, Smiths Medical, B. Braun Melsungen AG, Neurotech NA, Inc., BD, and Nevro Corp. are among the leading companies operating in the pain management devices market.

Based on the type, the global pain management devices market is segmented into neuromodulation devices, ablation devices, and analgesic infusion pumps. The neuromodulation devices segment held the largest share of the market in 2019; however, the ablation devices segment is estimated to register the highest CAGR in the market during the forecast period. Growing demand for minimally invasive surgeries and product developments by the market players are likely to enhance the market growth of the segment during the forecast period. In February 2019, Medtronic received FDA approval and launched its Accurian radiofrequency ablation system for treatment of chronic pain in the US. Based on application, the pain management devices market is segmented into neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, and others.

The incidences of chronic pain are commonly seen among athletes, sportspersons, and people living with past injuries. The chronic pain incidences increase the dependency of a person on others for various daily activities. Therefore, pain management is essential to carry out normal daily routine. The pain management devices provide relief for longer durations and also improve their health. A wearable pain management device is easy to use and operate; thus, it reduces the person’s dependency on others. Therefore, owing to the advantages of pain management devices, the demand for the same is rising among patients with chronic diseases.

Application Insights

Based on application, the pain management devices market is segmented into production neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, and others. The neuropathic pain segment held the largest share of the market in 2019; however, the musculoskeletal pain segment is estimated to register the highest CAGR in the market during the forecast period.

Strategic Insights

Product launches and FDA approval strategies are commonly adopted by companies to expand their footprint and product portfolio worldwide in order to meet the growing demand. The market players operating in the pain management devices market adopt the strategy of collaborations to enlarge customer base across the world, which also permits the players to maintain their brand name globally.

Global Pain Management Devices Market – By Product Type

  • Neuromodulation Devices
    • Transcutaneous Electrical Nerve Stimulation (TENS) Devices
    • Spinal Cord Stimulation (SCS) Devices
  • Ablation Devices
    • Radiofrequency Ablation Devices
    • Cryoablation Devices
  • Analgesic Infusion Pumps
    • Intrathecal Infusion Pumps
  • External Infusion Pumps

Global Pain Management Devices Market – By Application

  • Neuropathic Pain
  • Cancer Pain
  • Facial Pain and Migraine
  • Musculoskeletal Pain
  • Others

Application Insights

Based on application, the pain management devices market is segmented into production neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, and others. The neuropathic pain segment held the largest share of the market in 2019; however, the musculoskeletal pain segment is estimated to register the highest CAGR in the market during the forecast period.

Strategic Insights

Product launches and FDA approval strategies are commonly adopted by companies to expand their footprint and product portfolio worldwide in order to meet the growing demand. The market players operating in the pain management devices market adopt the strategy of collaborations to enlarge customer base across the world, which also permits the players to maintain their brand name globally.

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