Pain Management Devices Market is Expected to Exhibit 13.8% CAGR till 2026
The global Pain Management Devices Market size is expected to reach USD 14.55 billion by 2026 registering a CAGR of 13.8%, according to a new study by Grand View Research, Inc. Rising prevalence of diabetes coupled with increasing geriatric population base 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 growth over the forecast period. The global market is expected to witness exuberant growth as a result of various technological advancements in this field.
These advancements include the advent of products, such as electrode-based wearable automatic transcutaneous electrical nerve stimulator devices, which provide peripheral pain management in a 60-minute run cycle. North America was the largest regional market in 2018 and held around half of the global revenue share owing to the increased number of people affiliated with pain requiring management devices. The region is expected to maintain its dominance throughout the forecast years on account of presence of sophisticated healthcare infrastructure and rising adoption of pain management equipment by healthcare professionals and patients over conventional treatment therapies.
To request a sample copy or view summary of this report, click the link below:
Further key findings from the study suggest:
- Neurostimulation devices segment led the global market accounting for a revenue share of more than 50% in 2018 on account of extensive usage of these devices in chronic pain management
- The segment will maintain its dominance over the forecast period as these devices have higher preference over traditional technologies due to their higher efficiency, in terms of providing relief for a longer duration
- Radiofrequency ablation device segment is expected to witness the highest CAGR from 2019 to 2026. Rising usage of these devices to cure cancer is the major factor driving their growth
- Long-term relief provided from the cancer pain by these devices is also a high impact rendering driver for this segment
- These devices are also analyzed on the basis of their applications in cancer pain, neuropathy pain, facial pain & migraine, musculoskeletal diseases, and trauma pain
- Key companies in the global pain management devices market include B Braun Melsungen AG.; Baxter International, Inc.; Boston Scientific Corp.; Codman and Shurtleff; DJO Global LLC; Pfizer, Inc.; Medtronic Plc; Smiths Medical; Stryker Corp.; and St. Jude Medical