Rise in prevalence of chronic disease, surge in geriatric population, and increase in adoption of pain management devices drive the growth of the global pain management devices market. However, preferable use of medications for pain management hampers the market growth. On the contrary, growth opportunities in emerging markets are expected to create lucrative opportunities in the industry.
The global pain management devices market was valued at $3,689.20 million in 2020, and is projected to reach $5,767.69 million by 2028, registering a CAGR of 6.3% from 2021 to 2028.
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Covid-19 Scenario:
- Many clinics and pain management services were open to the public for a limited period to avoid cross-contamination. A lot of hospitals & clinics have witnessed a considerable drop in the number of patient visits.
- Most of the chronic pain facilities were considered non-urgent. Outpatient and elective interventional procedures were stopped or limited during the Covid-19 pandemic to minimize client contact and the spread of the virus.
- Owing to considerable rise in Covid-infected patients in hospitals, the staff was allocated to take care of patients in Covid wards. This reduced the manpower for pain management services.
The growth of the pain management devices market is attributed to increase in prevalence of chronic pain across the globe. Furthermore, surge in awareness of pain management devices, launch of innovative products, and rise in adoption of pain management devices are the other factors that contribute to the growth of the market
Key Findings Of The Study
- By type, the neuromodulation & neurostimulation devices segment held largest share in the global market in 2020.
- On the basis of application, the neuropathic pain segment held largest share in the global market in 2020.
- Region wise, Asia-Pacific is expected to experience growth at the highest rate during the forecast period.
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The key players profiled in this report include Abbott Laboratories, B Braun Melsungen AG, Baxter International Inc., Boston Scientific Corp., DJO Global LLC., Johnson & Johnson (Codman And Shurtleff, Inc.,), Kimberly Clark Corporation, Medtronic Plc., Pfizer, Inc., and Stryker Corp.
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