According to the current analysis of Reports and Data, the global Pain Relief Devices Market was valued at USD 5,864.4 Million in 2020 and is expected to reach USD 10.18 Billion by the year 2028, at a CAGR of 7.1%. Management of ache by stimulating the nerve is an alternative to surgery and medication or a way to improve the outcome of surgery or medication. Electrical stimulation can be used at home and in therapy to monitor and reduce ache in many areas of the body. Devices such as analgesia infusion pumps, transcutaneous electrical nerve stimulators, radiofrequency ablators, and neuro-stimulators are several types of Pain Relief Devices. The target market is anticipated to witness strong growth due to advancements in wearable Pain Relief Devices, chronic ache issues.
The demand for radiofrequency ablation devices and other pain management electrical devices is expected to rise due to an increase in chronic ache conditions as well as the rising geriatric population globally. Other factors such as the high effectiveness of ache management tools for chronic ache, increased incidence of lifestyle-related chronic diseases, increased geriatric population, and the long-term demand for effective pain management solutions will propel the growth of this industry. However, the low awareness levels among people for Pain Relief Devices and the lack or absence of skilled physicians is anticipated to impede the growth of the industry.
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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, the growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. A combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription has significantly contributed to the revenue growth of the market.
Further key findings from the report suggest:
- Ablation Devices product type segment is expected to grow with a CAGR of 7.8% during the forecast period. Electrical Stimulators remains the chief revenue generating product segment in global Pain Management Device market.
- The lack of awareness about the presence and accuracy of invasive, non-invasive or minimally invasive medical tools for ache relief or management in the past caused an increase number of chronic ache cases, which deteriorated due to the ache been untreated.
- Cryotherapy is the standard practice in see-and-treat services in middle and low-income countries for treating patients with cervical precancer. However, due to logistical difficulties with cryotherapy (e.g. cost, necessity, and supply chain difficulties of refrigerant gas; duration of treatment and failure of equipment), a portable and lightweight battery-operated thermal ablator has been developed.
- Minimally invasive neurostimulators provide directly selected nerve fibers with significantly low-level electrical signals. Stimulating these nerve fibers removes the signals of ache sent to the brain and replaces the ache with a feeling of tingling.
- BioElectronics Corporation, a leading company in this domain, launched a product called ActiPatch in 2016 which has application in the treatment of prolonged pain from rheumatoid arthritis, osteoarthritis, shingles, sports injuries, fibromyalgia, neuropathy, and post-surgical pain. Also, people using ActiPatch do not have the sensation of any heat, vibration or tingling unlike other products in the market, according to Ken McLeod, Director of Clinical Science and Engineering at Binghamton University.
- Reduced costs and increased reliability on Pain Relief Devices has allowed the target market to flourish in healthcare applications for various chronic medical conditions.
- North America remains the major revenue generating geographical segment in Pain Management Device market. The geographical segment accounted for USD 2.18 billion in 2020. In line with this availability of research funding from private and public sources, availability of state-of-art technologies, presence of key market players in the region, favorable reimbursements, rising focus on effective ache managing medical tools, and rising awareness about the same, are among the key factors driving the market growth for Pain Management Device in this region.
Reports and Data utilizes a unique approach to research to offer a comprehensive overview of the global Pain Relief Devices Market to offer insights into investment opportunities for stakeholders, investors, clients, and businesses to make informed decisions. The report includes SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis to offer a better understanding of the market scenario.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
St. Jude Medical, Inc. (subsidiary of Abbott), Medtronic, Boston Scientific Corporation, Hospira, Inc. (subsidiary of Pfizer Inc.), B. Braun Melsungen AG, Smiths Medical, Halyard Health, Inc., Nevro Corp., and Bio-Medical Research Ltd.
Pain Relief Devices Market Segmentation:
Product Outlook (Revenue in Million USD; 2020–2028)
- Electrical Stimulators
- Transcutaneous Electrical Nerve Stimulators (TENS)
- Trigeminal Nerve Stimulation (TNS)
- Transcranial Magnetic Stimulation
- Combination Devices
- Ablation Devices
- Cryoablation Devices
- Radiofrequency Ablation Devices
- Epicardial Ablation
- Analgesics Infusion Pumps
- Intrathecal Infusion Pumps
- External Infusion Pumps
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Sacral Neurostimulators
Application Outlook (Revenue in Million USD; 2020–2028)
- Neuropathic Pain
- Facial & Migraine
- Musculoskeletal Disorders
End User Outlook (Revenue in Million USD; 2020–2028)
- Physiotherapy Centers
- Hospitals and Clinics
- Ambulatory Surgical Centers
Mode of Purchase Outlook (Revenue in Million USD; 2020–2028)
- Over-the-counter Devices
- Prescription-based Devices
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Pain Relief Devices market over the forecast period?
- What are the major factors driving the growth of the Global Pain Relief Devices Market?
- What are the key challenges impacting the global Pain Relief Devices market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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