Pain Management Devices Industry Updates And Future Growth Opportunities — Healthcaretrends

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Pain Management Devices Industry Updates and Future Growth Opportunities
Pain Management Devices Market growing due to need to expanding patient population, growing demand for long-term pain management among the geriatric population, and increasing preference for pain management devices owing to the adverse effects of pain medications on patients. Furthermore, factors such as high proven efficacy of pain management devices for the treatment of chronic pain, development of novel pain management devices, and established reimbursement scenario for SCS devices in developed countries are also fueling market growth.
Currently, Pain Management Devices Market is growing at a Compound Annual Growth Rate (CAGR) of 8.6% to reach USD 3.3 billion by 2026. are used to manage chronic and acute pain in patients suffering from various types of disease conditions, such as cancer, neurological disorders, and musculoskeletal disorders, among others. These devices restore the ability to do everyday activities, ...
... decrease the need for oral pain medications, and improve the quality of life of patients suffering from these conditions. However, product recalls and high procedural costs likely to challenge market growth in the coming years.
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Growth Drivers

Expanding patient population
Growing demand for long-term pain management among the geriatric population
Increasing preference for pain management devices owing to the adverse effects of pain medications on patients

Growth Opportunities

High growth opportunities in emerging countries
Expanding base of pain management clinics/centers across the globe
Use of pain medications as the first line of treatment for pain management

Challenges
High procedural and purchase cost of pain management devices
Restraints
Product recalls
The prominent players operating in the Pain Management Devices Market are
Medtronic PLC (Ireland), Boston Scientific (US), Abbott (US), Becton, Dickinson and Company (US), Baxter International (US), B. Braun Melsungen AG (Germany), Stryker (US)
Medtronic is the leading player in the pain management devices market. The company, as part of its marketing and sales strategy, focuses on rapid and cost-effective product delivery to its global customers. Additionally, the company maintains strong relationships with physicians and providers to gain a detailed understanding of their requirements. The company has gained a major share in the neuromodulation market because of its diversified product portfolio, widespread geographical presence, focus on inorganic growth strategies, strong focus on R&D, and aggressive marketing and sales strategies.
Boston Scientific is one of the key players in the pain management devices market. Through its Rhythm Management segment, the company provides neuromodulation products, such as rechargeable spinal cord stimulators and microstimulators for managing neuropathic pain. Moreover, Boston Scientific has a strong geographic presence in more than 40 countries globally. The company markets and distributes its products to ~13,000 hospitals, clinics, outpatient facilities, and medical offices in over 100 countries worldwide.
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North American pain management devices market to dominate the market
North America has been among the frontrunners in developing pain management devices services in the healthcare industry. The pain management devices market in the US is expected to offer growth opportunities in the coming years owing to the increasing incorporation of pain management devices in the ambulatory care centers.
Largest Share Segments
Neurostimulation devices to register the highest share in the type market. Neuropathic pain to hold the largest segment of the market.

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