Pain Management Devices Market Is Estimated To Generate $9.3 Billion By 2026

The global pain management devices market size is expected to reach USD 9.3 billion by 2026 registering a CAGR of 7.6%, 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 over the forecast period.

The global market is expected to witness strong 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 stimulators, which provide peripheral pain management in a 60-minute run cycle.

Neurostimulation devices are more efficient than traditional methods as they show a sustained reduction in pain. Additionally, traditional therapy involves intake of medicines that could result in many adverse effects. Such equipment is widely used to manage neuropathic pain as spinal cord stimulators yield the best results. Moreover, these devices offer a customized level of stimulation depending on the activities undertaken by the patient in a day.

North America was the largest regional market in 2018 and held around half of the global revenue owing to the increased number of people affiliated with pain and thereby 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 advanced equipment by healthcare professionals and patients over conventional treatment therapies.

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Further key findings from the study suggest: 

• By product, neurostimulation led the global market in 2018, accounting for a revenue share of more than 60.0%. These devices have higher preference over traditional technologies due to their higher efficiency in terms of providing relief for a longer duration
• The radiofrequency ablation 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 adoption. Long-term relief from cancer pain is also a high impact rendering driver for this segment
• 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 Medica.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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