Dublin, July 02, 2021 (GLOBE NEWSWIRE) -- The "Global Pain Management Devices Market 2020-2026" report has been added to ResearchAndMarkets.com's offering.
The global pain management devices market is growing at a considerable CAGR of 7.3% during the forecast period (2021-2027). The increasing prevalence of chronic diseases along with the easy availability of technically advanced pain management devices in the market are the key factors to drive the growth of the global pain management devices market. Supportive reimbursement policies and adverse effects of pain medications are some other factors that are contributing to the growth of the market.
However, certain factors are affecting the growth of the market. The high cost of pain management devices, lack of awareness regarding the availability of pain management devices, insufficiency of a pain specialist in underdeveloped and some emerging economies are some key factors that may restrain the growth of the pain management devices market globally. New product development is a prevalent trend in the pain management devices market. For instance, In November 2019, NEVRO CORP. notified that it had obtained FDA approval for its Senza Omnia Spinal cord Stimulation System. This senza Omnia will provide HF10 therapy along with SCS frequencies as it is the first and only SCS system designed. The system could last for over 10 years with the full-body MRI approval along with the newly developed programmer that will support the physicians to provide a wider range of waveforms.
COVID-19 Impact on the Global Pain Management Devices Market
The pain management devices market is negatively impacted by the outbreak of COVID-19 in 2020 due to lockdown in major economies such as China, UK, Germany, Spain, Italy, and India. The global healthcare industry has been fighting against the COVID-19 pandemic and hence most of the care facilities were completely dedicated to COVID-19 patients. Further, lack of people visiting healthcare facilities/pain management clinics for pain management procedures in fear of infection, and on the other hand, social isolation has declined the demand for pain management devices across the globe.
The market is segmented based on applications and device type. Based on applications, the market is segmented into cancer pain, neuropathic pain, musculoskeletal pain, facial and migraine pain, other (Trauma). Further, based on the device type, the market is segmented into neurostimulators devices, analgesic infusion pumps, and ablation devices.
Global Pain Management Devices Market Share by Application, 2020 (%)
Based on application, the application of pain management devices to alleviate cancer-related pain is higher. The high prevalence of cancer across the globe along with its associated pain creates demand for such devices for pain alleviation. To reduce the pain which is generated due to nerve compression mainly due to the tumor compressing which had led to the increase in demand for devices related to pain management.
The global pain management devices market is analyzed based on the geographical regions that are contributing significantly towards the growth of the market. Based on the geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America held a major market share in the global pain management market in 2020. The high presence of the geriatric population which is more prone to such chronic pain related to chronic diseases, high adoption of pain management devices, easy accessibility to well-developed infrastructure for health, and favorable reimbursement policies of the region are the key contributors to the high share of the regional market.
Asia-Pacific region is expected to witness significant growth in the market during the forecast period (2021-2027). The growing development related to improvement in health care infrastructure, growing reforms in healthcare along increase adoption of products related to pain management devices. Further, investment in R&D for new advanced technology development, the presence of a large patient pool, and increasing healthcare expenditure among others are some potential factors to drive the growth of the regional market.
Market Players Outlook
Abbott Laboratories, B. Braun Melsungen AG, Johnson & Johnson Services, Inc., Medtronic, NEVRO Corp., and Pfizer Inc. are some key players operating the global pain management devices market. To survive in the market, these players adopt different marketing strategies such as product launches.
In August 2020, Medtronic PLC had received US FDA approval for Inter Stim Micro neurostimulator for sacral neuromodulation (SNM) therapy in the US. The first patient implant in the US was done by Cleveland clinic with the support of a new device. The SNM therapy provides control of symptoms through direct modulation of nerve activity along with communication in a normal manner between the bladder and the brain.
In June 2020, Mainstay Medical had received FDA approval for bringing of its ReActiv8 neurostimulator for conveying the causes of back pain. The ReActiv8 stimulates the multifidus muscles that lie next to the spine and it supports in stabilizing the nearby joints, as due to injury or diseases its control is often lost. With this, it helps in reactivating the muscle through an approach that will strengthen the muscles along with supporting the spine and reducing the pain. Further, this therapy could be taken by the patients themselves at home, and over a period it strengthens the multifidus muscle and the closed-loop of injury-causing muscle weakness, and then injury is broken.
The Report Covers
Market value data analysis of 2020 and forecast to 2027.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global pain management devices market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where in the market.
Key Topics Covered:
1. Report Summary
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
3. Competitive Landscape
3.1. Key Company Analysis
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.1.4. Recent Developments
3.2. Key Strategy Analysis
3.3. Impact of COVID-19 on Key Players
4. Market Determinants
5. Market Segmentation
5.1. Global Pain Management Devices Market by Application
5.1.1. Cancer Pain
5.1.2. Neuropathic Pain
5.1.3. Musculoskeletal Pain
5.1.4. Facial and Migraine Pain
5.1.5. Others (Trauma)
5.2. Global Pain Management Devices Market by Device Type
5.2.1. Neurostimulators Devices
220.127.116.11. Spinal cord stimulators
18.104.22.168. Sacral nerve stimulators
22.214.171.124. Deep brain stimulators
5.2.2. Analgesic Infusion Pumps
5.2.3. Ablation Devices
126.96.36.199. Radiofrequency ablation devices
188.8.131.52. Cryoablation devices
6. Regional Analysis
6.1. North America
6.1.1. United States
6.2.6. Rest of Europe
6.3.4. South Korea
6.3.5. Rest of Asia-Pacific
6.4. Rest of the World
7. Company Profiles
7.1. B. Braun Melsungen AG
7.2. Baxter International Inc.
7.3. Becton, Dickinson, and Co.
7.4. Bio-Medical Research Ltd.
7.5. Boston Scientific Corp.
7.6. Codman & Shurtleff, Inc.
7.7. DJO Global LLC
7.8. Halyard Health Inc. (Avanos Corp.)
7.9. Medtronic PLC
7.10. Pain Management Technologies Inc. (MeyerDC).
7.11. Smiths Medical, Inc.
7.12. St. Jude Medical, Inc.
7.13. Stryker Corp.
7.14. Theragen LLC
7.15. Nevro Corp.
7.16. Bio Electronic Corp.
7.17. ICU Medical
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