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Pain Management Devices And Therapies Global Market Report 2022
Major players in the pain management devices and therapies market are Abbott Laboratories, AstraZeneca, Pfizer, Boston Scientific Corporation, GlaxoSmithKline PLC, Teva Pharmaceutical Industries Ltd, Medtronic PLC, Novartis AG, Baxter International Inc, and Johnson & Johnson.
New York, May 27, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pain Management Devices And Therapies Global Market Report 2022" - https://www.reportlinker.com/p06280840/?utm_source=GNW
The global pain management devices and therapies market is expected to grow from $3.72 billion in 2021 to $4.01 billion in 2022 at a compound annual growth rate (CAGR) of 7.8%. The market is expected to grow to $5.75 billion in 2026 at a compound annual growth rate (CAGR) of 9.4%.
The pain management devices and therapies market consist of sales of pain management devices and therapies to manage chronic and critical pain in patients suffering from various conditions, such as cancer and neurological disorder. These are mainly used for spinal cord stimulation, sacral nerve stimulators, and deep brain stimulation.
The main types of pain management devices and therapies are electrical stimulators, ablation devices, neurostimulators, and analgesic pumps.The various electrical stimulation devices include transcutaneous electrical nerve stimulation (TENS) devices, neuromuscular electrical stimulation (NMES/EMS) devices, combination devices, electrotherapy devices, and TNS, ablation devices include radiofrequency ablation devices, and cryoablation devices and neurostimulation devices including spinal cord stimulation (SCS) devices, deep brain stimulation devices, vagus nerve stimulation devices, and sacral nerve stimulation devices.
The analgesic infusion pumps covered in this market are intrathecal infusion pumps, and external infusion pumps that are used for neuropathic pain, cancer pain, facial & migraine pain, musculoskeletal pain, and trauma applications.
An increase in demand for pain management devices due rise in chronic diseases is driving the growth of the pain management devices and therapies market.Chronic diseases such as cancer, heart stroke often lead to unbearable pain in patients and thus creating a demand for pain management drugs and therapies.
Chronic diseases persist over a long period and deteriorate the health of the patient.As reported in an article by the Brazilian Journal of Nephrology, around 60% of patients with chronic kidney disease reported pain of any kind of intensity, which required pain management drugs.
Similarly, according to a report in the ’US National Library of Medicine, approximately 45% or 133 million of all Americans suffered from at least one chronic disease.It is also stated that more than two-thirds of all deaths are due to one of the chronic illnesses, which included coronary heart sickness, cancer, stroke, persistent obstructive pulmonary disease, and diabetes.
This rise in chronic diseases is increasing the demand for pain management devices and therapies and driving the market.
The availability of other alternatives to manage pain is restraining the growth of the pain management devices and therapies market. Alternatives treatment methods such as acupuncture, Marijuana treatment, dietary supplements, vitamins, etc. are being used instead of expensive pain relief devices and equipment. These alternative treatments may help with pain from bad backs, osteoarthritis, and headaches. For instance, the use of acupuncture works well for pain caused by many conditions, including fibromyalgia, osteoarthritis, back injuries, and sports injuries. Acupuncture is an ancient Chinese treatment that involves inserting thin pins through a person’s skin at specific points on the body. Acupuncture comes with no prominent side effects and costs less compared to devices and equipment used to control pain. This rise in the use of alternative treatment methods is affecting the sales of pain management devices and therapies, and limiting the growth of the market.
Companies in the pain management devices and therapies industry are focusing on the use of advanced technologies to cure chronic and acute pain without the use of any opioids (drugs).Special pain relief wearable devices are being developed by several companies that can be controlled manually or through a smartphone.
These devices work by gathering neural pulses from the brain which triggers the release of the body’s natural pain blocker.Thus, the devices electrically stimulate the nervous system and increase the body’s resistance to pain.
Companies such as NeuroMetrix, Sana, Oska wellness have introduced various types of wearable devices, ranging from a wearable mask, knee band, wrist band, etc. FDA has approved these devices as OTC (over-the-counter), which can be bought without a prescription.
USFDA has defined the Pain Management Devices in section 882 under the medical devices market, under subchapter-H in Code of Federal Regulations (Title 21).Under these regulations, FDA requires the device manufacturers to register and list their devices with FDA and to follow general control requirements related to labeling, packaging, performance standards, and pre-market approval.
To apply for premarket approval by FDA, the manufacturer is required to submit a premarket approval application that should include evidence providing reasonable assurance that the device is safe and effective. As per the FDA rule, the manufacturer can also submit a 510(k) notification demonstrating that the device is substantially equivalent to a device already on the market (a predicate device) that does not require a PMA.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the pain management devices and therapies market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06280840/?utm_source=GNW
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