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The Global Pain Management Devices Market will expand considerably due to recent technological advancements, aimed at increasing product feasibility. According to a report published by Fortune Business Insights, titled “Pain Management Devices: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 3,922.9 Mn in 2018. Fortune Business Insights states that the market will reach US$ 8,046.3 Mn by 2026, exhibiting a CAGR of 9.4%.
Pain management devices are used to eliminate or minimize pain caused due to chronic disorders. Technological advancements have aided the operational efficacies of these devices which has resulted in a rising uptake around the world. The growing adoption of neuromodulation is a result of its widespread applications in regulating nerve activities by inducing an electrical pulse within. The pain management device for the back has been a breakthrough concept wherein orthopaedic pain is significantly reduced through these devices. There has been a huge demand for non-invasive or minimally-invasive devices to reduce chronic and other pain. The pain management market companies have identified this need and are focusing on developing devices with better feasibility, aimed at eliminating chronic pain without any incision. Recent technological developments such as implanted pain management devices have contributed to significant growth. Additionally, the advent of wearable pain management devices has led to an increase in the global pain management market value.
Neuromodulation Segment to Witness Considerable Growth
The report segments the global pain management devices market based on several factors such as product type, application, end user, and regional demographics. The report highlights a few of the leading entities in the respective segments. Among the several product types that currently exist in the market, Fortune Business Insights predicts that the neuromodulation segment will witness considerable growth in the coming years. The emphasis on neuromodulation devices is comparatively high, as they are associated with neural disorders. Other functions of neuromodulation devices include spinal cord stimulation and dorsal ganglion stimulation. The neuromodulation segment accounted for an approximate 73.6% of the global market share in 2018. The pain management devices industry showcases a host of technologically advanced product types, which in turn have a direct positive impact on the global market.
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Growing Adoption of Pain Management Devices to Favor Growth of Market in North America
The increasing adoption of pain management devices will favour the growth of the pain management devices market in North America. In addition to the rising uptake for these devices, increasing per capita income and the increasing demand for drug-free therapeutic procedures will favor the growth of the regional market. Furthermore, the high prevalence of chronic diseases will offer a massive platform for the growth of pain management devices in this region. Fortune Business Insights states that the pain management devices market in North America was valued at US$ 3,032.0 Mn in 2018 and is likely to expand in the coming years. Having said that, Asia Pacific is likely to witness considerable growth due to the developing healthcare infrastructure and increasing awareness regarding the benefits of electrical stimulation devices in this region.
Fortune Business Insights profiles some of the leading companies that are operating in the global pain management devices market. The report signifies the importance of the strategies adopted by leading pain management devices market companies. A few of the leading companies that are currently operating in the market are Medtronic, Boston Scientific Corporation, LivaNova, Abbott, DJO Global LLC, SPR Therapeutics, and Nevro Corp.
The global pain management devices market is segmented based on:
By Product Type
By End User