Pain Management Devices Market to Surpass 14.1 Billion by 2030 Drives Due to Rising Prevalence of Lifestyle-Related Diseases
SkyQuest projects that the pain management devices market will attain a value of USD 14.1 billion by 2030, with a CAGR of 9.3% over the forecast period (2023-2030). The pain management devices market is poised for significant expansion, primarily driven by the escalating incidence of chronic diseases. The rising prevalence of lifestyle-related diseases such as diabetes and obesity take center stage among the pivotal factors contributing to this growth.
Westford,USA, Jan. 10, 2024 (GLOBE NEWSWIRE) — According to SkyQuest, the pain management devices market is poised for substantial growth, driven by the escalating prevalence of chronic health conditions. Among the primary factors propelling this growth is the rising incidence of lifestyle-related diseases, particularly diabetes and obesity. The demand for nerve and muscle stimulators has surged as these chronic conditions become increasingly prevalent worldwide.
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Browse in-depth TOC on the “Pain Management Devices Market”
- Pages – 157
- Tables – 67
- Figures – 75
The prevalence of musculoskeletal conditions such as arthritis, osteoarthritis, orthopedic degenerative illnesses, and rheumatoid arthritis is experiencing a sharp and concerning increase. This surge in musculoskeletal disorders has led to a growing population grappling with chronic discomfort and limitations in performing everyday tasks in the pain management devices market.
Prominent Players in Pain Management Devices Market
- Abbott Laboratories
- Medtronic
- Boston Scientific
- Pfizer
- Johnson & Johnson
- Nevro Corporation
- Baxter International
- St. Jude Medical
- B. Braun Melsungen AG
- Smiths Medical
- Hospira
- Endo International
- Djo Global
- Halyard Health
- Stryker Corporation
- NeuroMetrix
- Avanos Medical
- NIPRO Corporation
- Terumo Corporation
- Stimwave Technologies
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Neuropathic Pain Segment is Expected to Dominate the Market Due to the Growing Neuropathic Pain Management
Neuropathic pain category emerged as the dominant player, commanding a significant pain management devices market share of approximately 31.5%. This noteworthy position can be attributed to a combination of key factors. The target demographic for neuropathic pain management is steadily expanding, encompassing a broader range of individuals suffering from neuropathic conditions.
The market in North America has established itself as a dominant force in the pain management devices market, boasting a substantial revenue share exceeding 46.00%. This commanding presence is primarily attributed to the region’s robust and favorable healthcare infrastructure, which makes it exceptionally accessible for healthcare providers to acquire state-of-the-art pain management equipment.
Cancer Segment is Expected to Grow the Market Due to Burgeoning Demand for Products
The cancer segment is poised to exhibit the swiftest CAGR throughout the pain management devices market forecast period. This surge in growth is propelled by a burgeoning demand for products designed to alleviate the excruciating pain associated with nerve compression, a condition primarily induced by tumor compression and other factors contingent on the progression of cancer.
Regional markets in the Asia Pacific region are poised to witness the most rapid market growth in the pain management devices market throughout the forecast period. This remarkable expansion can be attributed to significant investments in research and development (R&D) that have yielded technologically advanced healthcare treatment options.
A comprehensive analysis of the major players in the pain management devices market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Pain Management Devices Market
- In 2022, Coach Care and NXTSTIM made a significant stride in the healthcare industry by collaborating to introduce the world’s first commercial remote patient monitoring (RPM) and wellness surveillance device designed for pain management. This innovative partnership brings together the expertise of Coach Care in remote patient monitoring and NXTSTIM’s cutting-edge technology to address the critical need for effective pain management solutions.
- Boston Scientific Corporation recently introduced the WaveWriter Alpha, a comprehensive Spinal Cord Stimulator (SCS) system portfolio. This groundbreaking offering revolutionizes pain management by providing a range of therapy options tailored to each patient’s specific needs.
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Key Questions Answered in Pain Management Devices Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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