Pain management devices are utilized for treating both acute and chronic pain among patients with a variety of medical conditions, including musculoskeletal disorders, neurological disorders, and cancer. These devices restore patients’ ability to perform daily activities, reduce the demand for oral medicine, and enhance their life quality. The percentage of surgical procedures performed around the world has risen significantly over the years. This can be attributed to an ageing population as well as an increase in the prevalence of obesity and other lifestyle diseases.
Obesity is a major contributor to orthopedic and cardiovascular diseases. The primary application area for infusion pumps is analgesia or pain management. Infusion pumps are also commonly used for general anesthesia and narcotic analgesic administration following bariatric surgery, laparoscopic cholecystectomy, and cardiothoracic surgery.
North America stands dominant for the pain management devices market on account of the presence of well-established medical infrastructure, coupled with major advancements in pain management and interminable ailments. High prevalence of diseases related to obesity will also promote growth. Additionally, the advent of cutting-edge innovative technologies for medical use in diagnostics or therapy will further help this region continue to dominate the market in the near future.
The increasing prevalence of trauma, neurological diseases, arthritis, and cancer are contributing significantly to the sales growth of the pain management device market. The introduction of advanced healthcare facilities and an increase in the number of hospitals worldwide will also create revenue generation opportunities for the pain management device market in the near future. Besides this, the rising prevalence of sports-related injuries and lifestyle-related diseases is propelling the growth as well. Furthermore, the presence of a large patient pool, coupled with the adverse effects of pain medications, and the high proven performance of pain management devices are likely to serve as the emerging trends in the global pain management devices market.
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However, factors such as the absence of pain clinics in several underdeveloped and emerging countries, and the scarcity of pain management specialists in healthcare setups and hospitals may pose significant challenges to the overall growth of this market. In addition to this, the presence of an unaware patient pool, the unavailability of pain management devices, and the lack of government support in most emerging and underdeveloped economies may also cause major hindrances to the overall growth of the market besides the high cost of pain management devices.
Fierce Competition among Players will Bode Well for Future Revenue Generation
In the global pain management devices market, there is a notable presence of players. The global pain management devices market is defined by fierce competition among players. Many market participants are competing for the top position to strengthen their brand presence. As a result, they are focusing on releasing various types and executive devices with novel advancements in order to remain competitive in the global market. A few notable players are focusing on expanding their portfolio in order to consolidate their offers in the global market. In the coming years, rapidly increasing speculations on groundbreaking research exercises are likely to fuel the power of competition among leading players in the pain management devices market.
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Few other players are engaging in new product development and innovation for different pain management problems to ensure they enhance their brand name in the market competition. For instance, NeuraLace Medical, Inc., a company dealing with medical devices, declared in May 2021 that the first patient had been enrolled in the AXON-RCT U.S. Axon Therapy helps to relieve severe nerve pain by supplying continuous and focused magnetic pulses that further activate the peripheral nerve axons which have been damaged. Some of the key players of the global pain management devices market include Microtransponde, Avanos Medical Inc., B. Braun Melsungen AG, Stryker Corporation, Medtronic Plc., DJO Global Inc., Boston Scientific Corporation, Bio-Medical Research (BMR) Ltd., Baxter International Inc., and others.