The global pain management devices market is estimated to grow from $7.94 billion in 2024 to $13.32 billion by 2035, at a CAGR of 4.8% during the forecast period, till 2035.
During our research, we were able to identify more than 30 leading players that are engaged in the pain management devices market. Majority of the leading players (80%) engaged in pain management devices market are based in North America. Also, the market is currently dominated by the presence of small players (29%), while the rest of the market landscape is fragmented between mid-sized, large and very large players. Notable examples of leading players engaged in pain management devices market include (in alphabetical order) Abbott, Avanos Medical, Becton, Dickinson and Company, and Nevro.
It is worth highlighting that most of the small companies (70%) are based in North America, followed by those having headquarters in Asia-Pacific (30%). Further, majority (88%) of the very large companies are based in North America. Moreover, it is worth noting that Stevanato is the only company based in Europe with more than 5, 000 employees that is engaged in the development of pain management devices.
Most of the leading players in the pain management devices market are engaged in the development of neurostimulation devices. This can be attributed to the fact that neurostimulation devices offer several benefits as compared to pain therapeutics, which includes better efficacy, minimal invasiveness and potential for long-term relief from pain. Further, most of the pain management devices companies (60%) engaged in this market is developing invasive / minimally invasive devices for the treatment of a wide range pain indications (such as musculoskeletal pain, cancer pain, neuropathic pain, trauma and post-operative pain).
More than 300 scientific articles have been published recently, signify the focused efforts being led by researchers to identify and develop novel pain management devices.
During our research, we came across relevant scientific articles focused on pain management devices, since 2019. Using the relevant keywords, we were able to download more than 300 articles. We then manually screened the articles in order to further identify the publications that were focused on pain management devices.
There has been a substantial increase in the number of articles published in this domain since 2019. This can be attributed to the extensive R&D efforts being carried out in this field. It is worth highlighting that, in 2022, 79 articles related to pain management devices were published. Further, the majority of the publications (175) are research articles. This can be attributed to the extensive research being carried out to investigate the recent trends in the field of pain management devices.
The estimated opportunity associated with the pain management devices market is expected to well-distributed across different market segmentation including type of pain management device, type of neurostimulation device, application area, mode of purchase, end user and geographical regions.
Using our proprietary methodology, we have provided informed projections, describing the likely growth of the opportunity associated with the pain management devices market. As per the base case forecast scenario, the pain management devices market is estimated to grow at an annualized rate of ~5%, during the forecast period 2024 to 2035.
It is worth mentioning that according to our projections, the pain management devices market in North America is likely to capture majority (50%) of the overall market share, and this trend is unlikely to change in the future, as well. It is worth highlighting that the market in Asia-Pacific is expected to grow at a relatively healthy growth rate (CAGR), during the forecast period 2024-2035.
Furthermore, the global market opportunity is expected to well-distributed across different market segmentation including application area, mode of purchase and end user. This is anticipated to sustain the demand for pain management devices, resulting in lucrative monetization opportunities for players engaged in the pain management devices market.
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