Report : Pain Management Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product Type (Neuromodulation Devices, Ablation Devices, Analgesic Infusion Pumps); Application (Neuropathic Pain, Cancer Pain, Facial Pain and Migraine, Musculoskeletal Pain, Others); and Geography
Ablation Devices Segment by Type is Expected to Grow at a Fast Pace During the Forecast Period
According to the latest study on ‘Pain Management Devices Market to 2027 – Covid-19 Impact and Global Analysis and Forecast by Product Type and Application,’ the market is expected to reach US$ 8,388.67 million in 2027 from US$ 4,527.31 million and in 2019. The market is estimated to grow at a CAGR of 8.1% from 2020 to 2027. The report provides trends prevailing in the global pain management devices market and the factors driving market along with those that act as hindrances.
Based on the type, the global pain management devices market is segmented into neuromodulation devices, ablation devices, and analgesic infusion pumps. The neuromodulation devices segment held the largest share of the market in 2019; however, the ablation devices segment is estimated to register the highest CAGR in the market during the forecast period. Growing demand for minimally invasive surgeries and product developments by the market players are likely to enhance the market growth of the segment during the forecast period. In February 2019, Medtronic received FDA approval and launched its Accurian radiofrequency ablation system for treatment of chronic pain in the US. Based on application, the pain management devices market is segmented into neuropathic pain, cancer pain, facial pain and migraine, musculoskeletal pain, and others.
The key factors that are driving growth of the pain management devices market are increasing chronic pain incidences, rising product launches, and growing geriatric population. Moreover, technological advancements in pain management devices are likely to have positive impact on the market. However, the lack of awareness regarding pain management and high cost of pain management devices are likely to restrict the market growth.
Medtronic plc, ST. Jude Medical, Inc., Boston Scientific Corporation, Hospira, Inc., Halyard Health, Inc, Smiths Medical, B. Braun Melsungen AG, Neurotech NA, Inc., BD, and Nevro Corp. are among the leading companies operating in the pain management devices market.
The Report Segments Global Pain Management Devices Market as Follows:
By Product Type