Major players in the pain management devices and therapies market are Abbott Laboratories, AstraZeneca, Pfizer, Boston Scientific Corporation and GlaxoSmithKline PLC. The global pain management devices and therapies market is expected to grow from $4.
New York, Sept. 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pain Management Devices And Therapies Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151566/?utm_source=GNW
07 billion in 2020 to $4.49 billion in 2021 at a compound annual growth rate (CAGR) of 10.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $6.03 billion in 2025 at a CAGR of 7.7%.
The pain management devices and therapies market consist of sales of pain management devices and therapies to manage chronic and critical pain in patients suffering from various conditions, such as cancer and neurological disorder. This market includes the sales of light-based devices, TENS (transcutaneous electrical nerve stimulation) for home, and other devices mainly used for Spinal cord stimulation, sacral nerve stimulators and deep brain stimulation.
The pain management devices and therapies market covered in this report is segmented by type into electrical stimulators, ablation devices, neurostimulators, analgesic pumps. It is also segmented by application into neuropathic pain, cancer pain, facial & migraine pain, musculoskeletal pain, trauma; by electrical stimulation devices into transcutaneous electrical nerve stimulation (TENS) devices, neuromuscular electrical stimulation (NMES/EMS) devices, combination devices, electrotherapy devices, TNS; by ablation devices into radiofrequency ablation devices, cryoablation devices; by analgesic infusion pumps into intrathecal infusion pumps, external infusion pumps and by neurostimulation devices into spinal cord stimulation (SCS) devices, deep brain stimulation devices, vagus nerve stimulation devices, sacral nerve stimulation devices.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Availability of other alternatives to manage pain is restraining the growth of the pain management devices and therapies market. Alternatives treatment methods such as acupuncture, Marijuana treatment, dietary supplements, and vitamins, etc. are being used instead of expensive pain relief devices and equipment. These alternative treatments may help with pain from bad backs, osteoarthritis, and headaches. For instance, the use of acupuncture works well for pain caused by many conditions, including fibromyalgia, osteoarthritis, back injuries, and sports injuries. Acupuncture is an ancient Chinese treatment that involves inserting thin pins through a person’s skin at specific points on the body. Acupuncture comes with no prominent side effects and costs less compared to devices and equipment used to control pain. This rise in the use of alternative treatment methods is affecting the sales of pain management devices and therapies, and limiting the growth of the market.
USFDA has defined the Pain Management Devices in section 882 under the medical devices market, under subchapter-H in Code of Federal Regulations (Title 21).Under these regulations, FDA requires the device manufacturers to register and list their devices with FDA and to follow general control requirements related to labeling, packaging, performance standards and pre-market approval.
In order to apply for premarket approval by FDA, the manufacturer is required to submit a premarket approval application that should include evidence providing reasonable assurance that the device is safe and effective. As per the FDA rule, the manufacturer can also submit 510(k) notification demonstrating that the device is substantially equivalent to a device already on the market (a predicate device) that does not require a PMA.
Increase in demand for pain management devices due rise in chronic diseases is driving the growth of pain management devices and therapies market.Chronic diseases such as cancer, heart stroke often leads to unbearable pain in patients and thus creating a demand for pain management drugs and therapies.
Chronic diseases persist over a long period of time and deteriorates the health of the patient.As reported in an article by Brazilian Journal of Nephrology, around 60% of patients with chronic kidney disease reported pain of any kind or intensity, which required pain management drugs.
Similarly, according to a report in the ’US National Library of Medicine’, approximately 45% or 133 million of all Americans suffered from at least one chronic disease.It is also stated that more than two-thirds of all deaths are due to one of the chronic illnesses, which included coronary heart sickness, cancer, stroke, persistent obstructive pulmonary disease, and diabetes.
This rise in chronic diseases is increasing the demand for pain management devices and therapies and driving the market.
Companies in the pain management devices and therapies industry are focusing on the use of advanced technologies to cure chronic and acute pain without the use of any opioids (drugs).Special pain relief wearable devices are being developed by several companies that can be controlled manually or through a smartphone.
These devices work by gathering neural pulses from the brain which triggers the release of the body’s natural pain blocker.Thus, the devices electrically stimulate the nervous system and increase body’s resistance to pain.
Companies such as NeuroMetrix, Sana, Oska wellness have introduced various types of wearable devices, ranging from a wearable mask, knee band, wrist band, etc. FDA has approved these devices as OTC (over the counter), which can be bought without a prescription.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06151566/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001