Press Release
Press Release
According to a new report by EMR titled, ‘Global Pain Management Devices Market Report and Forecast 2024-2032’, the global pain management market value was USD 5.22 billion in 2023. The market size is anticipated to grow at a CAGR of 8.7% during the forecast period of 2024-2032 to achieve a value of USD 11.05 billion by 2032.
The global pain management devices industry is being driven by the surging incidences of chronic pain-inducing diseases such as rheumatoid arthritis, osteoarthritis, diabetes, and migraine, among others. The expanding geriatric population with heightened susceptibility to severe diseases and chronic pain is also propelling the growth of the market. Further, the rising awareness among individuals regarding the availability of various pain management devices is also expected to contribute to the market growth. In this regard, the development of wearable pain management devices is also rising with growing expenditure by the key market players. The growing consumer demand for drug-free therapy is expected to support the adoption of pain management devices in the forecast period.
The growing demand for remote health management solutions is compelling the leading market players to develop mobile applications that allow for real-time pain tracking and monitoring. For instance, in January 2021, Abbott Laboratories (NYSE: ABT) announced the launch of its NeuroSphere™ myPath™ digital health-app, which is developed to track and report patient perceived pain relief, associated with spinal cord stimulation (SCS) or dorsal root ganglion (DRG) therapy during the device trial period prior to permanent implantation. It will allow for simplified reporting of outcomes while also providing real-time data access. Furthermore, in January 2022, Medtronic plc (NYSE: MDT) announced that the company has received FDA approval for its Intellis™ rechargeable neurostimulator and Vanta™ recharge-free neurostimulator, which have been developed for the treatment of chronic pain associated with diabetic peripheral neuropathy (DPN). Such developments are expected to positively impact the growth of the pain management devices industry in the forecast period.
Market Breakup by Type, Mode of Purchase, Application, and Region:
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The major players in the global pain management devices market are Abbott Laboratories, Becton, Dickinson and Company, Boston Scientific Corporation, B. Braun Melsungen AG, Johnson & Johnson Services, Inc., and Medtronic Plc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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