Latest Pain Management Devices And Therapies Market Growth Study 2022-2026 By The Business Research Company
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The pain management devices and therapies market is forecasted to achieve significant growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 9%, as per The Business Research Company’s market report!
Read More On The Pain Management Devices And Therapies Market Report 2022 – https://www.thebusinessresearchcompany.com/report/pain-management-devices-and-therapies-global-market-report
The Pain Management Devices And Therapies Market Size In 2022 And Forecast
The global pain management devices and therapies market is expected to grow from $3.72 billion in 2021 to $4.01 billion in 2022 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The pain management devices and therapies market is expected to grow to $5.75 billion in 2026 at a CAGR of 9.4%.
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.
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Rise In Chronic Diseases Is Driving The Growth Of The Pain Management Devices And Therapies Market
As reported in an article by the Brazilian Journal of Nephrology, around 60% of patients with chronic kidney disease reported pain of any kind of 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.
Competitive Landscape And The Regional Analysis Of The Pain Management Devices And Therapies Market
Major players in the pain management devices and therapies market are Abbott Laboratories, AstraZeneca, Pfizer, Boston Scientific Corporation, GlaxoSmithKline PLC, Teva Pharmaceutical Industries Ltd, Medtronic PLC, Novartis AG, Baxter International Inc, and Johnson & Johnson.
The Pain Management Devices And Therapies Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the pain management devices and therapies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the pain management devices and therapies market.
Technological Advancement – A Key Trend In The Pain Management Devices And Therapies 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 the body’s resistance to pain.
Pain Management Devices And Therapies Market Segmentation By The Business Research Company
1) By Type: Electrical Stimulators, Ablation Devices, Neurostimulators, Analgesic Pumps
2) By Application: Neuropathic Pain, Cancer Pain, Facial & Migraine Pain, Musculoskeletal Pain, Trauma
3) By Electrical Stimulation Devices: Transcutaneous Electrical Nerve Stimulation (TENS) Devices, Neuromuscular Electrical Stimulation (NMES/EMS) Devices, Combination Devices, Electrotherapy Devices, TNS
4) By Ablation Devices: Radiofrequency Ablation Devices, Cryoablation Devices
5) By Analgesic Infusion Pumps: Intrathecal Infusion Pumps, External Infusion Pumps
6) By Neurostimulation Devices: Spinal Cord Stimulation (SCS) Devices, Deep Brain Stimulation Devices, Vagus Nerve Stimulation Devices, Sacral Nerve Stimulation Devices
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