According to research report the global Pain Management Devices Market is on a healthy growth trajectory, projected to reach $3.3 billion by 2026, according to a new report from MarketsandMarkets. This represents a compound annual growth rate (CAGR) of 8.6% over the next several years.
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Key factors propelling the demand for pain management devices include a rise in surgical procedures worldwide, an aging population with chronic pain issues, and improved access to healthcare in developing markets. Technological advancements are also driving growth, with next-generation devices offering precise pain relief with minimal side effects.
However, the market faces some restraints as well. High costs and low reimbursement rates in some countries limit access to advanced pain management devices. Moreover, recalls of defective products – like NeuroMetrix’s Quell device in 2018 – can negatively impact company revenues and market reputation.
Currently, North America holds the largest share of the global pain management devices industry. Companies in the U.S. are at the forefront of launching innovative products in this space. For instance, in recent years Medtronic, Boston Scientific, Abbott, and Jaohnson & Johnson have all acquired businesses specializing in neuromodulation pain therapies, drug delivery implants, and minimally invasive surgical devices.
Moving forward, continued product development and strategic mergers and acquisitions are defining the competitive landscape. As emerging markets increase healthcare spending and adoption of pain management devices, strong growth is forecasted across China, India, and Latin America. Therefore, the pain management devices market is set for steady expansion globally, offering attractive opportunities for established medtech giants as well as new market entrants.
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The key players have a strong foothold in the pain management market and offer a wide range of products. Medtronic PLC (Ireland), Boston Scientific (US), Abbott (US), Becton, Dickinson and Company (US), Baxter International (US), B. Braun Melsungen AG (Germany), Stryker (US), Smiths Medical (US), Moog Inc. (US), Avanos Medical, Inc. (US), Nipro Corporation (Japan), Atricure (US), Nevro Corp. (US), Micrel Medical Devices SA (Greece), InfuTronix Solutions LLC (US), Teleflex, Inc. (US), Mindray Medical International Limited (China), Shenzhen MedRena Biotech Co., Ltd. (China), Epic Medical (Singapore), Bioness (US), Microtransponder (US), Neuronano (Sweden), Gimer Medical (Taiwan), Bluewind Medical (Israel), Soterix Medical Inc. (US) and other players.
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