Global Pain Management Devices Market By Product, By Application, By Region, Industry Analysis and Forecast, 2020 - 2026

The Global Pain Management Devices Market size is expected to reach $6.3 billion by 2026, rising at a market growth of 8.5% CAGR during the forecast period. Pain management is a branch of medical science that relieves patients with chronic pain from their suffering. Acute pain has a sudden onset of action, while chronic pain persists for a longer period of time, which leads to the need for its control. Pain management devices are medical devices used to relieve different forms of pressure such as neuropathic pain, cancer pain, nociceptive pain, musculoskeletal pain among others. Stimulators for the spinal cord, transcutaneous electrical nerve stimulators, analgesic infusion pumps, and ablation devices are different types of pain management devices available on the market.

With Covid-19 infections rising globally, there is also deepening apprehension about a shortage of essential life-saving devices and other essential medical supplies to prevent the spread of this pandemic and provide optimum care to those infected. Additionally, for COVID-19 patients, who may require critical care, ventilators act as a vital treatment preference until a pharmacological treatment is developed. In addition, a wide range of test-kits (antibody tests, self-administered, and others) involves a fast acceleration in the manufacturing phase.

Growth in the global market for pain management devices is driven by the increase in geriatric population, a rise in chronic pain pervasiveness, growing awareness of people's awareness of pain management devices, improved investment in R&D to develop innovative products and the launch of new products. Additionally, growing demand for pain management devices in emerging countries and increasing the use of pain management devices for chronic pain management are other factors contributing to market growth. In addition, the untapped potential offered by developing economies is presenting lucrative market expansion opportunities over the forecast period. Nevertheless, reactions to hypersensitivity and postoperative infections caused by the use of these devices restrict their adoption, which hampers the market growth.

Based on Product, the market is segmented into Neuromodulation & Neurostimulation Devices, Analgesic Infusion Pumps and Ablation Devices. Based on Application, the market is segmented into Neuropathic Pain, Musculoskeletal Pain, Cancer Pain, Facial & Migraine Pain and Other Applications. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.

The major strategies followed by the market participants are Partnerships and Acquisition. Based on the Analysis presented in the Cardinal matrix, Johnson and Johnson and Pfizer, Inc. are the forerunners in the Pain Management Devices Market. Companies such as Boston Scientific Corporation, Medtronic PLC, Colfax Corporation, Stryker Corporation, Kimberly-Clark Corporation, and Abbott Laboratories, Baxter International, Inc., and B. Braun Melsungen AG are some of the key innovators in the market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Abbott Laboratories, B. Braun Melsungen AG, Baxter International, Inc., Pfizer, Inc., Boston Scientific Corporation, Johnson and Johnson, Medtronic PLC, Kimberly-Clark Corporation, Stryker Corporation, and Colfax Corporation (DJO Global, Inc.)

Recent strategies deployed in Pain Management Devices Market

Partnerships, Collaborations, and Agreements:

May-2020: Medtronic collaborated with UW following which the company has accelerated research into deep brain stimulation treatment for essential tremor, Parkinson’s disease, and other neurological disorders.

May-2019: Abbott came into partnership with the US National Institutes of Health (NIH). The partnership was aimed at developing unique insights and driving the application of neurostimulation therapies. The partnership is expected to provide the latter company's neuroscience research initiative BRAIN access to Abbott’s neuromodulation technologies.

Approvals:

Jan-2020: Abbott Laboratories got approval from the US Food and Drug Administration (FDA) for its Infinity Deep Brain Stimulation (DBS) system. This system is expected to be used in the treatment of Parkinson’s disease. The system is expected to enable targeting a specific area of the brain known as the internal globus pallidus (GPi) for improving the symptoms of Parkinson’s disease not controlled by medication.

Jan-2020: Medtronic secured a CE Mark for its Percept PC neurostimulator. It is the only deep brain stimulation (DBS) system launched in the EU with BrainSense technology, which senses and records brain signals while delivering DBS therapy to people with neurological disorders such as Parkinson’s disease.

Sep-2019: Abbott announced that the U.S. Food and Drug Administration (FDA) approved its Proclaim XR recharge-free neurostimulation system for people living with chronic pain. The Proclaim XR platform provides a low dose of Abbott's proprietary BurstDR stimulation waveform, which was created based on scientific insights from doctors and researchers to mimic natural patterns found in the brain. It works by using low doses of mild electrical pulses to change pain signals as they travel from the spinal cord to the brain.

Acquisition and Mergers:

Jan-2020: Medtronic took over Stimgenics, a startup company that has developed a novel spinal cord stimulation waveform. This acquisition enabled the company to expand its business in the SCS Market.

Jun-2019: Boston Scientific acquired Vertiflex, a healthcare company. Through this acquisition, Vertiflex's spinal cord stimulation and radiofrequency ablation have been added to Boston Scientific's product portfolio.

Oct-2017: Stryker Corporation took over VEXIM, a medical device company specializing in the minimally invasive treatment of vertebral fractures. Through this acquisition, Stryker enabled the latter company to become a global leader in trauma and expanded its geographical foothold.

Jun-2017: DePuy Synthes Products, Inc., part of the Johnson & Johnson Medical Devices Companies acquired Innovative Surgical Solutions, LLC, doing business as Sentio, LLC, a company that markets innovative nerve localization technology for spine surgery. The acquisition strengthened its spine portfolio in decompression procedures as well as lateral surgery and developed a platform for future innovation in minimally invasive surgery.

Jul-2016: Boston took over Cosman Medical following which Cosman operates under the Boston Scientific Neuromodulation business. Following the acquisition, the company aimed to offer a wide range of spinal cord stimulator (SCS) systems to the patients suffering from chronic pain.

Product Launches and Product Expansions:

Jan-2019: Boston Scientific introduced the Vercise Primary Cell (PC) and Vercise Gevia Deep Brain Stimulation (DBS) Systems. The systems feature the Vercise Cartesia Directional Lead. The systems have the technology that enables the physicians in controlling the range, shape, position, and direction of electrical stimulation to treat the symptoms of Parkinson's disease (PD) through highly-personalized therapy.

Jan-2019: Boston launched WaveWriter Spinal Cord Stimulator (SCS) System in Europe for providing the treatment of chronic pain to people in Europe.

Scope of the Study

Market Segmentation:

By Product

• Neuromodulation & Neurostimulation Devices
• Analgesic Infusion Pumps and
• Ablation Devices

By Application

• Neuropathic Pain
• Musculoskeletal Pain
• Cancer Pain
• Facial & Migraine Pain and
• Other Applications

By Geography

North America

• US
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific

LAMEA

• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Companies Profiled

• Abbott Laboratories
• B. Braun Melsungen AG
• Baxter International, Inc.
• Pfizer, Inc.
• Boston Scientific Corporation
• Johnson and Johnson
• Medtronic PLC
• Kimberly-Clark Corporation
• Stryker Corporation
• Colfax Corporation (DJO Global, Inc.)

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