The global pain management devices market is estimated to grow from $7.94 billion in 2024 to $13.32 billion by 2035, at a CAGR of 4.8% during the forecast period, till 2035.

Pain management is a process of providing medical care to prevent, reduce, or stop any condition characterized by pain. It generally involves the deployment of devices and therapies for reducing the suffering of individuals with musculoskeletal, spinal and neuropathic pain and other pain related disorders. Medications that are used for pain management includes both oral and topical therapies. Oral therapies include non-steroidal anti-inflammatory drugs (NSAIDs), acetaminophen, opioids, anti-depressants, muscle relaxants, sedatives and marijuana. Whereas topical therapies that are used for pain management include ointments, creams and transdermal patches. Apart from the using therapeutics to reduce the threshold of pain, acute and chronic pain can also be alleviated with the usage of pain management devices (such as spinal cord stimulators, radiofrequency ablation devices, infusion pump and virtual reality devices) which aids in providing sustained relief from pain and reducing the dependency on pain medications.

Pain Management Devices Market: Leading Players Landscape

During our research, we were able to identify more than 30 leading players that are engaged in the pain management devices market. Majority of the leading players (80%) engaged in pain management devices market are based in North America. Also, the market is currently dominated by the presence of small players (29%), while the rest of the market landscape is fragmented between mid-sized, large and very large players. Notable examples of leading players engaged in pain management devices market include (in alphabetical order) Abbott, Avanos Medical, Becton, Dickinson and Company, and Nevro.

It is worth highlighting that most of the small companies (70%) are based in North America, followed by those having headquarters in Asia-Pacific (30%). Further, majority (88%) of the very large companies are based in North America. Moreover, it is worth noting that Stevanato is the only company based in Europe with more than 5, 000 employees that is engaged in the development of pain management devices.

Most of the leading players in the pain management devices market are engaged in the development of neurostimulation devices. This can be attributed to the fact that neurostimulation devices offer several benefits as compared to pain therapeutics, which includes better efficacy, minimal invasiveness and potential for long-term relief from pain. Further, most of the pain management devices companies (60%) engaged in this market is developing invasive / minimally invasive devices for the treatment of a wide range pain indications (such as musculoskeletal pain, cancer pain, neuropathic pain, trauma and post-operative pain).

In pursuit of obtaining a competitive edge, companies are presently engaged in the development of advanced pain management devices in order to augment their product portfolio offerings.

In order to determine the relative competitiveness of companies engaged in pain management devices market, we focused on several relevant parameters, such as company strength (in terms of number of years of experience and company size), and portfolio strength (based on number of devices, type of pain management devices and type of pain managed). The primary purpose of this analysis is to develop a deeper understanding of the overall strength of the pain management device companies in this field. It allows leading companies to compare their existing capabilities and identify ways to gain a competitive edge in the industry.

The insights obtained from this analysis have been presented in the form of three-dimensional bubble charts, with company strength on the abscissa, portfolio strength on the ordinate and application area represented by size of the bubble (z-axis).

As per our proprietary scoring criteria, Zynex Medical emerged as the key player, having achieved a relatively higher score, in terms of portfolio strength. The company is engaged in the development of pain management devices for the treatment of both acute pain and chronic pain. It is worth noting that the zynex pain management product portfolio includes a wide range of non-invasive neurostimulation devices which includes NexWaveTM, Zynex Pro LSOs, Zynex Pro Wrist Brace, OA Knee Brace, Zynex Pro TLSO Brace, Aspen Horizon LSO, Zynex DynaComp and M-WaveTM. These devices have been developed to alleviate musculoskeletal pain, trauma and post-operative discomfort in the patients.

Furthermore, Medtronic and Boston Scientific (in decreasing order of their respective portfolio strength score) emerged as other important players. It is worth mentioning that Medtronic a US based company that offers ten pain management devices in their product portfolio. It is interesting to highlight that in April 2024, Medtronic launched Inceptiv device, an implantable closed-loop spinal cord stimulation system, in order to treat chronic pain.

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