Key Questions Answered in this Report:
- What are the major non-opioid pain relief devices available within the market and what are their benefits?
- What are the major drivers, challenges, and opportunities in the global non-opioid pain relief device market?
- What are the key developmental strategies implemented by the key players to stand out in this market?
- How is the industry anticipated to evolve during the forecast period?
- Which region is expected to contribute to the highest sales of the global non-opioid pain relief device market during the forecast period?
- What are the leading trends and consumer preferences witnessed in global non-opioid pain relief device market?
Overview of the Global Non-Opioid Pain Relief Device Market
The rising trend of sedentary lifestyle and growing geriatric population have led to the emergence of chronic pain disorders. Multiple chronic pain conditions including neurological and musculoskeletal disorders act as leading contributors for the global non-opioid pain relief device market. These factors have become the primary drivers for the non-opioid pain relief device market. The market is further expected to proliferate at a rapid pace owing to the increased side effects of opioid medications for pain management, that further promote the early adoption of non-opioid pain relief medical devices among people of all age groups. Moreover, a limited success rate of drugs targeting a specific disease is further facilitating the growth of the market.
Global Non-Opioid Pain Relief Device Market Forecast
In 2018, the global non-opioid pain relief device market was estimated to be $3,674 million and it is expected to reach a value of $8,778.9 million by the end of 2029. The market is primarily driven by increasing government regulations and higher incidences of chronic pain.
The overall global non-opioid pain relief device market has witnessed a steady growth. The market is expected to continue to grow with a CAGR of 8.26% during the forecast period. However, limited products available and limited awareness regarding them act as challenges that may affect the steady growth of the market
“North America held the largest market share in 2018 and constitutes over 39.5% of the revenue share owing to increased incidences of chronic pain as well as higher proliferation of regulations and standards in different parts of the world. However, Asia-Pacific is projected to be the fastest-growing region and is anticipated to grow at a CAGR of over 9.9% from 2019 to 2029.”
Scope of the Global Non-Opioid Pain Relief Device Market Report
The report presents the reader with an opportunity to unlock comprehensive insights with respect to the market and uncover some of the substantial parameters that must be taken into consideration before entering the market.
The report further takes into consideration the market dynamics and the competitive landscape along with the detailed financial and product contribution of the key players operating in the market. The Global Non-Opioid Pain Relief Device Market report is a compilation of different segments including market breakdown by application, technology, end-user, and region.
The global non-opioid pain relief device market segmentation is majorly done on the basis of application and technology. The application section was further segmented into neuromuscular, musculoskeletal, diabetic neuropathy, injuries and others. The neuromuscular segment dominated the global non-opioid pain relief device market, accounting for around 37.4% of the total market in 2018 and is anticipated to maintain its dominance throughout the forecast period. The other segments within the market are also estimated to witness steady growth rate in the forecast period due to surge in geriatric population worldwide and stringent regulations pertaining to opioid usage.
The global non-opioid pain relief device market segmentation is done on the basis of technology, and it is further segmented into Electroanalgesia, Radiofrequency Ablation and Other Emerging Technologies. The Electroanalgesia segment comprises multiple technologies and dominates the market with a share of 90.1%. The Radiofrequency ablation and other emerging technologies have a share of 9.7% and 0.2% respectively in the global non-opioid pain relief device market. The increased funding in research and development sector by leading companies and by government institutions have led to the advancement in the technologies and also in the associated market.
The global non-opioid pain relief device market segmentation by region is done into North America, Europe, APAC, Latin America and Middle East and Africa. North America dominated the global non-opioid pain relief device market accounting for 39.5% of the total market share in 2018 and is anticipated to uphold its dominance throughout the forecast period. The global non-opioid pain relief device market was estimated to have 1,452.6 million market in 2018. However, the highest growth rate of 9.9% is expected to be witnessed by the APAC region in the forecast period of 2019-2029.
Key Companies in the Global Non-Opioid Pain Relief Device Market
The key players in the global non-opioid pain relief device market are Abbott Laboratories, Medtronic plc, Boston Scientific Corporation, Koninklijke Philips N.V., Stryker, Nuvectra Corporation, Omron Corporation, Neurometrix, Inc, Calmare Therapeutics Incorporated, Bayer AG, Bioelectronics Corporation, Zynex Medical, SPR Therapeutics, AAND Stimwave LLC, Thermotek Inc.