Pain Management Devices Market Size, Share & Trends Report

Pain Management Devices Market Size, Share & Trends Analysis Report By Application (Neuropathic, Cancer), By Product (RFA, Neurostimulation), By Region (North America, Asia Pacific), And Segment Forecasts, 2023 - 2030

  • Report ID: 978-1-68038-799-5
  • Number of Pages: 100
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the pain management devices market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for pain management devices market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of pain management devices market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Pain Management Devices Market Categorization:

The pain management devices market was categorized into three segments, namely Product (Electrical Stimulators, Radiofrequency Ablation, Analgesic Infusion Pumps, Neurostimulation), application (Cancer, Neuropathic Pain, Facial & Migraine, Musculoskeletal, Trauma), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The pain management devices market was segmented into product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The pain management devices market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into seventeen countries, namely, the U.S.; Canada; Germany; the UK; France; Italy; Spain; The Netherlands; Japan; China; India; Australia; Brazil; Mexico; Argentina; South Africa; Saudi Arabia.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Pain management devices market companies & financials:

The pain management devices market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • B. Braun Melsungen AG - B. Braun Melsungen AG is a multinational organization involved in medical services and technology, and pharmaceutical products. The company operates in over 60 countries and is a global manufacturing leader of medical and pharmaceutical products. The company offers a diverse and strong portfolio of about 5000 products. These include surgical instruments, orthopedic implants, dialysis equipment, infusion pumps and systems, and products for diabetes, wound management, and ostomy care. B. Braun’s 16 therapeutic areas and applications are spread across 4 divisions: Aesculap, Hospital Care, B. Braun Avitum, and Out Patient Market.

  • Baxter - Baxter is a publicly operated multinational organization and a leader in healthcare products. Its diverse portfolio includes products for acute and chronic dialysis therapies, infusion systems and devices, sterile intravenous (IV) solutions, generic injectable pharmaceuticals and surgical hemostat and sealants. The company manufactures products in over 20 countries and sells them in more than 100 countries globally. Baxter’s clientele is equally diverse and includes kidney dialysis centers, hospitals, rehabilitation centers, nursing homes, doctor’s offices, and patients at home.

  • Boston Scientific Corporation - Boston Scientific Corporation is a publicly operated multinational organization and a leader in global healthcare devices. It develops, manufactures, and markets medical devices for numerous interventional medical specialties. The company offers a diverse portfolio of products spread over segments such as MedSurg, Cardiovascular, and Rhythm & Neuro, in medical devices category, and specialty pharmaceuticals. The company invests heavily in research & development to keep innovating high performance solutions to transform patient lives. Boston Scientific has a wide global footprint and sells its products in over 100 countries.

  • Colfax Corporation - Colfax Corporation is the parent organization of DJO, LLC. It is a publicly operated multinational organization involved in industrial engineering and medical devices industries. It provides medical technology products and services, and fabrication technology under its two brands— DJO and ESAB. The company develops, manufactures, and distributes a diverse portfolio of medical technology products for physical therapy, rehabilitation, and pain management. The company’s medical devices fall under 2 main reportable segments: reconstructive, and prevention & rehabilitation. Colfax medical products serve a large clientele comprising of healthcare professionals, podiatrists, physical therapists, primary care physicians, orthopedic specialists, spine surgeons, pain management specialists, and chiropractors.

  • Medtronic - Medtronic is a publicly operated multinational organization involved in medical devices. The company delivers valuebased procedural systems and therapeutic level offerings on a global scale. Medtronic operates in over 150 countries and is one of the world leaders in the medical devices industry. The company’s product offerings are divided into four business groups: Cardiac & Vascular, Diabetes, Minimally Invasive Therapies, and Restorative Therapies.

  • Smiths Medical - Smiths Medical is a publicly operated multinational organization and a division of Smiths Group plc. The company is a global manufacturer of specialty medical devices and provides healthcare services. The company’s product offerings are segregated into 4 categories such as infusion therapy, vital care, vascular access, and specialty products & services. The company serves a variety of customers including hospitals, clinics, homecare, and other surgery centers. Smiths Medical operates in over 30 countries and markets its products to over 100 countries.

  • Abbott - Abbott is a publicly operated multinational organization and a leader in global healthcare. It provides advanced technologies in the fields of medical devices, diagnostics, pharmaceutical drugs, and nutrition. With presence in over 160 countries, Abbott has a wide geographical footprint. It offers products in many healthcare verticals, including cardiovascular, diabetes, diagnostics, neuromodulation, nutrition, and pharmaceuticals. Amongst these, the company is considered a number 1 market leader in heart pumps, stents, chronic pain devices, adult nutrition, continuous glucose monitoring, and remote heart failure monitoring.

  • Stryker - Stryker is a publicly owned multinational organization. It is one of the global leaders in medical technology and among the Fortune 500 companies. Stryker offers a wide portfolio of products and services in healthcare segments, including orthopedics, spine & neurotechnology, and medical and surgical devices. The company is operational in over 100 countries in the form of branches, subsidiaries, distributors, and third-party dealers. The company focuses on improving patient lives and hospital outcomes through innovations & quality products.

  • Nevro Corp. - Nevro Corp. is a publicly operated organization involved in the medical devices industry. The company provides innovative products for improving patient lives suffering from chronic pain. For this purpose, the company offers a succinct portfolio comprising of neuromodulation systems and therapy. Nevro markets its products across Australia, U.S., and Europe. The company also offers its own proprietary SCS therapy called HF10 over the more traditional SCS therapies.

  • Omron Healthcare, Inc. - Omron Healthcare, Inc. is a publicly operated multinational organization and a subsidiary of Omron Corporation. The company has a long history of selling healthcare products and services to improve patient lives. Omron Healthcare develops, manufactures, and markets its products to over 100 countries, serving a wide range of customers. Its portfolio is equally diverse and includes products for heart health, fitness tracking, pain management, respiratory, and medical devices. The company focuses on innovation and technology to come up with low cost, high-quality solutions for their customer base.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Pain Management Devices Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Pain Management Devices Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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