The capacity to store digital photos in a record that can be viewed and accessed at any time is another feature of pain management software. The market for pain management software is anticipated to have upward trajectory growth over the projected period with the introduction of big data and predictive analysis. Additionally, the market's rapid expansion has attracted a lot of startup investment possibilities and new product launches. During the forecast period, the primary drivers of the pain management software market are the emerging advances in innovative pain management software by numerous healthcare IT/software businesses and the growing need to improve healthcare facilities. Additionally, the expansion of the market for pain management software is anticipated to be aided by the enhanced data storage capacity brought on by advances in web-based and cloud-based technologies throughout the study period. The market for pain management software is expected to develop in the next years. Still, several significant challenges could slow that expansion, including a lack of training for optimal use and worries about patients' private data safety.
Almost every industry, including electronics, semiconductors, manufacturing, automobiles, etc., was significantly impacted by Covid-19. However, several technology-related businesses have seen revenue growth due to substantial shifts in customer demand for technical services. Additionally, both rich and developing nations have seen substantial technological advancements due to the pandemic. Additionally, the growing elderly population suffering from orthopedic degenerative disorders and the rising demand for sports injuries are the main factors driving this market's growth.
Rising Number of Surgical Procedure to Drive Market Expansion
One of the main factors propelling pain management software market revenue development is the rise in surgical operations. Only in the United States 15 million people have surgery each year. An estimated 310 million major procedures are carried out annually worldwide, with 20 million carried out in Europe and 40 to 50 million in the United States. The predicted outcomes for these patients are 1%–4% mortality, up to 15% postoperative morbidity, and 5%–15% readmission within 30 days. One's recovery from surgery can be sped up by managing postoperative discomfort, reducing the chance of complications, including blood clots and pneumonia. It's crucial to design the optimal pain management plan with the assistance of a healthcare professional. When pain is well-controlled, it is easier to perform important tasks like walking and deep breathing exercises.
Availability of Other Options for Pain Management is Limiting Market Growth
The market for pain management software is being held back by the availability of other pain management options. Instead of costly pain management software, alternative therapy options like acupuncture, medical marijuana, dietary supplements, and vitamins are used. Pain from bad backs, osteoarthritis, and headaches may be relieved by using these alternative therapies. For instance, acupuncture effectively treats pain brought on by various ailments, such as fibromyalgia, osteoarthritis, back injuries, and sports injuries. The increased adoption of alternative treatment options constrains the market growth for pain management software.
Based on type, the pain management software market is segmented into neurostimulation devices, infusion pumps and ablation devices. The neurostimulation category dominated the market in 2022. The surge can be ascribed to the rise in neurological illnesses in general. These neurostimulators devices are essential in treating depression, Parkinson's disease, movement disorders, epilepsy, and chronic pain. Additionally, the market is expected to be driven by the release of technologically sophisticated items, increasing product demand, and an aging population. For instance, the U.K. government reports that the population of people aged 60 to 64 increased from 3,673 thousand in 2018 to 3,974 thousand in 2021.
Based on application, the pain management software market is segmented into neuropathic pain, musculoskeletal pain, cancer pain, facial pain & migraine and other application. The neuropathic pain category dominated the market in 2022. The target population is becoming more prevalent, and industry participants are taking more initiatives, which can be ascribed to the increase. 65% of Americans 65 and older experienced chronic pain in 2019, according to the U.S. Centers for Disease Control and Prevention. In addition, 3% to 17% of individuals suffer from neuropathic pain. The elements above are anticipated to fuel the segment's expansion.
By Mode of Purchase
Based on the mode of purchase, the pain management software market is segmented into prescription and over-the-counter. The prescription category dominated the market in 2022. This is due to increased prescription-based pain management software adoption, technological advancements, and FDA approvals.
North America is projected to hold the largest pain management software market share over the forecast period because more entrepreneurs are offering healthcare software solutions and more health reimbursement denials. In September 2018, MoxyTech released a pain monitoring app, GeoPain, that uses a 3-D body image to inform users of the location and degree of pain, signaling a boom in the North American market for pain management software. On the other hand, the Asia Pacific pain management software market is anticipated to grow significantly over the forecast period. Investments in R&D that result in technologically cutting-edge healthcare treatment choices might be credited with this rise. Additionally, the existence of numerous trade agreements is enhancing the potential for market expansion in the area. For instance, the Asia Pacific Trade Agreement (APTA), which was signed by China, Bangladesh, the Republic of Korea, Mongolia, India, the Lao People's Democratic Republic, and Sri Lanka, has facilitated trade liberalization and increased opportunities for import and export among the signatory countries.
LIST OF KEY COMPANIES PROFILED:
- B. Braun Melsungen AG
- Boston Scientific Corp.
- ICU Medical, Inc.
- Nevro Corp.
- Omron Healthcare, Inc.
- Stimwave LLC
- November 2018: An app developed by the digital treatment business Kaia Health allows users to use motion tracking and artificial intelligence to manage their persistent low back pain.
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Type, By Application, By Mode of Purchase, and By Geography|
|By Mode of Purchase||