Interventional Pain Management Set To Grow At A Rapid Pace Owing To Rising Prevalence Of Chronic Pain Conditions
Interventional pain management involves minimally invasive procedures like nerve blocks and ablation techniques to help treat various types of acute and chronic pain. These procedures are generally performed by pain specialists to help block nerve pathways or disrupt targeted areas of the nervous system associated with pain signal transmission. Radiofrequency ablation is one such technique that uses heat generated by radio waves to disrupt targeted nerve tissues and offer relief from pain.
The global Interventional Pain Management Market is estimated to be valued at US$ 7.49 Bn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The interventional pain management market is primarily driven by the rising prevalence of chronic pain conditions across major regions. As per estimates by the National Center for Biotechnology Information (NCBI), approximately 25 million Americans suffer from chronic back pain every year. With growing geriatric population worldwide who are more prone to musculoskeletal disorders, the demand for minimally invasive pain therapies is expected to surge significantly. Furthermore, increasing awareness about advanced pain management techniques and availability of reimbursement for certain interventional procedures in developed nations is also fueling revenue generation in this market. However, high costs and lack of insurance coverage in some developing countries continue to restrain overall adoption of interventional therapies. Ongoing research and development of new radiofrequency devices and nerve ablation systems promise to further expand applications in the coming years.
SWOT Analysis
Strength: MedtronicAbbottStrykerB. Braun Melsungen AGBoston Scientific Corp have strong financial resources which allows them to invest heavily in R&D and new product development. Non-invasive pain management procedures have minimal risks and faster recovery times compared to invasive surgeries. Growing geriatric population suffering from age-related chronic pain disorders drives the demand for interventional pain management solutions.
Weakness: High costs associated with interventional pain management devices and procedures limits their availability in low and middle-income countries. Stringent regulatory approvals and clinical trials require substantial time and investment before introducing new products in the market. Lack of insurance coverage and reimbursement policies restrict the adoption of premium pain management therapies.
Opportunity: Rising prevalence of musculoskeletal disorders, injuries from accidents and lifestyle diseases is increasing the patient population seeking effective pain relief treatments. Developing economies in Asia Pacific and Latin America offer lucrative growth opportunities due to improving healthcare infrastructure and awareness. Technological advancements integrating robotics, artificial intelligence, 3D imaging can transform pain management practices.
Threats: Alternative therapies like acupuncture, yoga and meditation gaining popularity which can impact the demand. Economic slowdowns affecting discretionary healthcare spending. Stringent regulatory norms by the FDA for medical devices increase compliance costs for manufacturers.
Key Takeaways
The Global Interventional Pain Management Market Size is expected to witness high growth. The global interventional pain management market is estimated to be valued at US$ 7.49 Bn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030.
North America currently dominates the global market and is expected to maintain its leading position throughout the forecast period. This is attributed to factors such rising prevalence of chronic pain disorders, favourable reimbursement policies and increasing adoption of minimally invasive pain therapies. Asia Pacific is emerging as the fastest growing regional market driven by growing medical tourism, improving public healthcare spending and expanding medical device industry in countries like China, India and Japan.
Key players related content comprises- Key players operating in the Interventional Pain Management market are Medtronic, Abbott, Stryker, B. Braun Melsungen AG, Boston Scientific Corp., Baxter, OMRON Healthcare, Inc. Medtronic is the market leader with wide portfolio of spinal cord, neurostimulation and drug infusion systems used for pain relief. Abbott, Stryker and Boston Scientific enjoy strong sales from image-guide pain management devices used in back, neck and limb procedures. Baxter and B. Braun provide consumables for pain therapeutics like pharmacologic therapies.
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