Rising Adoption of Minimally Invasive Procedures Driving Growth of...

Rising Adoption of Minimally Invasive Procedures Driving Growth of Interventional Pain Management Market

Postado 2024-01-24 06:00:42

Interventional pain management includes procedures that are minimally invasive and used to treat both chronic and acute pain. These procedures utilize imaging guidance for precise needle or catheter placement without the need for surgery. Common interventions include epidural steroid injections, facet joint injections, Sacroiliac joint injections, and nerve blocks. Interventional techniques provide targeted treatment options and allow faster recovery compared to conventional surgeries.

The global Interventional Pain Management Market is estimated to be valued at US$ 8.63 Mn in 2024 and is expected to exhibit a CAGR of 3.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Rising adoption of minimally invasive procedures: Minimally invasive procedures are gaining popularity due to benefits such as reduced trauma, lesser need for hospitalization, faster recovery, and lower health costs. The utilization of imaging guidance further enhances safety and precision of interventional techniques. According to the American Society of Interventional Pain Physicians, the use of epidural steroid injections increased from 13.2 per 1000 individuals in 2004 to 27.1 per 1000 individuals in 2013 in the United States.

Population aging driving disease burden: The geriatric population is more prone to painful conditions like osteoarthritis and back pain due to natural aging processes. This is expected to drive the demand for pain management over the forecast period. According to the United Nations, the population aged 60 years and above is expected to double from 12% to 22% between 2015 and 2050.

SWOT Analysis

Strength: The Global Interventional Pain Management Market Size has seen an increase in minimally invasive procedures like Percutaneous Image-Guided Procedures. This has reduced costs and recovery times. MRI-guided focused ultrasound and lasers are gaining popularity with their non-invasive nature.

Weakness: Reimbursement laws are complex in some countries, limiting adoption. High upfront costs of equipment may deter some healthcare facilities. Lack of skilled professionals can be a restraint.

Opportunity: Rising geriatric population and increase in chronic pain cases will drive demand. Growing awareness about benefits of interventional techniques over oral pain medicines and surgeries offers scope. Adoption in developing nations presents an opportunity area.

Threats: Stringent regulations around new product approvals can delay market entry. Efficacy and safety concerns over some techniques continue to impact the space. Shift to alternatives like physical therapy is a challenge. Patent expiries of blockbuster drugs may reduce revenues.

Key Takeaways

The global Interventional Pain Management market is expected to witness high growth. The market size is projected to increase from US$ 8.63 Mn in 2024 to US$ 11.12 Mn by 2031, reflecting a CAGR of 3.6% during the forecast period.

Regional analysis

North America currently dominates the global market owing to developed healthcare infrastructure and availability of reimbursements. The region accounts for over 35% market share. Asia Pacific is anticipated to experience fastest growth led by China and India. Rising medical tourism and greater acceptance of new technologies will support APAC market expansion between 2024-2031.

Key players

Key players operating in the Interventional Pain Management market are AkzoNobel N.V., CABB Group GmbH, Niacet Corporation, and Denak Co. Ltd. AkzoNobel is a leader in active pharmaceutical ingredients while CABB and Niacet are major producers of chloroacetic acid intermediates required in non-opioid pain drug manufacturing. Denak holds a strong position in East Asia with its electrolysis production facilities. These companies are investing heavily in R&D to develop newer APIs and expand geographic presence.