Complex Regional Pain Syndrome Market Estimated to Witness High Growth Owing to Increasing Research and Development Activities
Complex regional pain syndrome (CRPS), also known as reflex sympathetic dystrophy syndrome (RSD), is a chronic pain condition that typically affects the extremities like hands, wrists, arms, feet, or legs. It is characterized by severe burning pain, changes in skin color and temperature, abnormal bone degradation, swelling and stiffness of the joints. Patients suffering from CRPS experience allodynia which means pain from non-painful stimuli, and hyperalgesia which means extreme sensitivity or pain from painful stimuli. The condition can develop after an injury, surgery, stroke or heart attack.
The global complex regional pain syndrome market is estimated to be valued at US$ 119.47 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The Complex Regional Pain Syndrome Market is expected to witness high growth over the forecast period owing to increasing research and development activities conducted by major market players for developing new and more effective treatment options for CRPS. Additionally, rising prevalence of CRPS post limb injury, surgery and stroke is also contributing to the market growth. Furthermore, increasing awareness regarding CRPS diagnosis and treatment among patients and healthcare professionals is creating more demand for CRPS drug therapy and medical devices. However, lack of effective treatment and high cost of medical care can restrain the market growth during the forecast period.
SWOT Analysis
Strength: Complex regional pain syndrome (CRPS) is a chronic pain condition that affects the central and peripheral nervous systems. The market has seen steady growth over the past few years owing to the increasing number of CRPS cases caused due to trauma injuries and neurological disorders. Government support through funding for research & development activities as well as product approvals has boosted overall market strength.
Weakness: CRPS is a complex, chronic condition with no known cure. This makes it difficult to accurately diagnose and effectively treat. Lack of awareness among patients and physicians about the condition often leads to misdiagnosis or delayed treatment. High costs involved in research and drug development act as a restraint.
Opportunity: Growing healthcare expenditure in developed and emerging nations has opened up opportunities for key players. Increasing preference for minimally invasive treatments presents lucrative opportunities. The global market presents opportunities for localized product development tailored to regional needs. Robust pipeline of drug candidates for CRPS treatment expected to gain approvals over the forecast period.
Threats: Stringent regulations for product approval delays market entry for new players. Patent expiries of blockbuster drugs impact market revenues of major companies. Rising popularity of alternative treatment methods like acupuncture poses a threat.
Key Takeaways
Global Complex Regional Pain Syndrome Market Size is expected to witness high growth over the forecast period driven by rising disease incidence, growing healthcare spending, and introduction of novel treatment options. The global complex regional pain syndrome market is estimated to be valued at US$ 119.47 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.
Regionally, North America currently dominates the market and is expected to grow at a steady rate through 2031 due to strong regional demand and presence of leading market players. The Europe market is projected to exhibit lucrative growth owing to favorable reimbursement policies and government support for pain management research.
Key players operating in the CRPS market are Intercos S.p.A., Kolmar Korea Co. Ltd., Scalpi Cosmética sa, Cosmecca Korea Co., Cosmax Inc., Mana Products Inc., KBL cosmetics Ltd., Urist Cosmetics Incorporated, Fareva Holding SA, Milliona Cosmetics Co., Ltd., Skinlys, Maesa SAS, Schwanhäusser Holding GmbH & Co. KG, Tricorbraun Inc., Herrco Cosmetics Limited, Architectural Beauty, Allure Labs Inc., Case Mason Filling, Inc., Pardaco Trading Pte Ltd, and KDC/ONE among others. These companies are focused on expanding geographical footprints through strategic acquisitions and collaborations to strengthen regional presence.
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