Interventional Pain Management Market Is Driven By Rising Prevalence Of Chronic Pain
Key Takeaways
Key players operating in the interventional pain management market include AkzoNobel N.V., CABB Group GmbH, Niacet Corporation, and Denak Co. Ltd.
The growing global geriatric population and increasing incidence of sport and work-related injuries are driving the demand for minimally invasive pain therapies. Chronic pain has become a major healthcare problem affecting the quality of life of many elderly.
Geographically, North America dominates the interventional pain management market due to rising obesity rates and associated back and joint pain in the region. Meanwhile, Asia Pacific is expected to witness highest growth supported by growing medical tourism and significant unmet needs in population-heavy countries like India and China.
Market Drivers
The rising prevalence of chronic pain disorders globally is a major factor propelling the interventional pain management market growth. According to the National Center for Complementary and Integrative Health, 25 million Americans suffer from fibromyalgia, a chronic widespread muscle pain condition. Back pain is another leading cause of disability affecting over 500 million people worldwide. Interventional procedures offer relief for chronic pain not adequately managed by medications alone. This drives their increasing adoption.
Current geopolitical scenario and its impact on Interventional Pain Management Market growth
The Global Interventional Pain Management Size geopolitical landscape has undergone significant transformation in recent past years. Various geopolitical tensions and conflicts across regions continue to add volatility in the overall business environment. The ongoing Russia-Ukraine war has disrupted global supply chains and export-import activities. Prices of key raw materials and medical devices have witnessed a sharp rise. This is negatively impacting the growth of the interventional pain management market. Manufacturers are facing challenges in procurement of essential components and shipping finished products across borders. They need to diversify sourcing strategies and develop alternative supply networks to mitigate risks of geo-political disruptions.
The COVID-19 pandemic also altered global trade and economic outlook. Movement restrictions and lockdowns slowed down clinical activities and deferred non-urgent treatments. This hampered market demand during the initial pandemic phase. However, with resumption of regular healthcare services, demand is recovering gradually. The interventional pain management industry should focus on pandemic preparedness and business continuity strategies to deal with future crises. Telehealth and remote patient monitoring solutions can help sustain service delivery amid instability
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