by The global Complex Regional Pain Syndrome Market is estimated to be valued at US$ 103.7 Mn in 2023 and is expected to exhibit a CAGR of 2.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Complex Regional Pain Syndrome (CRPS), also known as reflex sympathetic dystrophy syndrome (RSD), is a chronic pain condition that typically affects an extremity like hand, wrist, or foot. CRPS usually develops after an injury, surgery, stroke or heart attack. It causes intense pain, swelling and changes in skin color, temperature and/or texture of the affected region. The exact cause of CRPS is still unknown but current theories suggest that it occurs when the body’s normal response to injury goes into an uncontrolled overdrive. Management of CRPS involves a multidisciplinary approach with medications, physical/occupational therapy and surgery in severe cases.
Market key trends:
The projected increase in prevalence of complex regional pain syndrome and other chronic pain disorders is expected to drive the growth of this market during the forecast period. As per estimates, around 164-261 cases of CRPS occur per million people every year. Furthermore, rise in risk factors such as trauma/injury, surgery and neurological disorders is fueling the incidence of CRPS. Strong product pipeline with novel drug targets and growing treatment approvals are further providing impetus to market expansion. In May 2019, Eli Lilly & Co received FDA approval for tanezumab to treat chronic low back pain and osteoarthritis pain while PRA Health Sciences & Nevro received breakthrough designation from FDA for spinal cord stimulation system to treat CRPS.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as high capital requirements and presence of established players create barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as buyers have limited options and switching costs are high.
Bargaining power of suppliers: The bargaining power of suppliers is low because of availability of substitute product options in the market.
Threat of new substitutes: The threat of new substitutes is low as there are limited product alternatives for the treatment of complex regional pain syndrome currently.
Competitive rivalry: High due to presence of many established players.
Key Takeaways
The Global Complex Regional Pain Syndrome Market Size is expected to witness high growth, exhibiting a CAGR of 2.2% over the forecast period 2023-2030, due to increasing awareness about early diagnosis and treatment options.
Regionally, North America is expected to dominate the complex regional pain syndrome market during the forecast period. This is attributed to growing geriatric population, high healthcare spending, and effective reimbursement policies in the region.
Key players operating in the Complex Regional Pain Syndrome market are Boston Scientific Corporation, GlaxoSmithKline plc., Johnson & Johnson, Viatris, Sanofi S.A, and Medtronic Plc. Boston Scientific Corporation holds the largest market share owing to its robust product portfolio for chronic pain management.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
