June 18, 2024
Interventional Pain Management Market

Interventional Pain Management Market Is Estimated To Witness High Growth Owing To Increase In Cases Of Chronic Pain

The interventional pain management market comprises procedures and devices that are used to treat chronic and acute pain through minimally invasive techniques. Some common procedures include spinal cord stimulation, intrathecal drug delivery, and radiofrequency ablation. These procedures provide an effective alternative to medication therapy and carry fewer risks than open surgery. The demand for interventional pain treatments is driven by the rising incidence of chronic pain due to age-related degenerative conditions, injuries, and neurological disorders.

The Global interventional pain management market is estimated to be valued at US$ 8.63 Bn in 2024 and is expected to exhibit a CAGR of 3.6% over the forecast period from 2024 to 2030.

Key Takeaways

Key players: Key players operating in the interventional pain management market are AkzoNobel N.V., CABB Group GmbH, Niacet Corporation, and Denak Co. Ltd.

Key opportunities: The increasing research into novel procedures and devices represents a major growth opportunity. Technologies such as neurostimulation pumps and gene therapy hold promise to deliver long-term relief. Growing demand from emerging economies also provides lucrative expansion opportunities.

Global expansion: Major players are investing in capabilities expansion outside their home markets. Companies seek to tap opportunities in Asia Pacific and Latin American regions where pain management awareness is rising. Partnerships with local distributors help established brands to scale up globally.

Market drivers: A notable market driver is the growing geriatric population who are more prone to chronic pain conditions. Age-related issues like arthritis affect mobility and quality of life. This drives demand for minimally invasive therapies to manage pain. Another key driver is the favourable regulatory environment and reimbursement scenario in many countries for interventional procedures.

PEST Analysis

Political: Regulations around safety and efficacy of Interventional Pain Management Market Growth therapies can impact the market. Changes in reimbursement policies also affect market growth.

Economic: Economic downturns may negatively impact the market as resources for non-critical treatments can reduce. On the other hand, growing elder population suffers more from pain-related issues boosting demands.

Social: Aging population and lifestyle changes leading to back problems fuel market growth. Raising awareness helps overcome stigma around pain management therapies positively influencing the market.

Technological: Advancements in minimally invasive procedures reduce procedure-related risks while improving outcomes driving faster adoption. Continued R&D enhances existing therapies and fuels new product development.

The geographical regions where the interventional pain management market in terms of value is concentrated include North America and Europe. These regions have advanced healthcare infrastructure and reimbursement systems supporting higher penetration of pain management therapies.

The Asia Pacific region is currently the fastest growing market for interventional pain management. Factors such as huge patient population, rising medical tourism, increasing healthcare expenditures and growing awareness are driving the market in the Asia Pacific region. Countries like China and India with their large elderly demographics and unmet needs present lucrative opportunities.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it