May 18, 2024
Interventional Pain Management Market

The Growing Prevalence Of Chronic Pain Drives The Interventional Pain Management Market

Interventional pain management utilises minimally invasive procedures to treat chronic and acute pain. These procedures such as nerve blocks, spinal therapy, and trigger point injections are commonly used to alleviate pain associated with conditions like arthritis, back pain and neuropathic pain. Nerve blocks are one of the most widely used techniques that help provide temporary or long-term pain relief by blocking the transmission of pain signals along targeted nerves. The increasing prevalence of various chronic pain conditions globally has augmented the demand for pain management therapies. As per the National Health Interview Survey conducted in the United States, around 25.3 million Americans suffer from chronic pain and it is one of the major reasons for missed workdays. The rising geriatric population also contributes to the chronic pain burden as aging is linked to several musculoskeletal disorders and painful conditions. As there is an increasing preference for minimally invasive treatments, interventional pain management is gaining prominence over oral pain medications that can cause side effects.

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 key trends:

One of the key trends in the Global Interventional Pain Management Market Size is the adoption of novel neuromodulation techniques. Neuromodulation therapies like spinal cord stimulation and dorsal root ganglion stimulation are more targeted approaches that modulate pain signalling pathways in the nervous system. These neuromodulation devices have shown efficacy in treating chronic back pain, leg pain and other neuralgias. Moreover, the development of next-generation neuromodulation systems with features like rechargeability, wireless programming and increased battery life is further driving their usage. There is also a rise in minimally invasive procedures for joint pain management. Advancements in micro-ablation and denervation techniques allow treatment of smaller targets inside joints to alleviate pain. Technologies like cooled radiofrequency renal denervation and disc denervation help treat discogenic back pain in a minimally invasive way. The availability of training and education for physicians has increased the skills and competencies of healthcare practitioners in performing interventional procedures accurately, boosting the adoption of minimally invasive pain therapies.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the interventional pain management market is moderate as establishing operations requires considerable investment in research and development.

Bargaining power of buyers: The bargaining power of buyers in the interventional pain management market is high due to the availability of substitutes.

Bargaining power of suppliers: The bargaining power of suppliers in the interventional pain management market is moderate due to the availability of raw material suppliers.

Threat of new substitutes: The threat of substitutes in the interventional pain management market is high due to the availability of generic and alternate treatments.

Competitive rivalry: The competitive rivalry in the interventional pain management market is high due to the presence of many local and international players.

Key Takeaways

The global interventional pain management market is expected to witness high growth over the forecast period of 2024 to 2031. 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.

Regional analysis: North America is expected to dominate the global interventional pain management market over the forecast period, owing to the rising geriatric population and increasing number of surgeries in the region. The growing prevalence of chronic pain among the general population will also contribute to the regional market growth.

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 N.V. is one of the prominent players in the global market with wide distribution channels across countries.

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