Interventional pain management includes minimally invasive surgical and non-surgical procedures used to treat various types of chronic pain such as back pain, neck pain, cancer pain and many more. These procedures are carried out through imaging guidance for precisely treating the source of pain. The increasing prevalence of chronic pain owing to rising geriatric population and road accidents has boosted the demand for interventional pain management.
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:
The exponential growth in the prevalence of chronic pain cases such as neck pain, lower back pain and cancer pain across the world has been a key growth driver for the interventional pain management market. It is estimated that over 20% of adult populations in developed countries suffer from chronic pain. Moreover, the burden of chronic pain is expected to further increase with rising geriatric population globally. Interventional techniques are minimally invasive and prove to be more effective in managing chronic pain compared to medication alone. This has boosted the adoption of interventional pain management procedures over the recent years.
SWOT Analysis
Strength: The Global Interventional Pain Management Market Size offers minimally invasive techniques for the treatment of chronic pain with shorter recovery time as compared to conventional surgical techniques. This is a major strength and advantage over other alternatives.
Weakness: Lack of reimbursements and coverage for certain interventional pain management procedures hinders the adoption in many countries. High procedural costs associated with interventional pain management procedures remain a key challenge.
Opportunity: Rising geriatric population worldwide that suffer from chronic pain conditions such as arthritis create significant growth opportunity. Increasing prevalence of lifestyle diseases also aid in market expansion.
Threats: Alternative treatment options such as oral medications, physiotherapy pose a potential threat to interventional pain management market revenue. Side effects associated with certain procedures may limit their acceptance to an extent.
Key Takeaways
The global interventional pain management market is expected to witness high growth over the forecast period from 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.
The North American region currently dominates the market attributed to growing aged population suffering from arthritis, and favorable reimbursement policies for interventional pain management procedures in the region.
Key players operating in the interventional pain management are AkzoNobel N.V., CABB Group GmbH, Niacet Corporation, and Denak Co. Ltd. The market is highly competitive with these companies focusing on new product launches and strategic collaborations to strengthen market share.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it