by Interventional pain management includes minimally-invasive procedures to treat both chronic and acute pain. These procedures aim to manage pain through targeted therapies such as nerve blocks, neurolysis, and spinal cord stimulation. Chronic pain conditions such as lower back pain, neck pain, and arthritis have impacted both personal health and national economies. The global interventional pain management market continues to develop procedural solutions for chronic pain syndromes affecting millions worldwide.
The global Interventional Pain Management Market is estimated to be valued at US$ 7.49 Bn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Common procedures include epidural corticosteroid injections, sympathetic nerve blocks, and artificial disc replacement that aim to reduce reliance on opioid analgesics with their risk of addiction and side effects. The prevalence of lower back pain alone is estimated to impact over 500 million patients globally each year. Success of interventional approaches could help manage pain while restoring functioning and quality of life. Rapid advances in minimally-invasive technologies have expanded the scenarios where pain management can be delivered. Providers now leverage image-guided technologies, neuromodulation devices, and targeted drug therapies to personalize treatment to individual patient conditions and needs.
Market key trends:
One of the key trends in the interventional pain management market is the rise of novel neuromodulation therapies. Neurostimulation techniques such as spinal cord, peripheral nerve, and motor cortex stimulation offer alternatives to conventional pharmacologic and interventional methods. Additional trends include the increasing integration of digital health tools to optimize neuromodulation therapy and the development of implantable miniature drug delivery systems for chronic pain indications. Better characterization of pain pathways through omics technologies also promises more targeted interventional approaches in the future. Overall, customized neuromodulation and minimally invasive drug delivery portend continued growth opportunities within interventional pain management.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the interventional pain management market is moderate. The market requires high capital investments, technical expertise and regulatory compliances which pose entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers in the form of hospitals and ambulatory surgical centers is moderate. Buyers have multiple suppliers to choose from however interventional pain management devices require guidance from physicians limiting buyer power.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate due to differentiated products supplied by key manufacturers. Switching costs for suppliers are low.
Threat of new substitutes: The threat of new substitutes is low as alternative therapies like pain medication provide temporary relief and do not eliminate the root cause of chronic pain effectively.
Competitive rivalry: The interventional pain management market experiences high competitive rivalry due to presence of large multinational corporations offering a wide range of innovative devices.
Key Takeaways
The Global Interventional Pain Management Market Size is expected to witness high growth at a CAGR of 25% during the forecast period of 2023 to 2030.
Regional analysis: North America will continue to be the highest revenue generating region due to favorable reimbursement policies and healthcare infrastructure. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by improving access to healthcare in emerging economies.
Key players: The major players operating in the interventional pain management market are Medtronic, Abbott, Stryker, B. Braun Melsungen AG, Boston Scientific Corp., Baxter, and OMRON Healthcare, Inc. Medtronic and Stryker account for the largest market share due to their diverse product portfolios and global presence.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
