by Interventional pain management involves minimally invasive procedures like nerve blocks, radiofrequency ablation and cryotherapy to relieve chronic and acute pain. These procedures provide effective pain relief without major surgery or opioid drugs.
The global Interventional Pain Management Market is estimated to be valued at US$ 7.49 Billion in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for minimally invasive procedures is a major trend propelling the interventional pain management market. These procedures cause less damage to tissues and enable faster recovery compared to conventional open surgeries. They also avoid risks of complications and side effects associated with oral pain medications. With rising awareness about benefits of minimally invasive options, more patients are opting for procedures like radiofrequency ablation and nerve blocks to treat chronic back, neck and joint pain. Various technological advancements are further improving safety and efficacy of interventional techniques. Development of novel probes, guidance systems and devices is also supporting adoption of minimally invasive approaches for pain management.
SWOT Analysis
Strength: The interventional pain management market has witnessed significant growth owing to increasing prevalence of chronic pain as well as rising preference for minimally invasive techniques over drug therapies and pain medications.
Weakness: High costs associated with interventional pain management devices and procedures limit their widespread adoption. Lack of clinical evidence regarding effectiveness of certain devices also poses challenges.
Opportunity: Growing geriatric population worldwide that is more prone to develop chronic pain conditions presents lucrative opportunities. Continued technological advancements resulting in novel minimally invasive devices will further support the market expansion.
Threats: Stringent regulatory norms for approval of interventional pain management devices delay their time to market. Risks associated with certain interventional procedures if not performed accurately by trained medical professionals also threaten the market growth.
Key Takeaways
The Global Interventional Pain Management Market Size is expected to witness high growth. The market size for 2023 is projected to reach US$ 7.49 Billion and expected to grow exponentially at a CAGR of 25% during 2023 to 2030 forecast period.
Regional analysis
Region wise, North America currently dominates the global interventional pain management market and is expected to continue its dominance during the forecast period. This can be attributed to growing geriatric population, high healthcare expenditures, and favorable reimbursement policies in the region. Asia Pacific market is poised to grow at the fastest CAGR owing to increasing disposable incomes, improving access to healthcare facilities, and increasing prevalence of chronic pain in the region.
Key players operating in the interventional pain management market are Medtronic, Abbott, Stryker, B. Braun Melsungen AG, Boston Scientific Corp., Baxter, and OMRON Healthcare, Inc. These players are adopting various organic and inorganic growth strategies such as new product launches, partnerships, and acquisitions to expand their product portfolio and strengthen their market position. For instance, in 2022, Medtronic expanded its portfolio of spine surgery solutions through acquisition of Medicrea.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
