The interventional pain management market consists of devices and therapies administered to diagnose and relieve pain related to diseases or injuries. Common pain management procedures include nerve blocks, spinal cord stimulation, ablations, vertebroplasty, and kyphoplasty. Rise in number of patients suffering from chronic pain diseases such as cancer, arthritis, and fibromyalgia has augmented the demand for interventional pain management procedures. These procedures involve minimally invasive techniques that allow patients to resume daily activities within a short recovery period.
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.
Minimally invasive procedures allow faster recovery and cause less trauma to tissues compared to open surgeries. These advantages have led to higher adoption of interventional pain management techniques. Furthermore, favorable reimbursement policies and rising awareness about pain management also contribute to the market growth.
However, stringent regulatory framework and high cost of devices may hamper the market growth. Despite these limitations, increasing focus on development of safer and more effective devices is expected to offer lucrative opportunities for market players.
The interventional pain management market is dominated by analgesia and pain management segment. This segment held over 60% share in 2022 owing to growing prevalence of chronic pain causing diseases like arthritis, lower back pain etc. The analgesics drugs and pain management therapies provide relief to patients experiencing acute or chronic pain.
Political: Growing awareness about interventional pain management therapies among public and support from various governments in terms of favourable policies and reimbursement is positively impacting the market growth.
Economic: Rising healthcare expenditure, growing disposable income and favourable reimbursement scenario especially in developed markets is propelling the market revenues.
Social: Increasing incidence of lifestyle diseases resulting in chronic pain, growing geriatric population vulnerable to arthritis and joint pain and availability of attractive pain management therapies are few key social factors augmenting the demand.
Technological: Advancements in interventional pain management technologies like neurostimulation devices, adoption of minimally invasive procedures and development of new drugs with better efficacy are providing push to the market.
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 shows North America dominates currently due to advanced healthcare infrastructure and growing awareness. Asia Pacific is poised to grow at fastest pace owing to large patient pool, increased healthcare spending and changing lifestyle.
Key players operating in the interventional pain management market include Medtronic, Abbott, Stryker, B. Braun Melsungen AG, Boston Scientific Corp., Baxter, and OMRON Healthcare, Inc. Medtronic dominates due to its robust product portfolio in neurostimulation systems and spinal cord stimulators. Abbott ranks second owing to its diverse pain management drug offerings.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it