by Interventional pain management includes procedures such as epidural steroid injections, facet joint injections, and sympathetic nerve blocks which provide relief from pain. These minimally invasive procedures help treat various chronic pain conditions like lower back pain, neck pain and joint pain. Interventional pain management offers advantages like decreased risk of complications, reduced dependence on oral pain medications, faster recovery time and better pain relief when compared to traditional open surgeries. With rising geriatric population and increasing prevalence of chronic pain disorders, the demand for effective yet minimally invasive pain management options is on the rise.
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 from 2024 to 2030.
Key Takeaways
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. dominated the global acetic acid market in 2021 with a market share of over 30%.
Rising geriatric population suffering from arthritis and other age-related pain conditions is a major driver boosting the demand for interventional pain treatments. According to the United Nations, the number of people aged 60 years and above is projected to reach 2.1 billion by 2050 from 1 billion in 2019.
Geographic expansion into emerging Asian and Latin American markets allows key players to tap the high growth potential in these regions. For instance, Niacet Corporation set up a new production facility in China in 2021 to better serve the Asia Pacific market.
Market key trends
Innovation in minimally invasive procedures is a key trend in the Interventional Pain Management Market Demand . Advances like laser-based treatments, pulsed radiofrequency denervation and novel drug delivery technologies are allowing treatment of complex chronic pain conditions with minimally invasive approaches. For example, pulsed radiofrequency denervation uses pulsed electromagnetic energy to disrupt nerve conduction, providing relief for lower back and joint pain. This avoids the complications associated with traditional open surgeries.
Porter’s Analysis
Threat of new entrants: The Interventional Pain Management Market requires high initial investments and regulatory protocols restrict new companies from easily entering the market.
Bargaining power of buyers: Individual consumers have low bargaining power due to availability of a few alternatives, however larger pharmaceutical distributors have moderate bargaining power.
Bargaining power of suppliers: The market has many suppliers for raw materials leading to moderate bargaining power for suppliers.
Threat of new substitutes: Alternatives like pain medications and therapies pose minimal threat as Interventional Pain Management treatments target chronic pain more effectively.
Competitive rivalry: Major companies compete on service quality, technology and geographic expansion to gain market share.
Geographical Regions
North America currently holds the highest value share in the Interventional Pain Management Market owing to supportive reimbursement policies and heavy investments in product innovations.
Asia Pacific region is poised to witness the fastest growth during the forecast period with increasing awareness, healthcare reforms and focus of global manufacturers on developing economies. Rapidly developing economies like India and China offer lucrative opportunities for market expansion
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
