July 19, 2024
Interventional Pain Management Market

Interventional Pain Management Market is Expected to be Flourished by Rising Chronic and Acute Pain Cases Globally

Interventional pain management refers to minimally invasive procedures like epidural steroid injections, facet joint injections, spinal cord stimulators, intrathecal drug delivery systems, and radiofrequency ablation that are used to diagnose and treat chronic and acute pain. These procedures are mainly performed to treat back and neck pain, cancer pain, neurological disorders, and other painful conditions. The various products used in interventional pain management include radiofrequency ablation devices, neurostimulation devices, analgesic infusion pumps, and intravascular basic fibulas. The global interventional pain management market offers effective alternatives to opioid medications, reducing risks of addiction and dependency.

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.

Market Dynamics
Rising cases of chronic and acute pain across the globe and growing preference for minimally invasive procedures are expected to drive the growth of the interventional pain management market over the forecast period. According to the GBD 2019 Diseases and Injuries Collaborators, low back pain, headache disorders, and neck pain are amongst the top three causes of disability worldwide. The increasing geriatric population prone to degenerative diseases is also contributing to the growing chronic pain patient pool. Further, the global epidemic of opioid abuse has increased the demand for alternative pain therapies like interventional pain treatments.

Radiofrequency ablation, neurostimulation, and other interventional techniques offer pain relief with minimal side effects and reduced risks of addiction compared to oral opioids. This is positively impacting the adoption of interventional pain management in clinical settings. Manufacturers are further advancing their portfolios with innovative neuromodulation devices, ablation catheters, infusion pumps, and localized drug delivery systems to effectively manage different types of acute and chronic pain.

Segment Analysis
The global interventional pain management market is dominated by the radiofrequency ablation sub-segment. Radiofrequency ablation accounts for over 40% of the market share as it is minimally invasive, allows surgeons to treat specific targeted areas and provides relief for long duration. It is preferred by doctors and patients for treatment of chronic back and neck pain.

PEST Analysis
Political: The market is positively impacted by increasing government initiatives and investments in healthcare infrastructure development. Various regulations have made insurance coverage for interventional pain procedures more accessible to people.
Economic: Rising healthcare expenditure, growing geriatric population suffering from chronic pain and availability of cheaper generic alternatives are fueling the market growth. However, high device costs can hinder the market.
Social: Growing prevalence of lifestyle diseases and rising awareness about availability of advanced treatment options for pain management is driving the demand. People are now more open to interventional techniques rather than relying only on medication.
Technological: Advancements in imaging technologies, new catheter designs and neurostimulation systems have expanded the scope of minimally invasive procedures. Developments in biocompatible electrode materials and battery technology for neurostimulation devices will boost the market.

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 shows North America dominates currently due to supportive reimbursement policies and rapid adoption of new technologies among healthcare professionals. The market in Asia Pacific is projected to grow the fastest rising healthcare spending and increasing patient awareness in countries like China and India.

Key players operating in the interventional pain management market are Medtronic, Abbott, Stryker, B. Braun Melsungen AG, and Boston Scientific Corp. Medtronic leads the neurostimulation devices segment with its innovative products like Intellis spinal cord stimulator and Dominion burr hole stimulator. Abbott dominates the anesthesia and analgesia market through its pain relief portfolios like Axon, Xlio and Cosman RF generators.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it