Interventional pain management involves minimally invasive procedures like radiofrequency ablation, pharmacological neurolysis, and vertebroplasty that help control pain. These procedures provide relief from chronic back pain, knee pain, and other joint-related pain with minimal risk and trauma compared to surgery. Interventional pain management uses image-guided techniques like fluoroscopy, ultrasound, and CT scanning to accurately identify specific anatomical structures to deliver therapy.

The global Interventional Pain Management Market is estimated to be valued at US$ 8.63 Mn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Improving pain control through minimally Global Interventional Pain Management Market Size procedures presents a major market opportunity. Chronic pain is a growing problem owing to aging populations and rising prevalence of lifestyle diseases. It negatively impacts quality of life and productivity. Conventional treatments like medication often prove inadequate for chronic pain. This is driving demand for innovative interventional pain solutions. Rising accessibility of image-guided devices is also increasing adoption of interventional procedures. With benefits like shorter recovery time, interventional pain management can help address the huge burden of chronic pain more effectively. This growing pain problem represents a multi-billion dollar market opportunity for innovative solutions in this field over the coming years.

Porter's Analysis

Threat of new entrants: The threat of new entrants is low in the interventional pain management market as it requires huge capital investment to setup production facilities and R&D to develop innovative products. Bargaining power of buyers: The bargaining power of buyers is high as the market has numerous established players providing similar kind of products. Bargaining power of suppliers: The bargaining power of suppliers is medium as the raw materials used are commoditized and available with multiple suppliers globally. Threat of new substitutes: The threat of new substitutes is low as interventional pain management has limited substitutions available currently. Competitive rivalry: The competitive rivalry is high among the key players to gain higher market share through continuous innovation and expansions.

SWOT Analysis

Strengths: Non-addictive nature, minimally invasive procedures, and immediate pain relief.

Weaknesses: Requirement of special training to perform procedures and high costs associated.

Opportunities: Growth in geriatric population suffering from chronic diseases and rising awareness.

Threats: Risk of complications and preference for medications over interventional therapies.

Key Takeaways

The global interventional pain management market is expected to witness high growth over the forecast period of 2024 to 2031. The global Interventional Pain Management Market is estimated to be valued at US$ 8.63 Mn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2024 to 2031.

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