Interventional pain management is a technique of pain management with special procedures such as spinal cord stimulation and pain management injections. Interventional pain management techniques are provided by trained anesthesiologists at pain management clinics or centers. These techniques are widely used in the treatment of various types of pain, which includes back and neck pain, diabetic neuropathy, cancer pain, foot and ankle pain, and joint pain.
Interventional Pain Management Market: Drivers
Rising prevalence of chronic pain is expected to increase the demand for interventional pain management techniques for its treatment, thereby fueling interventional pain management market growth in the near future. For instance, according to a study published by the National Centre for Biotechnology Information (NCBI) in 2015, around 19.6% of the individuals aged between 20 to 60 years were suffering from low back pain worldwide.
According to a study published by the Centers for Disease Control and Prevention (CDC) in 2012, around 20.3% of the population in the U.S. suffer from lower back pain. As per the report of the American Academy of Pain Medicine (AAPM) 2012, over 100 million people suffer from chronic pain, 25.8 million from diabetes, 16.3 million from coronary heart disease, and 11.9 million from cancer in the U.S. every year, which is expected to further increase in the near future. Moreover, in 2015, the National Institutes of Health (NIH) estimated that one in 10 people in the U.S. suffer from chronic pain. According to a study published in the British Medical Journal in 2016, around one-third to half of the population in the U.K. suffers from chronic pain.
Increasing establishment of new national interventional pain management platform is expected to support growth of the global interventional pain management market over the forecast period. For instance, in February 2018, NexPhase Capital, LP acquired Gulf Coast Pain Institute, through which the company launched a new national interventional pain management platform named Clearway Pain Solutions Institute, which will provide interventional pain management therapies to patients suffering from chronic pain.
The chances of chronic pain in geriatric population is very high. Therefore, increasing geriatric population is expected to increase demand for interventional pain management and fuel global interventional pain management market growth over the forecast period. For instance, according to the data published by the United Nations Population Fund, people aged 60 years and above accounted for 12.3% of the global population in 2015, which is expected to increase to 22% by 2050, accounting for 2 billion people.
Interventional Pain Management Market: Regional Analysis
North America interventional pain management market is expected to grow drastically, owing to increasing promotional activities by interventional pain management providers to bring awareness about interventional pain management techniques among the population. For instance, in 2016, the Center for Interventional Pain and Spine launched its new website to bring awareness about the interventional pain management techniques among the population.
Increasing prevalence of chronic pain among population is expected to fuel interventional pain management market growth in Europe in the near future. For instance, according to the data published by World Health Organization (WHO) in 2015, around 20% of the adult population in Europe was suffering from chronic pain.
Increasing geriatric population in Asia Pacific region is expected to increase the demand for interventional pain management, which in turn is expected to drive interventional pain management market growth in the region. For instance, according to the data published by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) in 2016, Asia Pacific region constitutes around 60% of the world’s geriatric population. It is estimated that in 2016, around 547 million people were aged above 60 years in Asia Pacific region and this number is expected to double and reach around 1.3 billion by 2050.
Interventional Pain Management Market: Key Players
Key players operating in the global interventional pain management market include Ipsen group, Allergan Plc., Medytox Inc., Merz GmbH, Medtronic Plc., Boston Scientific Corporation, and St. Jude Medical, Inc.
Interventional Pain Management Market: Taxonomy
The global interventional pain management market is segmented on the basis of technique, application, and region.
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