The global Lumbosacral Radicular Pain Management Market is expected to experience robust growth in the coming years due to several factors, including the increasing prevalence of back pain, advancements in medical technologies, and growing patient awareness about the available treatment options. According to a new market research report published by Future Market insights, the global Lumbosacral Radicular Pain Management market is expected to grow at a CAGR of 5% during the forecast period of 2023-2033.
The increasing prevalence of back pain is one of the primary drivers of the lumbosacral radicular pain management market. Back pain is a common health problem that affects people of all ages and can be caused by a variety of factors, including poor posture, spinal disc degeneration, and muscle strains.
According to the American Chiropractic Association, back pain is one of the leading causes of disability worldwide, and it is estimated that 80% of people will experience back pain at some point in their lives. This high prevalence of back pain has led to increased demand for effective treatments and therapies for lumbosacral radicular pain management.
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Advancements in medical technologies have also contributed to the growth of the lumbosacral radicular pain management market. There have been significant developments in the field of pain management in recent years, with the introduction of new treatments and technologies, such as spinal cord stimulation, radiofrequency ablation, and minimally invasive surgery.
These advancements have enabled healthcare providers to offer more effective and less invasive treatments for lumbosacral radicular pain management, which can help to reduce patient discomfort and recovery time.
Growing patient awareness about the available treatment options is also driving the growth of the lumbosacral radicular pain management market. Patients are increasingly seeking out effective and minimally invasive treatments for their pain, and healthcare providers are responding by offering a range of treatment options to meet their needs.
Key Takeaways from the Market Study
- From 2018 to 2022, the Lumbosacral Radicular Pain Management market grew at a CAGR of 3.2%.
- The global Lumbosacral Radicular Pain Management market is expected to grow with a 5% CAGR during 2023 to 2033.
- As of 2033, the Lumbosacral Radicular Pain Management Market is expected to reach US$ 1.4 Billion.
- According to the FMI analysis, the hospital pharmacies segment accounts for the largest market share.
- North America is expected to possess 40% market share for the Lumbosacral Radicular Pain Management market.
- The East & South Asia market is predicted to increase significantly throughout the forecast period, with a share of 20% during the forecast period.
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“A series of international level collaborations involving healthcare stakeholders across various institutional settings are fueling further clinical trials and research studies dedicated to discovering Lumbosacral Radicular Pain Management.” says an FMI analyst
Market Competition
Key players in the market include companies such as Competition Deep Dive, Semnur Pharmaceuticals, Inc., Eliem Therapeutics, Forest Laboratories, Medtronic Spinal and Biologics, Teva Pharmaceutical, 3M Company, Ultradent Products Inc., Nobel Biocare Holdings AG, Eli Lilly & Company, along with healthcare providers and technology companies among other global players.
- Researchers at the University of New South Wales (UNSW) Sydney and Neuroscience Research Australia (NeuRA) have developed a therapy that focuses on retraining the communication between the back and the brain. In a randomized controlled trial, the treatment was found to be effective in improving chronic back pain. The study, published in the Journal of the American Medical Association, was funded by the Australian National Health and Medical Research Council (NHMRC) and conducted at NeuRA.
The promising results of this study offer a new avenue for treating chronic back pain and improving the quality of life for those who suffer from it. The study was conducted by several universities across Australia and Europe and is a significant breakthrough in the field of pain management. In conclusion, the development of a new therapy for chronic back pain that focuses on retraining the communication between the back and the brain offers hope for millions of people worldwide. The randomized controlled trial conducted by researchers at the University of New South Wales (UNSW) Sydney and Neuroscience Research Australia (NeuRA) demonstrated the effectiveness of this treatment in improving chronic back pain.
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Key Segments Profiled in the Lumbosacral Radicular Pain Management Industry Survey
Drug Class:
- Cyclobenzaprine
- Oxycodone
- Tramadol
- Gabapentin
Route of Administration:
- Oral
- Topical
End-User:
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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