Perineural Therapy Market Trends

Growth Drivers

• Higher Prevalence of Chronic Pain in Global Population Due to Changing Lifestyle- It was observed that around 10% of the global population is affected by chronic pain summing up to approximately 60 million people. Moreover, about one in every 10 people additionally develop chronic pain every year worldwide. Rising digitalization and technological advancement have brought a major change in the physical health of the modern population. People tend to spend more time sitting in either workplaces or educational institutions and do not indulge in physical activities. Such conditions become accountable to trigger chronic pain and other diseases, which require perineural therapy.

• Spiking Cases of Sports Injuries Resulting in Nerve Damage - Sports injuries are a major cause of neural diseases, which require perineural therapy. Data provided by the National Safety Council stated that bicycling is one of the major causes of sports injuries. The prevalence has increased by 44% in the last decade and 1,260 deaths were noticed in 2020 due to bicycle incidents. 

• Advancement in Modern Medical Technology - As of 2019, the total revenue of global medical technology was estimated to be around USD 450 billion, which is estimated to cross USD 590 billion by the year 2024. Moreover, the total R&D spending on global medical technology was projected to be about USD 30 billion in 2019.

• Increment in Global Geriatric Population - According to the data from the World Bank 747.238 million individuals were aged 65 or above in 2021 across the globe. Older adults are more prone to neural disorders and would require immediate treatment.

• Escalating Approval and Launches of Products to Regenerate and Repair Damaged Nerves - The growing development and launch of medical technologies and drugs, such as neurostimulator devices, are estimated to boost the market growth. The modern perineural injection has been launched in the market with 85% of effectiveness. 

Challenges

• Lack of Skilled Medical Professionals – The first and foremost challenge that comes along the way has to be the lack of skilled medical professionals. There are not many medical professionals in the world who are associated with this type of treatment this comes as a problem in incorporating this therapy in the treatment of the patients. More knowledge and awareness about this treatment and this field must be circulated so that more medical professionals can come to take part in learning this treatment.
• Possibilities of Side Effects such as Skin Allergy and Infection
• Presence of Alternatives owing to the Lack of Awareness