New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Chronic Lower Back Pain Global Market Report 2023" - https://www.reportlinker.com/p06466470/?utm_source=GNW
, Boston Scientific Corporation, BioWave Corporation, Koninklijke Philips N.V., Teva Pharmaceutical Industries Ltd., Astellas Pharma Inc., SpineThera Inc., Dr. Reddy’s Laboratories Ltd., Celgene Corporation, Axsome Therapeutics Inc., Mesoblast Limited, and Frontier Biotechnologies Inc.
The global chronic lower back pain market is expected to grow from $6.94 billion in 2022 to $7.30 billion in 2023 at a compound annual growth rate (CAGR) of 5.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The chronic lower back pain market is expected to reach $8.79 billion in 2027 at a CAGR of 4.7%.
The chronic low back pain market includes revenues earned by entities by providing low back pain treatment services such as pain management services, and neuropathic and nociceptive pain management.Establishments that provide long treatment plans and management services are included in this market.
The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Chronic low back pain (CLBP) refers to a pain that persists for 12 weeks or more despite the treatment of the underlying cause of acute low back pain or the initial injury. Chronic low back pain is the major cause of disability and psychological issues such as stress, depression, and/or anxiety.
North America was the largest region in the chronic lower back pain market in 2022. The regions covered in the chronic lower back pain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of chronic lower back pain are discogenic pain, lumbar spinal stenosis, sacroiliac pain, facet-joint pain, radicular pain, muscular pain, and others.Discogenic pain refers to a form of low back pain that results from a damaged spinal disc, especially from degenerative disc disease, which happens naturally with aging.
It is diagnosed with a clinical history, physical examination, imaging guidelines, and assessment of pain, and treated in various healthcare facilities such as hospitals, orthopaedic clinics, ambulatory surgery centers, and others.
A growth in the geriatric population is expected to boost the growth of the chronic lower back pain market going forward.Geriatric population refer to a population of older people with 65 years and above.
In the geriatric population, age-related neurodegenerative and musculoskeletal conditions such as arthritis and osteoarthritis progress rapidly, causing weakness and painful complaints that lead to chronic back pain and reduced physical activities. For instance, in October 2022, according to the data released by the World Trade Organization, a US-based United Nations international organization for public health, from 2020 to 2021, the proportion of the population aged 60 and up increased from 1 billion to 1.4 billion. By 2050, the world’s population of adults aged 60 and up will have doubled (to 2.1 billion). The number of people aged 80 or more is predicted to treble between 2020 and 2050, reaching 426 million. Therefore, the growth in the geriatric population is driving the growth of the chronic lower back pain market.
Technological advancements are a key trend gaining popularity in the chronic lower back pain market.Major companies operating in the chronic lower back pain market are involved in developing new and improved advanced technology for the treatment and prevention of lower back pain to sustain their position in the market.
In December 2022, Abbott Laboratories, a US-based medical devices and health care company, launched the Eterna spinal cord stimulation (SCS) device, the world’s smallest implantable, rechargeable spinal cord stimulator for the treatment of chronic pain, which received approval by the US Food and Drug Administration (FDA). Eterna SCS uses Abbott’s low-dose BurstDR stimulation technology to relieve pain by 23% greater than conventional waveform technology methods.
In September 2022, The National Science Foundation (NSF), a US-based independent agency for fundamental research and education in the fields of science, announced a collaboration with an investment of $1.2 million with a multidisciplinary team led by researchers at the University of California, San Diego, a US-based public research university, to study and inform the treatment of chronic low back pain. The research aims to support remote monitoring of the patient’s posture and mobility throughout the day and provide individualized physical therapy treatments to enhance health results.
The countries covered in the chronic lower back pain market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The chronic lower back pain market research report is one of a series of new reports that provides chronic lower back pain market statistics, including chronic lower back pain industry global market size, regional shares, competitors with a chronic lower back pain market share, detailed chronic lower back pain market segments, market trends and opportunities, and any further data you may need to thrive in the chronic lower back pain industry. This chronic lower back pain market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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