Global Chronic Lower Back Pain Market Opportunities And Strategies 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s chronic lower back pain market report forecasts the chronic lower back pain market size to grow to $8.79 Billion by 2027, with a CAGR (compound annual growth rate) of more than 4%.
Learn More On The Chronic Lower Back Pain Market Report 2023 – http://tbrctest.tbrc.info/report/chronic-lower-back-pain-global-market-report
Chronic Lower Back Pain Market Size Forecast
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 global chronic lower back pain market size is expected to reach $8.79 billion in 2027 at a CAGR of 4.7%.
North America held the largest chronic lower back pain market share.
Key Chronic Lower Back Pain Market Driver – Growth In The Geriatric Population
For example, according to data given by the World Trade Organisation, a US-based United Nations worldwide organisation for public health, the proportion of the population aged 60 and older climbed from 1 billion to 1.4 billion between 2020 and 2021. The world’s population of individuals aged 60 and older will have more than doubled (to 2.1 billion) by 2050. Between 2020 and 2050, the number of persons aged 80 and more is expected to triple, reaching 426 million. As a result, the growing geriatric population is propelling the chronic lower back pain market forward.
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Key Chronic Lower Back Pain Market Trend – Technological Advancement
To maintain their market position, major firms in the chronic lower back pain market are developing new and enhanced advanced technologies for the treatment and prevention of lower back pain. Abbott Laboratories, a US-based medical devices and health care company, launched the Eterna spinal cord stimulation (SCS) device in December 2022, the world’s smallest implantable, rechargeable spinal cord stimulator for the treatment of chronic pain, which received FDA approval. Eterna SCS employs Abbott’s low-dose BurstDR stimulation technology, which reduces pain by 23% more than standard waveform technology approaches.
Chronic Lower Back Pain Market Segment
1) By Type of Pain: Diskogenic Pain, Lumbar Spinal Stenosis, Sacroiliac Pain, Facet-Joint Pain, Radicular Pain, Muscular Pain, Other Types Of Pain
2) By Diagnosis: Clinical History, Physical Examination, Imaging Guidelines, Assessment of Pain
3) By End-User: Hospitals, Orthopaedic Clinics, Ambulatory Surgery Centres, Other End-Users
Chronic Lower Back Pain Market Major Players and Strategies
Major players in the chronic lower back pain market are Pfizer Inc., Johnson & Johnson Private Limited, Sanofi S.A., Endo Pharmaceuticals Plc., Merck Corporation, Vertebral Technologies Inc., Medtronic Plc., 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.
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 Chronic Lower Back Pain Global Market Report 2023 covers regional data on chronic lower back pain market size, chronic lower back pain market trends and drivers, opportunities, strategies, and chronic lower back pain market competitor analysis. The countries covered in the chronic lower back pain market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Chronic low back pain (CLBP) is defined as pain that lasts for 12 weeks or more after the underlying cause of acute low back pain or the initial injury has been treated. Chronic low back pain is the leading cause of disability and psychological problems like stress, depression, and/or anxiety.
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