Chronic Lower Back Pain Market Drivers
The key drivers of the chronic lower back pain market include:
Increasing Healthcare Expenditure
Increasing healthcare expenditures globally are expected to help the growth of the chronic lower back pain market going forward. As governments and private sectors allocate more resources towards healthcare, there is a greater capacity for investment in advanced diagnostics, treatments and patient care for chronic conditions, including lower back pain. This increase in spending facilitates better access to healthcare services, enabling early diagnosis and more effective management of chronic lower back pain. For instance, in January 2024, according to National Health Expenditures Accounts (NHEA) by KFF, a US based independent source for health policy research, polling and journalism, Health spending in the United States is expected to rise by 5% from 2023 to 2024, reaching $4.9 trillion. Coverage for new treatments will vary among payers and health plans. By 2030, out-of-pocket spending on retail prescription drugs is projected to total $48.1 billion. Additionally, according to National Health Expenditures Accounts (NHEA) by KFF, a US-based independent source for health policy research, polling and journalism, health spending in the USA is expected to rise by 5% from 2023 to 2024, reaching $4.9 trillion. Therefore, increasing healthcare expenditure globally is driving the growth of the chronic lower back pain market in the forecast period.
Chronic Lower Back Pain Market Restraints
The key restraints on the chronic lower back pain market include:
Limited Availability Of Skilled Professionals
The limited availability of skilled professionals is expected to restrict the growth of the chronic lower back pain market. Chronic lower back pain often requires a multidisciplinary approach, involving specialists such as orthopedic surgeons, physiotherapists, pain management experts and chiropractors. A shortage of these professionals can lead to longer wait times for patients, delayed diagnosis and suboptimal treatment outcomes. For instance, in January 2023, according to a study published by the World Health Organization (WHO), there is expected to be an anticipated shortfall of 10 million healthcare workers globally by 2030 from 65 million in 2020, mainly in low- and middle-income nations. Therefore, the limited availability of skilled professionals will restrict the growth of the chronic lower back pain market.