Analyzing the growth trajectory of Pain Management startups in the Healthcare Industry
DOI:
https://doi.org/10.58445/rars.1307Keywords:
Pain management, Healthcare, growthAbstract
In the recent decade, pain management has evolved to become a substantial obstacle in the healthcare sector impacting lives of over millions throughout the globe. Conventional approaches have not been successful in rendering long lasting and customised results. This has given rise to the advent of pain management organisations introducing innovative, advanced, technology based solutions to address the concerns. This research paper seeks to investigate the realm of pain management startups, analysing their influence on the healthcare sector, the obstacles they encounter, and their potential for future development.
The origin of pain management industry can be dated back to the late 20th century to address the neglect and inadequate treatment of pain, eventually becoming a distinct specialty within healthcare. As stated by Loeser and Treede (2008) the advancement in comprehending pain and its treatment gained momentum with the origin of designated pain clinics and the use of interdisciplinary methods to manage pain. Developments in pharmacology, interventional procedures, and non-pharmacological modalities further accelerated this progression. Waldman (2011) also stresses the importance of these advancements, specifically noting the rise of pain management as a separate sector that addresses the intricate requirements of patients experiencing acute, chronic, and cancer-related pain.The healthcare industry is being transformed by the pain management startups by the introduction of inventive solutions that combat the challenges of of traditional and conventional methodologies. Enhanced patient outcomes by providing individualised care and empowering them through technology to effectively manage their pain is a breakthrough in this field.Efforts are being made by these startups to increase accessibility by making these solutions affordable and available on digital platforms.The obstacles encountered by pain management startups with respect to regulators and compliances pose a hindrance in their progress.
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