How Are Innovations Fueling Adoption of Chronic Pain Treatment Solutions?
SummaryThe surging geriatric population and accelerating cases of chronic illnesses will fuel the chronic pain treatment market at 6.5% CAGR during 2020–2030.
- Author Company: P&S Intelligence
- Author Name: Pramod Kumar
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Governments across the world are making efforts to raise awareness regarding advanced pain treatment products and services to enhance healthcare system. For example, the International Association for the Study of Pain (IASP) executed its Developing Countries Project from January 2018 to March 2018, to impart pain education and encourage chronic pain treatment services in developing nations, by providing grants. These grants aspire to enhance the availability and scope of essential educations for clinicians engaged in pain treatment, to inspire the development of innovative approaches.
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The market generated $77.8 billion in 2019 and it is projected to reach $151.7 billion by 2030. Chronic ailments like neurological disorders, cancer, and orthopedic diseases lead to long-lasting pain that require multiple pain management options. Additionally, the surging incidence of joint pain, lower pack pain, neck pain, and migraine have accelerated the demand for pain treatment services like psychological therapy, neuroablation, and physiotherapy, globally.
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The aforementioned trend in the chronic pain treatment market has led to the introduction of products like Voltaren Arthritis Pain gel and Proclaim XR SCS system by GlaxoSmithKline plc and Abbott Laboratories, respectively. GlaxoSmithKline plc received approval for this product from the Food and Drug Administration (FDA) in February 2020. Voltaren Arthritis Pain gel is designed for patients aged 18 years and above to offer temporary relief from arthritis pain, and it is the first prescription-based nonsteroidal anti-inflammatory drug (NSAID), which is available over the counter (OTC) in the U.S.