Worldwide Chronic Pain Treatment Industry to 2030 - Surging Prevalence of Chronic Health Conditions Are Driving Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Chronic Pain Treatment Market Research Report: By Product, Indication, Application, Distribution Channel, and End User - Global Industry Revenue Estimation and Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global chronic pain treatment market valued $80,766.6 million in 2020, from where it is set to reach $162,175.2 million by 2030, at a 7.2% CAGR between 2020 and 2030.
This will be majorly because of the geriatric population, which, as per the United Nations (UN), will increase from 727 million in 2020 to 1.5 billion by 2050. With age, people become prone to several health issues, including chronic pain because of arthritis, muscle strain, posture issues, and other reasons.
Most patients purchase drugs and devices for the treatment of chronic pain associated with musculoskeletal conditions, such as osteoarthritis, rheumatoid arthritis, and fibromyalgia. For instance, in 2017, 8.7 million osteoarthritis patients in the age group of 45 and above were treated in the U.K., says Arthritis Research U.K. Hence, on account of the rising prevalence of bone and muscle diseases, the demand for chronic pain treatment products is surging.
Key Findings of Chronic Pain Treatment Market Report
Drugs witness the higher sales due to the surging number of people with lower back pain, migraine pain or severe headache, and facial pain. This is itself a result of the sedentary lifestyle, increasing surgery volume, and booming geriatric population.
In the coming years, drugs and devices will be procured in the highest volumes to treat chronic cancer pain, due to the rising incidence of this disease. As tumors tear through tissues, muscles, bones, skin, and blood vessels, they cause extreme pain.
Revenue generation for chronic pain treatment market players through direct distribution channels is set to rise faster in the coming years. This way, at-home patients participating in clinical trials get faster access to treatments.
The COVID-19 pandemic has boosted the demand for chronic pain treatment drugs and devices by creating stress among people with pre-existing health issues, which ended up causing them long-term pain.
North America witnesses the highest sale of these products because of the high health awareness, developed medical infrastructure, and increasing cases of chronic diseases, such as cancer and heart diseases.
Seeing the rising number of people with chronic pain, healthcare companies are bringing about innovations in wearable medical devices and non-opioid pain medication.
The fastest chronic pain treatment market growth is expected to be witnessed in Asia-Pacific (APAC), which, being the most-populated region, is home to a huge patient pool. Thus, the growing geriatric population and number of people with chronic diseases, combined with the increasing awareness on chronic pain, offer lucrative opportunities to market players.
- Innovations in the field of pain management
- Increasing number of product approvals
- Increasing government support for chronic pain management
- Growing geriatric population
- Surging prevalence of chronic health conditions
- Impact Analysis of Drivers on Market Forecast
- Side effects associated with pain management drugs and devices
- Product recalls
- Patent expiry of blockbuster chronic pain treatment drugs
- Increasing usage of opioids and antidepressants
- Impact Analysis of Restraints on Market Forecast
- Eli Lilly and Company
- GlaxoSmithKline plc
- Pfizer Inc.
- Medtronic plc
- Abbott Laboratories
- Boston Scientific Corporation
- Novartis AG
- Johnson & Johnson
- AstraZeneca plc
- Bristol-Myers Squibb Company
- Becton, Dickinson and Company
- Sanofi S.A.
For more information about this report visit https://www.researchandmarkets.com/r/9pior6
Laura Wood, Senior Press Manager
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