Central Pain Syndrome Management Market to reach US$ 100 Billion by 2033, growing at a 5% CAGR: FMI Report
A recently published study by FMI expects the global Central Pain Syndrome Management Market to augment at a 5% CAGR from 2023 to 2033. By the end of the said assessment period, a valuation of US$ 100 Billion is expected for the market. As per the World Health Organization (WHO), the share of the world’s population over 60 years old will nearly double from 12% to 22% between 2015 and 2050. Furthermore, the prevalence of chronic pain among the elderly in nursing homes is particularly high, posing a severe concern for care facilities.
Pharmacological, non-pharmacological, and occupational therapies are commonly used to treat this condition in the elderly population, which has a positive impact on the global central pain syndrome management market. Globally, one of the greatest healthcare challenges affecting both high-income and low- and middle-income nations is the increased prevalence of chronic illnesses. Chronic disorders that require therapeutic intervention for optimal pain therapy include osteoarthritis, cancer, fibromyalgia, sickle-cell anaemia, and autoimmune diseases (rheumatoid arthritis).
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Owing to the rising incidence of chronic diseases, numerous treatment approaches, including as medicine, physiotherapy, psychological therapy, and others, are commonly utilised to alleviate pain which further promote the growth of the market. North America led the worldwide central pain syndrome management industry in 2022, accounting for a fair share of the market revenue. This is due to the high prevalence of chronic ailments among adults in North America, which leads to an increase in the incidence of various types of pains, including neuropathic pains, which require long-term treatment with analgesics or other medications approved by regulatory authorities for this purpose. Due to the presence of multiple important competitors, the central pain syndrome management sector is very competitive. In recent years, market participants have engaged in product releases, mergers, and partnerships in order to achieve a prominent position.
Key Takeaways from the Market Study:
- FMI projects the global central pain syndrome management market to expand at a 5% value CAGR by 2033
- The global central pain syndrome management market is estimated at a market value of US$ 60 Billion
- The global central pain syndrome management market is expected to garner a market value of US$ 100 Billion
- North America is expected to grow at a CAGR of 4.9% in the assessment period 2023-2033.
- Europe is expected to grow at a CAGR of 4.8% in the assessment period 2023-2033.
- The retail pharmacies segment is expected to hold the largest market share in the forecast period 2023-2033.
- Asia Pacific is expected to grow at a CAGR of 4.7% in the assessment period 2023-2033.
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“Rapidly growing elderly population is regarded as the primary factor driving the development of the global market in the next years. Individuals who are more mature are more likely to suffer from joint pain and other chronic diseases. Furthermore, the prevalence of chronic conditions such as disease, diabetic neuropathy, and osteoarthritis drives the growth of the central pain syndrome management market,” says an analyst at FMI
Sun Pharma, Eli Lilly, Lupin Pharmaceuticals, Inc., AdvaCare Pharma, Somacare, Mallinckrodt Pharmaceuticals, Pipelinepharma, Sandoz, Xi’an Tian Guangyuan Biotech Co., Ltd. and Reddy’s Laboratories are some prominent central pain syndrome management market players.
- In March 2022, Mallinckrodt plc, a global biopharmaceutical company, announced the publication of findings from a retrospective medical records study evaluating the real-world utilisation and outcomes of Acthar® Gel (repository corticotropin injection) in patients with refractory rheumatoid arthritis (RA) who did not respond adequately to standard-of-care therapies. The findings were published in the peer-reviewed journal Drugs in Context.
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Key Segments Profiled in the Central Pain Syndrome Management Market Industry Survey
By Drug Class:
By Route of Administration:
By Distribution Channel:
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
By End User:
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- North America
- Latin America
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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