Chronic Pain Treatment Market to Grow with a CAGR of 7.64% through 2028
Increase in the
incidence of Chronic diseases and increase in the aging population is expected
to drive the Global Chronic Pain Treatment Market growth in the forecast
period, 2024-2028.
According to
TechSci Research report, “Chronic Pain Treatment Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the Global Chronic Pain Treatment Market stood at USD 70.32 billion in 2022 and
is anticipated to grow with a CAGR of 7.64% in the forecast period, 2024-2028.
The awareness among individuals regarding Chronic Pain Treatment has led to
favorable market conditions for the global Chronic Pain Treatment market.
Several factors contribute to the growth of various Chronic Pain Treatment
products.
Elderly
individuals frequently encounter pain linked to ailments like osteoarthritis,
rheumatoid arthritis, neuropathy, and musculoskeletal disorders. This increased
occurrence of chronic pain in the aging population directly drives the need for
efficient pain relief solutions. Progress in healthcare has led to a global
extension in life expectancy. While undeniably a remarkable achievement, it
also implies that a substantial portion of the populace is now living longer,
consequently elevating the chances of encountering chronic pain as they advance
in age.
The market
exhibits the coexistence of well-established pharmaceutical companies and
emerging entrants with a focus on pain management. Prominent pharmaceutical
firms typically create and market pain relief drugs, encompassing opioids,
non-opioid analgesics, and adjunctive medications. Concurrently, medical device
manufacturers craft pain management devices like nerve stimulators, intrathecal
drug delivery systems, and implantable pumps, which will further fuel market
growth.
In December 2022
- Abbott launches its Amplatzer Piccolo™ Occluder in India, the world's first
medical device that can be implanted in the tiniest babies (weighing as little
as 700 grams) using a minimally invasive procedure to treat patent ductus
arteriosus, or PDA.
Technological
progress serves as a catalyst for the Global Chronic Pain Treatment Market. It
enables companies to offer improved, personalized, and readily available pain
management solutions, ultimately elevating patient results and positioning
firms for enduring success in this evolving arena.
In today's
fast-paced world, Chronic pain can severely impact an individual's quality of
life. It limits mobility, interferes with daily activities, and often leads to
emotional distress. Effective pain management helps restore individuals'
ability to engage in work, social interactions, and recreational activities,
enabling them to lead more fulfilling lives in a world where time is a precious
commodity. In a fast-paced world, productivity is highly valued. Chronic pain
can hinder productivity as individuals struggle to focus on tasks and meet
deadlines. By providing relief and improving functioning, chronic pain
treatment enables individuals to remain productive at work, ultimately
benefiting employers and the economy. Unmanaged chronic pain often leads to
repeated doctor visits, hospitalizations, and medication use, driving up
healthcare costs. Effective pain management can reduce the need for frequent
medical interventions, leading to cost savings for individuals and healthcare
systems. Chronic pain left untreated can escalate into debilitating conditions
that prevent individuals from leading active lives. Pain management
interventions can halt the progression of conditions and prevent disability,
allowing people to maintain their independence in a fast-paced world. Chronic
pain is often associated with depression, anxiety, and other mental health
issues. Treating pain not only alleviates physical suffering but also
contributes to better mental health. This is essential in a world where mental
well-being is increasingly recognized as paramount.
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Chronic pain can
strain personal relationships due to the physical and emotional toll it takes
on individuals. Effective pain management allows individuals to participate
more fully in their relationships, fostering stronger personal connections in a
society that values social bonds.
In recent times,
chronic pain treatment has led to more effective interventions. This means that
individuals suffering from chronic pain can experience a substantial
improvement in their overall quality of life. As people seek a balanced and
fulfilling life, pain management becomes essential in enabling them to
participate in daily activities, maintain relationships, and enjoy leisure
pursuits. Recent times have witnessed a growing awareness of the opioid crisis
and the need to shift away from opioid-based pain management. Chronic pain
treatment has responded to this challenge by focusing on alternative, safer,
and non-addictive approaches. This is crucial in a world where opioid addiction
has become a major public health concern. Advances in genetics and personalized
medicine have allowed for tailored approaches to chronic pain treatment.
Clinicians can now consider a patient's unique genetic makeup, pain profile,
and response to medications when devising treatment plans. This personalized
approach aligns with the increasing demand for individualized healthcare
solutions. However, the Stricter regulations have made it more challenging for
patients to access opioid-based pain medications may hinder market growth.
Moreover, challenges related to Limited Reimbursement for Pain Management
Services and Stigmatization of Chronic Pain may pose obstacles to the Chronic
Pain Treatment market in the near future.
The Global Chronic
Pain Treatment Market is segmented into indication, product type, distribution
channel, regional distribution, and company.
Based on its indication,
neuropathic pain is associated with a wide range of underlying medical
conditions, including diabetic neuropathy, postherpetic neuralgia, trigeminal
neuralgia, and peripheral neuropathy. These conditions collectively affect
millions of individuals worldwide, contributing to the high prevalence of
neuropathic pain. Neuropathic pain is characterized by its complex and often
refractory nature. It can be challenging to manage with conventional pain
medications, such as non-steroidal anti-inflammatory drugs (NSAIDs) or opioids.
This complexity drives the need for specialized neuropathic pain treatments. Neuropathic
pain research has been a focal point for medical and pharmaceutical research
institutions. This focus has led to the discovery of new medications and
treatment modalities specifically designed to alleviate neuropathic pain.
Innovations include medications like gabapentinoids, nerve blocks, and
neuromodulation techniques. Neuropathic pain can significantly impair a
patient's quality of life. It often leads to sleep disturbances, depression,
anxiety, and reduced physical functioning. As a result, patients are highly
motivated to seek effective treatment for neuropathic pain. These factors are
expected to drive the growth of this segment.
Based on region,
North America segment is expected to grow during the forecast
period. North America has a substantial population dealing with
chronic pain, including conditions like back pain, arthritis, and neuropathic
pain. This high prevalence drives the demand for chronic pain treatments. The
region boasts advanced healthcare infrastructure, including well-equipped
hospitals, clinics, and specialized pain management centers. These facilities
provide a wide range of treatment options for chronic pain. North America is a
hub for pharmaceutical research and development. Many innovative pain
medications and therapies are developed and marketed in the United States and
Canada. While regulations surrounding opioid use have tightened, the regulatory
framework in North America ensures the safety and efficacy of pain medications
and treatments.
The Asia-Pacific
market is poised to be the fastest-growing market, offering lucrative growth
opportunities for Chronic Pain Treatment players during the forecast period. Factors
such as The Asia-Pacific region is experiencing a steady increase in chronic
diseases such as diabetes, cancer, and cardiovascular diseases. These
conditions often lead to chronic pain, driving demand for pain management
solutions. As the population in countries like Japan, China, and South Korea
ages, the prevalence of chronic pain conditions associated with aging, such as
osteoarthritis and neuropathy, is on the rise. Many Asia-Pacific countries are
increasing their healthcare expenditure, leading to improved access to
healthcare services and pain management options. Emerging economies within the
region, such as India and Southeast Asian countries, present untapped markets
for chronic pain treatment providers. As healthcare infrastructure and awareness
improve, the market potential in these countries is substantial. Pharmaceutical
companies are expanding their presence in the Asia-Pacific region, bringing new
pain medications and therapies to the market.
Major companies
operating in Global Chronic Pain Treatment Market are:
- Pfizer Inc
- Abbott Laboratories
- Eli Lilly and Company
- Novartis AG
- Johnson & Johnson
- Sanofi SA
- Teva Pharmaceutical Industries Ltd
- Baxter International
- Merck & Co. Inc
- Boston Scientific Corporation
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“The advancement
in technology and increasing aging population are key drivers of the Chronic
Pain Treatment and supplement market. In recent years, the Greater awareness
about chronic pain conditions and their impact on individuals' lives has driven
both patients and healthcare providers to seek better ways to manage and treat
such pain. Moreover, the growing consumer emphasis on preventative healthcare
products has enhanced production and marketing efforts. To meet the demands of
the market, manufacturers are increasingly incorporating cutting-edge
technologies with high production efficiency. Rising consumer acceptance and
continuous product innovation will further ensure the growth of the Chronic
Pain Treatment and supplements market in the coming years.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Chronic Pain
Treatment Market – Global Industry Size, Share, Trends, Opportunity, &
Forecast 2018-2028 Segmented By Indication (Neuropathic Pain, Analgesic
Infusion, Ablation), By Product Type (Drugs, Devices), By Distribution Channel
(Hospital & Clinics, Ambulatory Centers), By Region & Competition”,
has evaluated the future growth potential of Global Chronic Pain Treatment
Market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Chronic Pain
Treatment Market.
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