The chronic pain market is anticipated to grow from US$ 73.14 Billion in 2023 to US$ 142.53 Billion by 2033, rising at a CAGR of 6.9% during the forecast period. Globally, there were more than 187 Million cases of chronic pain in 2020, and from 2023 to 2033, it is predicted that this number would increase dramatically.
An ageing population, an increase in the prevalence of chronic health conditions, and greater government support for chronic pain treatment are all contributing to the growth of the chronic pain market. Additionally, the expansion of the market for chronic pain management is projected to be influenced by an increase in the number of surgical procedures as well as a boost in healthcare expenditure.
The prevalence of musculoskeletal ailments such as rheumatoid arthritis and orthopedic degenerative disorders such as osteoarthritis is rising sharply. This has increased the prevalence of chronic pain and the incapacity to do daily tasks in these people.
Growing consumer preference for pain management therapeutics due to their high availability, ease of access, high awareness, cost-effectiveness, and quick relief are other factors that have an impact on the market for chronic pain treatment. Growing consumer awareness of the availability of medications for chronic pain management is also increasing consumption and acceptance of these drugs for chronic pain.
Get a Sample Copy of the Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-16039
Given the high incidence of chronic pain in the region and the growing number of major firms working to develop medications for its treatment, North America is predicted to dominate the global chronic pain market experiencing considerable growth.
On the contrary, the Asia-Pacific region is expected to witness the fastest development due to an increase in accident rates, increased investment by large manufacturers, and high levels of generic drug invention in the region.
Key Takeaways
- Over the forecast period, the chronic pain market in the United States is predicted to grow at a CAGR of 2.7%.
- The combined CAGR for the EU5 countries (France, Germany, Italy, Spain and the United Kingdom) is predicted to be 3.2% throughout the projection period.
- The market for chronic pain in Japan is anticipated to have a CAGR of 3.4% during the projected period.
- The global market for chronic pain is segmented into neuropathic pain, arthritis pain, chronic back pain, cancer pain, migraine, fibromyalgia, and others based on the indication. The market for chronic pain is dominated by the neuropathic pain sub-segment.
- The market for chronic pain is divided into two segments based on products: drugs and devices. The drug segment dominated is expected to dominate during the projected timeframe.
Competitive Landscape
Key companies in the chronic pain market are Abbott Laboratories, Boston Scientific, Pfizer Inc., Eli Lilly and Company, Dickinson and Company, Medtronic plc, Johnson & Johnson, Novartis AG, AstraZeneca PLC, Becton, Bristol-Myers Squibb Company, Sanofi and others.
Companies operating in the chronic pain management industry are concentrating on pharmacological and device innovations. These companies have used a few techniques to expand their market share in the chronic pain medication industry.
To increase its clientele and revenue, they have used both organic and inorganic development techniques, including new product launches, acquisitions, corporate expansions, and collaborations. To increase their market share and create new treatments, several companies are creating strategic agreements with other industry players.
Before Buying, Visit for Customization @ https://www.futuremarketinsights.com/customization-available/rep-gb-16039
Recent Developments
- In January 2021, in order to provide patients with individualized chronic pain treatment, Boston Scientific Corporation introduced the WaveWriter Alpha, a line of spinal cord stimulator (SCS) systems.
- In December 2019, a Biologics License Application for the subcutaneous delivery of tanezumab 2.5 mg for moderate-to-severe osteoarthritis has been submitted to the U.S. Food and Drug Administration.
Market Segmentation by Category
By Product:
- Drugs
- Devices
By Indication:
- Neuropathic Pain
- Arthritis Pain
- Chronic Back Pain
- Cancer Pain
- Migraine
- Fibromyalgia
- Others
By Application:
- Musculoskeletal
- Neuropathy
- Oncology
- Others
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Contact Sales for Further Assistance in Purchasing this Report @ https://www.futuremarketinsights.com/checkout/16039
About Us
Future Market Insights (ESOMAR certified 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.
Contact Us:
Future Market Insights,
Unit No: 1602-006,
Jumeirah Bay 2,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers,
Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs