A recent study conducted by Future Market Insights (FMI) has unveiled promising projections for the global central pain syndrome management market. According to the report, the market was valued at USD 60 billion in 2023 and is expected to reach USD 100 billion by the end of 2033. This growth trajectory represents a Compound Annual Growth Rate (CAGR) of 5% from 2023 to 2033, highlighting an escalating demand for effective pain management solutions within the healthcare sector.
Central pain syndrome poses a significant healthcare challenge globally, necessitating advanced strategies and treatments to address its growing prevalence. The World Health Organization (WHO) reports a notable increase in the proportion of the world’s population aged 60 years and above, projected to nearly double from 12% to 22% between 2015 and 2050. This demographic shift underscores the urgency for enhanced pain management methodologies, particularly in managing chronic pain prevalent among the elderly, including those residing in nursing homes.
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FMI’s report underscores the critical need for innovative pain management solutions to improve the quality of life for those suffering from central pain syndrome. As the global population continues to age, the demand for effective pain management strategies will only intensify, driving market growth and fostering advancements in treatment methodologies.
The study highlights that pharmacological, non-pharmacological, and occupational therapies are crucial components in treating central pain syndrome among the elderly population. These therapeutic interventions have shown a positive impact on the global central pain syndrome management market, which is further fueled by the rise in chronic illnesses worldwide.
“The global healthcare landscape is grappling with the increased prevalence of chronic diseases such as osteoarthritis, cancer, fibromyalgia, sickle-cell anemia, and autoimmune diseases. These conditions necessitate comprehensive therapeutic interventions, including medication, physiotherapy, and psychological therapy, thereby driving the growth of the central pain syndrome management market,” said Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
North America emerged as a leader in the global central pain syndrome management industry in 2022, contributing significantly to the market revenue. The high prevalence of chronic ailments among adults in North America, leading to various types of pains, including neuropathic pains, has fueled the demand for long-term treatment options approved by regulatory authorities.
The central pain syndrome management sector is highly competitive, with numerous key players vying for prominence. Recent years have witnessed a flurry of product releases, mergers, and partnerships among market participants, all aimed at securing a leading position in this dynamic landscape.
As the market continues to evolve, the study by FMI serves as a valuable resource for stakeholders, industry professionals, and investors seeking insights into the trajectory of the global central pain syndrome management market.
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 USD 60 Billion
- The global central pain syndrome management market is expected to garner a market value of USD 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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Market Competition:
- Sun Pharma
- Eli Lilly
- Lupin Pharmaceuticals, Inc.
- AdvaCare Pharma
- Somacare
- Mallinckrodt Pharmaceuticals
- Pipelinepharma
- Sandoz
- Xi’an Tian Guangyuan Biotech Co., Ltd.
- Dr. Reddy’s Laboratories
- 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 Industry Survey:
By Drug Class:
- Antidepressants
- Anticonvulsants
By Route of Administration:
- Oral
- Intravenous
By Distribution Channel:
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
- Others
By End User:
- Hospitals
- Clinics
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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