The global chronic pain market is on the brink of significant expansion, with projections indicating it will reach USD 78.19 billion by 2024 and further escalate to USD 152.37 billion by 2034. This impressive growth trajectory reflects a robust compound annual growth rate (CAGR) of 6.90% over the forecast period, driven by key factors reshaping the industry landscape.
The surge in the prevalence of chronic diseases, coupled with an aging global population, is fueling an increased demand for over-the-counter (OTC) pain medications. As more individuals seek accessible and effective pain relief solutions, the market is witnessing a marked rise in demand for OTC treatments, which are increasingly favored for their convenience and accessibility.
In addition to consumer preferences, government initiatives and increased funding towards chronic pain treatment are contributing to market expansion. The growing geriatric population and the rise in chronic health conditions have heightened the need for comprehensive pain management solutions. These solutions now encompass a wide range of therapies, including pharmacological, non-pharmacological, and occupational therapies.
The shift towards alternative therapies is becoming more pronounced as awareness of the risks associated with prolonged use of traditional painkillers grows. Healthcare professionals are increasingly exploring non-pharmacological approaches, diversifying the pain management options available to consumers and aligning with the evolving preferences of patients.
Moreover, the extensive network of small store pharmacies ensures the widespread availability of pain relief solutions, further enhancing accessibility and driving market growth. Technological advancements are also playing a pivotal role, introducing innovative and non-invasive pain management techniques that are opening new avenues for research and development within the sector.
These converging factors underscore a promising future for the chronic pain management market as it continues to evolve in response to the changing needs and preferences of patients worldwide. As the market grows, it presents new opportunities for stakeholders across the healthcare spectrum to innovate and improve the quality of life for millions suffering from chronic pain.
“An increased focus on research and development presents significant growth opportunities in chronic pain diseases. New treatments and therapies have the potential to improve the lives of millions suffering from chronic pain.” – Says an analyst at FMI.
Key Takeaways of the Chronic Pain Market:
- Russia’s chronic pain market is expected to grow at a CAGR of 7.00%, driven by the increasing prevalence of chronic diseases, the geriatric population, and growing awareness of pain management therapies.
- The United Kingdom’s market is experiencing growth at a CAGR of 8.40% due to an aging population and advancements in healthcare technologies.
- Canada’s market is expanding at a CAGR of 10.80% due to the rising prevalence of chronic pain and the availability of advanced treatment options.
- Japan’s market is escalating at a CAGR of 7.80% due to the aging population and increased awareness of early diagnosis and treatment.
- Spain’s chronic pain market is getting bigger at a CAGR of 6.30% due to the rising demand for effective pain management treatments.
Chronic Pain Trends Explored: Read Our Full Report for Comprehensive Insights!
Competitive Landscape of the Chronic Pain Market:
The chronic pain management market is highly competitive, offering various products and options such as opioids, non-opioid analgesics, and nerve-block therapies. Companies are seeking new players to develop innovative therapies while prioritizing patient safety, efficacy, and affordability.
Latest Developments:
- In November 2023, BehaVR and Fern Health merged to form RealizedCare, a digital care management platform aimed at unlocking the value of digital therapeutics.
- In June 2023Aspen Medical Products introduced the Horizon PRO Line of lower spine braces, designed to alleviate symptoms of lower back pain caused by muscle fatigue and spasms, a concern for the elderly population, and limiting prescription pain relief dependence.
Key Companies:
- Eli Lilly and Company
- Dickinson and Company
- Medtronic plc
- Johnson & Johnson
- Novartis AG
- AstraZeneca PLC
- Becton
- Bristol-Myers Squibb Company
- Sanofi
Key Segmentation:
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
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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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