Chronic Pain Treatment Market Overview
The global chronic pain treatment market generated $69.3 billion revenue in 2017 and is predicted to progress at a CAGR of 6.4% during 2019–2024. Growing geriatric population, increasing government support for pain treatment, and rising prevalence of chronic health conditions are the notable factors driving the market growth.
Based on product, the chronic pain treatment market is categorized into drugs and devices. The market for chronic pain devices is predicted to witness faster growth, and is estimated to generate more than $5.0 billion revenue in 2018, registering a CAGR of 11.0% during the forecast period. This growing adoption of devices for pain management can be ascribed to the increasing popularity of analgesic infusion pumps as well as non-opioids pain treatment methods, globally.
The chronic pain devices category is further classified into neurostimulation devices, analgesic infusion pumps, ablation devices, and others. Due to growing awareness about potential implications of prolonged use of pain treatment drugs (particularly opioids), including risk of addiction, reduced efficacy, and side effects; patients as well as healthcare professionals are proactively exploring alternative pain relief therapies.
Among the various devices, analgesic infusion pumps are expected to be the fastest growing category in the chronic pain treatment market in the coming years. The market for analgesic infusion pumps is expected to grow at a CAGR of 11.8% during the forecast period, attaining a revenue of more than $3.0 billion by 2024.
The ablation devices are further bifurcated into radiofrequency ablation and cryoablation devices. Radiofrequency ablation devices for the treatment of chronic pain are generating larger revenue, and are predicted to hold 86.4% share by 2024 in the chronic pain treatment market. Radiofrequency ablation devices are designed to provide long-lasting pain relief; and popularity of these devices is continuously increasing for the management of chronic pain across the globe.
Chronic pain drugs and devices are used for the management of various indications, such as neuropathic pain, arthritis pain, chronic back pain, cancer pain, migraine, fibromyalgia and others. Among these, chronic pain products are mostly utilized for the management of neuropathic pain. The chronic pain treatment market for this category is expected to grow at a CAGR of 6.2% during the forecast period, attaining $28.4 billion revenue by 2024, owing to growing incidence of neuropathic disorders and increasing aging population across the globe.
On the basis of application, the chronic pain treatment market is categorized into musculoskeletal, neuropathy, oncology, and others. Of these, pain treatment products are largely used for musculoskeletal indications. This application category’s revenue is expected to be around $44.7 billion by 2024, fueled by growing incidence of musculoskeletal disorders, globally. According to the report, Hidden Impact of Musculoskeletal Disorders on Americans, published in 2018 by the U.S. Bone and Joint Initiative, back pain accounted for more than 264 million lost work days in one year in the U.S.
These products are either sold through direct or indirect distribution channel. The chronic pain treatment industry is highly advanced with the presence of giant players who offer their products directly to large-sized hospitals and other healthcare organizations through contracts and tenders. Due to this, the direct distribution channel mode is the expected to be faster growing category in the market, advancing at a CAGR of 6.7% during the forecast period.
Based on end user, the chronic pain treatment industry is categorized into hospitals, clinics, nursing homes, research centers and universities, and others. The market, for products used in the treatment of chronic pain in hospitals, is expected to reach $43.2 billion by 2024, advancing at a CAGR of 6.8% during the forecast period, mainly driven by increasing demand of chronic pain treatment products in these facilities.
Geographically, North America holds the largest share in the chronic pain treatment industry, amounting to an estimated revenue of $32.0 billion in 2018. The market in North America is expected to advance at a CAGR of 6.6% during the forecast period. This can be attributed to the presence of developed and improved healthcare infrastructure, and wider availability of advanced drugs and devices in the region. In order to reduce the healthcare cost, the National Institutes of Health (NIH), a part of the U.S. Department of Health and Human Services, is continuously working to improve health outcomes for individuals experiencing acute or chronic pain by applying genomics and other technologies to improve their understanding of the fundamental causes of pain.
Chronic Pain Treatment Market Dynamics
Growth Drivers and Restraints
Initiatives implemented by the national and international government organizations, globally, for raising awareness and funding for the management of chronic pain are playing a pivotal role in the growth of the market. For instance, the International Association for the Study of Pain (IASP), launched an IASP Developing Countries Project in January 2018, which continued to March 2018, to increase pain education and practice in developing countries by providing sufficient grants. These grants are intended to improve the scope and availability of essential education of clinicians involved in pain treatment and working in all disciplines to encourage development of innovative approaches.
Further, in November 2018, the American Society of Regional Anesthesia and Pain Medicine (ASRA) awarded 2018 Chronic Pain Medicine Research Grant to Eellan Sivanesan, MD, an assistant professor in the Department of Anesthesiology and Critical Care Medicine at the Johns Hopkins University School of Medicine in Baltimore, Maryland, the U.S. The grant was provided for the study dealing with the role of spinal cord stimulator (SCS) devices in changing chemosensitivity and tumor growth. The increasing government funding pertaining to the study on chronic pain treatment will boost the growth of the market in the coming years.
Side-effects associated with pain management drugs and devices, product recalls, and patent expiry of blockbuster chronic pain treatment drugs will negatively impact the growth of the market in the coming years.
Chronic Pain Treatment Market Competitive Landscape
Key players in the global chronic pain treatment market are seeking approvals for various drugs used in treatment of chronic pain. For instance, in November 2018, Eli Lilly and Company submitted a New Drug Application (NDA) to the United States Food and Drugs Administration (USFDA) for Lasmiditan, for the treatment of migraine with or without aura, stage of migraine, in adults.
The key manufacturers in the chronic pain treatment industry are Eli Lilly and Company, Pfizer Inc., Abbott Laboratories, Medtronic plc, Boston Scientific Corporation, Novartis AG, Johnson & Johnson, AstraZeneca PLC, Bristol-Myers Squibb Company, Becton, Dickinson and Company, and Sanofi.