Chronic Pain Treatment Market To Generate Revenue Worth $162,175.2 Million in 2030

The increasing government support for chronic pain treatment, elevating geriatric population, and rising prevalence of chronic health conditions are the major growth drivers for the global chronic pain treatment market. Due to the aforementioned factors, the industry is projected to generate $162,175.2 million revenue in 2030, advancing at a CAGR of 7.2% during 2020–2030.

The effects of the pandemic had not been equally distributed, and certain groups experienced accelerated vulnerability. Older people, immunosuppressed individuals, and those with underlying medical conditions were all at greater risk of becoming infected by COVID-19 and experiencing more severe symptoms and potential long-term effects. The market revived during the second half of 2020, due to the fully provisional services of healthcare centers and increment in performing surgeries, which boosted the market for chronic pain treatment across the globe.

Drugs Category Dominated the Market

The chronic pain treatment market is categorized into drugs and devices, based on product. Of these, the drugs category dominated the market during the historical period. This is mainly due to the proliferating geriatric population, increasing number of surgeries, and growing incidence of chronic pain, such as lower back pain, severe headache or migraine pain, and facial pain.

Moreover, the market for chronic pain treatment is categorized into neuropathic pain, arthritis pain, chronic back pain, cancer pain, migraine, fibromyalgia, and others, based on indication. Among these, the cancer pain category is expected to witness the highest growth rate, during the forecast period, owing to the growing prevalence of cancer among population. Approximately 70% of deaths from cancer occur in low- and middle-income countries, which bolster the demand for devices and drugs, including opioids. The most common types of cancer are breast, lung, colon and rectum, prostate, skin, and stomach.

Geographically, the North American region held the largest share of the chronic pain treatment market in 2020, and it is expected to maintain its position in the forecast period as well. This is mainly attributed to the presence of advanced healthcare infrastructure and existence of several medicines and devices in the region. Whereas, the Asia-Pacific (APAC) market is expected to witness the fastest growth during the forecast period. This can mainly be due to the presence of a larger patient pool and increase in healthcare expenditure in the region.

Collaborations and Product Launches Are Most-Effective Strategic Measures Taken by Players in the Market

Players in the global chronic pain treatment industry are frequently involved in partnerships and product launches to gain a significant position in the market. For instance, in January 2021, Eli Lilly and Company and Asahi Kasei Pharma Corporation announced a license agreement, whereby Lilly would acquire exclusive rights for AK1780 from Asahi Kasei Pharma. AK1780 is an orally bioavailable P2X7 receptor antagonist that recently completed Phase 1 single and multiple ascending dose and clinical pharmacology studies. P2X7 receptors have been consistently implicated in neuroinflammation, a driving force in chronic pain conditions.

Similarly, in November 2020, Abbott Laboratories announced the launch of the IonicRF Generator, a new device recently cleared by the U.S. Food and Drug Administration (FDA) to deliver a non-surgical, minimally invasive treatment for the treatment of pain in the nervous system. The IonicRF Generator is a radiofrequency ablation device that uses heat to target specific nerves and block pain signals from reaching the brain.

Major players operating in the chronic pain treatment market include Eli Lilly and Company; GlaxoSmithKline plc; Pfizer Inc.; Medtronic plc; Abbott Laboratories; Boston Scientific Corporation; Novartis AG; Johnson & Johnson; AstraZeneca plc; Bristol-Myers Squibb Company; Becton, Dickinson and Company; and Sanofi S.A.