psalexa

Chronic Pain Treatment Market To Generate Revenue Worth $151.7 Billion by 2030

Published Date:   September 2020

The growth of the chronic pain treatment market is attributed to the increasing government support for the field, surging geriatric population, which is leading to the rising demand for elderly care, and surging prevalence of chronic diseases. As a reverberation of these factors, the industry is expected to generate $151.7 billion by 2030, advancing at a CAGR of 6.5% during the forecast period (2020–2030).

Amid COVID-19, the government of different countries across the world has implemented important measures to cope with the high number of infected patients. Due to this, operations across industries have ceased, or aren’t being carried out at the scale required to maintain the optimum flow of goods from the factory to the consumer. Since late 2019, industry has been facing hard times, due to which the economy is contracting. Thus, the pandemic is hampering the growth of the chronic pain treatment market.

Drugs Are Expected To Dominate Industry during Forecast Period

Based on product, the chronic pain treatment market is bifurcated into drugs and devices. Of this, the drugs category dominated the industry during the historical period (2014–2019), and it would continue to hold the larger share in the coming years. This is primarily due to the increasing usage of drugs by the older population and surging number of people suffering from chronic diseases.

The drugs bifurcation is subcategorized into opioids, non-steroidal anti-inflammatory drugs (NSAIDs), anticonvulsants, antidepressants, and others. Among these, opioids are expected to remain the largest contributor to the growth of the chronic pain treatment industry, owing to the high usage of these drugs to relieve pain, reduce inflammation, sprains and strains, and lower the body temperature.

The chronic pain treatment devices market is sub-categorized into neurostimulation devices, analgesic infusion pumps, ablation devices, and others. Among these, neurostimulation devices held the dominating share in the chronic pain treatment industry in 2019. This is mainly attributed to their high acceptance among healthcare professionals and increasing government support to raise awareness on these devices.

Based on indication, the chronic pain treatment market is categorized into neuropathic pain, arthritis pain, cancer pain, chronic back pain, migraine, fibromyalgia, and others. Out of all these indications, cancer pain is expected to be the fastest-growing category in the immediate future, owing to the rising incidence of cancer and increasing demand for pain relief medicines non-opioids and opioids for the cancer pain.

Geographically, North America dominated the global chronic pain treatment market during the historical period, and it would remain the largest contributor to the industry in the forecast period. This would mainly be due to the surging geriatric population, which requires extensive care, presence of a range of chronic pain management drugs and devices and escalating incidence of chronic diseases.

Product Launch Is Most Effective Strategic Measure Taken by Players in Market

Chronic pain treatment market players are involved in product launches to gain a significant edge on their rivals. For instance, in February 2020, GlaxoSmithKline plc gained approval from the FDA for Voltaren Arthritis Pain as an OTC product for temporary relief from arthritis pain, for patients aged 18 years and above. With the approval, Voltaren Arthritis Pain became the first prescription-strength NSAID topical gel for arthritis pain available OTC in the U.S.

Furthermore, in September 2019, Abbott Laboratories received approval from the FDA for the Proclaim XR SCS system, for people living with intractable chronic pain in the trunk and/or limbs. This technology is designed to provide pain relief and improve system longevity, offering patients an option for pain relief without the hassles of recharging.

Some of the key players in the chronic pain treatment market are 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.