Chronic Pain Treatment Market Research Report 2024
The market growth is primarily driven by the rising prevalence of chronic conditions, surging geriatric population, and increasing government support toward chronic pain management.
The market growth is primarily driven by the rising prevalence of chronic conditions, surging geriatric population, and increasing government support toward chronic pain management.
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<strong>Chronic</strong> <strong>Pain</strong> <strong>Treatment</strong> <strong>Market</strong><br />
to Reach $105.9 Billion by <strong>2024</strong><br />
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<strong>Chronic</strong> <strong>Pain</strong> <strong>Treatment</strong> <strong>Market</strong><br />
The chronic pain treatment market is expected to reach $105.9 billion by <strong>2024</strong>. The market<br />
growth is primarily driven by the rising prevalence of chronic conditions, surging geriatric<br />
population, and increasing government support toward chronic pain management.<br />
Explore report at: https://www.psmarketresearch.com/market-analysis/chronic-pain-treatmentmarket<br />
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<strong>Chronic</strong> <strong>Pain</strong> <strong>Treatment</strong> <strong>Market</strong><br />
Based on product, the chronic pain treatment market is bifurcated into drugs and devices. The<br />
category of drugs is further classified into opioids, non-steroidal anti-inflammatory drugs (NSAIDs),<br />
anticonvulsants, antidepressants, and other drugs. Opioids dominate the chronic pain drugs<br />
market, with an estimated contribution of 36.5% revenue in 2018. Opioids are considered one of<br />
the most effective drug classes for the treatment of chronic pain.<br />
On basis of indication, the chronic pain treatment market is categorized into neuropathic pain,<br />
arthritis pain, cancer pain, chronic back pain, migraine, fibromyalgia, and others. According to the<br />
American Academy of <strong>Pain</strong> Medicine (AAPM), chronic pain affects approximately 1.5 billion people<br />
worldwide, on account of the high prevalence of cardiovascular disorders, cancer, and diabetes.<br />
During the forecast period, the market is expected to witness the fastest growth in demand for<br />
pain treatment products for cancer pain, followed by migraine.<br />
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<strong>Chronic</strong> <strong>Pain</strong> <strong>Treatment</strong> <strong>Market</strong><br />
<strong>Chronic</strong> pain treatment products are used in several application areas, including musculoskeletal,<br />
neuropathy, and oncology. Musculoskeletal indications constitute the largest application area of<br />
these products and are estimated to generate revenue of $31.8 billion in the chronic pain<br />
treatment market in 2018. This can be mainly attributed to the high prevalence of<br />
musculoskeletal disorders, such as osteoarthritis, back pain, and rheumatoid arthritis, across the<br />
globe.<br />
On the basis of distribution channel, the chronic pain treatment market is divided into direct and<br />
indirect modes, of which the direct mode of distribution led the market in 2017 with 60.1%<br />
revenue contribution. The growing emphasis of drug and device manufacturers on direct sales is<br />
driving the market growth in this category.<br />
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<strong>Chronic</strong> <strong>Pain</strong> <strong>Treatment</strong> <strong>Market</strong><br />
Increasing product approvals are paving the way for various market players to expand their product<br />
portfolio in the chronic pain treatment industry. For instance, in November 2018, Pfizer Inc. announced<br />
that it was granted pediatric exclusivity for LYRICA by the United States Food and Drugs Administration<br />
(USFDA). The grant extended the period of the U.S. market exclusivity for LYRICA by an additional six<br />
months till June 2019. LYRICA is currently approved in the U.S. for fibromyalgia, diabetic nerve pain,<br />
spinal cord injury nerve pain, and pain caused by shingles in adults. It is also approved as an adjunctive<br />
therapy for the treatment of partial onset seizures in patients aged four years and above.<br />
Some of the other key players operating in the global chronic pain treatment market are Eli Lilly and<br />
Company; GlaxoSmithKline plc; Medtronic plc; Boston Scientific Corporation; Novartis AG; Johnson &<br />
Johnson; AstraZeneca PLC; Bristol-Myers Squibb Company; Becton, Dickinson and Company; and Sanofi.<br />
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