Fort Collins, Colorado, Sept. 07, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Pain Management Market Size, Share, Growth, Trends, Statistics Analysis Report, By Drug Class (NSAIDs, Anesthetics, Anticonvulsants, Anti-migraine Agents, Antidepressants, Opioids, Nonnarcotic Analgesics), By Devices, By Indication, by Pain Type, By Region And Segment Forecasts, 2023-2032."
According to DataHorizzon Research, the pain management market size was valued at USD 72.3 Billion in 2022 and is expected to reach USD 97.4 Billion by 2032 with a CAGR of 3.1%. The field of pain management offers clinical treatment to patients who suffer from an overdose of prescribed and synthetic opioids.
Numerous factors drive the pain management market. Rise in disposable income, access to clinical diagnosis and treatment, favorable reimbursement options, and the availability of better healthcare infrastructure are major drivers to the market growth. Growth in the patient pool with several conditions, such as arthritis, diabetes, cardiovascular diseases, respiratory and other chronic illnesses, has triggered the need for effective pain management methods.
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Pain Management Market Report Highlights:
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The pain management market size is anticipated to reach USD 72.3 billion at a CAGR of 3.1% by 2032.
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The rise in public awareness, favorable reimbursement options, and the availability of several treatment options will likely enable patients with pain management methods tailored according to patient needs.
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By devices, neurostimulation is dominant and is used to deliver electrical impulses to specific nerves in the body.
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NSAIDs accounted for a significant market share by drug class and are projected to remain dominant in the forthcoming years. Opioids are second leading with huge potential in the industry.
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By region, North America is a significant market owing to its well-developed infrastructure and abundant workforce. High spending capacity on healthcare is one of the major growth highlights.
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Some of the prominent players in the pain management market report include Pfizer Inc., Mylan N.V., Novartis International Ag, Eli Lily and Company, Merck & Co., Inc., Glaxosmithkline Plc (Gsk), Purdue Pharma L.P., Endo Health Solutions, Inc. (Endo International Plc.), Johnson & Johnson, and Abbott Laboratories.
Report Snapshot:
Report Title | Pain Management Market |
Market Size in 2022 | USD 72.3 Billion |
Market Size by 2032 | USD 97.4 Billion |
CAGR from 2023 to 2032 | 3.1% |
Largest Market | North America |
Forecast Period | 2023 to 2032 |
Historic Period | 2021 |
Base Year | 2022 |
Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors |
By Drug Class | NSAIDs, Anesthetics, Anticonvulsants, Anti-migraine Agents, Antidepressants, Opioids, Nonnarcotic Analgesics |
By Devices | Neurostimulation Devices, Infusion Pumps, Ablation Devices |
By Indication | Arthritic Pain, Neuropathic Pain, Cancer Pain, Chronic Back Pain, Postoperative Pain, Migraine, Fibromyalgia, Muscle sprain/strain, Bone fracture, Acute appendicitis, Others |
By Pain Type | Chronic pain, Acute pain |
Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others |
Major Market Players | Pfizer Inc., Mylan N.V., Novartis International Ag, Eli Lily and Company, Merck & Co., Inc., Glaxosmithkline Plc (Gsk), Purdue Pharma L.P., Endo Health Solutions, Inc. (Endo International Plc.), Johnson & Johnson, Abbott Laboratories |
Segmentation Overview
The global pain management market has been segmented into drug class, devices, indication, pain type, and region. Due to their popularity in pain management, NSAIDs dominate the drug class segment. The rise in the use of neurostimulation devices is attributed to the growing cases of epilepsy and Parkinson’s disease.