Chronic Pain Market is Estimated to Record a CAGR of 6.9% During the Forecast Period 2023 – 2033 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
One in Five People in the World Suffers from the Horrendous Condition of Chronic Pain. Size of Chronic Pain Market to Puff up US$ 142.53 Bn by 2033. The Pain Management Devices Market is predicted to be valued at US$ 6.19 Bn by 2033. The United States chronic pain market is anticipated to expand at a CAGR of 2.7% over the forecast period
NEWARK, Del, Dec. 31, 2022 (GLOBE NEWSWIRE) -- The chronic pain market is anticipated to grow from US$ 73.14 Bn in 2023 to US$ 142.53 Bn by 2033, rising at a CAGR of 6.9% during the forecast period. Globally, there were more than 187 Mn cases of chronic pain in 2020, and from 2023 to 2033, it is predicted that this number would increase dramatically.
An ageing population, an increase in the prevalence of chronic health conditions, and greater government support for chronic pain treatment are all contributing to the growth of the chronic pain market. Additionally, the expansion of the market for chronic pain management is projected to be influenced by an increase in the number of surgical procedures as well as a boost in healthcare expenditure.
The prevalence of musculoskeletal ailments such as rheumatoid arthritis and orthopedic degenerative disorders such as osteoarthritis is rising sharply. This has increased the prevalence of chronic pain and the incapacity to do daily tasks in these people.
Growing consumer preference for pain management therapeutics due to their high availability, ease of access, high awareness, cost-effectiveness, and quick relief are other factors that have an impact on the market for chronic pain treatment. Growing consumer awareness of the availability of medications for chronic pain management is also increasing consumption and acceptance of these drugs for chronic pain.
Given the high incidence of chronic pain in the region and the growing number of major firms working to develop medications for its treatment, North America is predicted to dominate the global chronic pain market experiencing considerable growth.
On the contrary, the Asia-Pacific region is expected to witness the fastest development due to an increase in accident rates, increased investment by large manufacturers, and high levels of generic drug invention in the region.
Key Takeaways
Over the forecast period, the chronic pain market in the United States is predicted to grow at a CAGR of 2.7%.
The combined CAGR for the EU5 countries (France, Germany, Italy, Spain and the United Kingdom) is predicted to be 3.2% throughout the projection period.
The market for chronic pain in Japan is anticipated to have a CAGR of 3.4% during the projected period.
The global market for chronic pain is segmented into neuropathic pain, arthritis pain, chronic back pain, cancer pain, migraine, fibromyalgia, and others based on the indication. The market for chronic pain is dominated by the neuropathic pain sub-segment.
The market for chronic pain is divided into two segments based on products: drugs and devices. The drug segment dominated is expected to dominate during the projected timeframe.
Competitive Landscape
Key companies in the chronic pain market are Abbott Laboratories, Boston Scientific, Pfizer Inc., Eli Lilly and Company, Dickinson and Company, Medtronic plc, Johnson & Johnson, Novartis AG, AstraZeneca PLC, Becton, Bristol-Myers Squibb Company, Sanofi and others.
Companies operating in the chronic pain management industry are concentrating on pharmacological and device innovations. These companies have used a few techniques to expand their market share in the chronic pain medication industry.
To increase its clientele and revenue, they have used both organic and inorganic development techniques, including new product launches, acquisitions, corporate expansions, and collaborations. To increase their market share and create new treatments, several companies are creating strategic agreements with other industry players.
In January 2021, in order to provide patients with individualized chronic pain treatment, Boston Scientific Corporation introduced the WaveWriter Alpha, a line of spinal cord stimulator (SCS) systems.
In December 2019, a Biologics License Application for the subcutaneous delivery of tanezumab 2.5 mg for moderate-to-severe osteoarthritis has been submitted to the U.S. Food and Drug Administration.
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