WELLESLEY, Mass., Sept. 11, 2017 (GLOBE NEWSWIRE) --
Pain management constitutes a diverse market offering products and services to alleviate pain, with the potential to reach $52.0 billion annually by 2022. In a recent report by BCC Research, the industry’s prospects and major players are studied for both pharmaceuticals and devices.
Manufacturers have attempted to create well-rounded and advanced products to give clinicians a wider range of choices for pain management. As the population ages, and regulatory and cost issues reduce hospital stays and increase home care and other forms of long-term care, awareness of the real costs associated with pain management is growing. From $36.1 billion in 2017 annual sales, the global market is poised to expand at a five-year compound annual growth rate of 7.6%, according to the report, The Global Market for Pain Management Drugs and Devices.
Prescription pharmaceuticals include several market-leading pain management products, whereas the device segment offers a different approach to pain treatment. Together, these segments are expected to generate a market valued at $36.1 billion in 2017.
Research Highlights
- Aging populations, the steady increase in the incidence of chronic diseases, education in proper pain management, and attention to improving palliative care are factors that will fuel growth of this industry.
- The pain management drug category will continue to generate the majority of sales (90%) throughout the forecast period.
- Recent advances in technology are helping to drive growth in the pain management device markets.
“Pain is one of the most common problems for which individuals seek medical attention. In fact, pain is the primary complaint in approximately 80% of patients who visit the doctor,” said BCC Research analyst Melissa Elder. "Globally, pain affects at least 1.5 billion people—and as many as 2 billion people—at any given time.”
Knowledge of Regulatory Requirements is Critical
The growing regulatory environment for pain therapies, coupled with their demand, has resulted in a complicated market environment. Awareness of issues and trends affecting the market and how to remain compliant while providing pain therapy will be the near-term focus. Trends and issues in the pain management industry include those related to treatment, financial aspects, professional matters, and population and demographic data.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.