WELLESLEY, Mass., Feb. 21, 2018 (GLOBE NEWSWIRE) -- As pain treatment becomes more multidisciplinary and the use of alternative non-opioid treatments expands, along with the growing acceptance of medical cannabis treatments, the global non-opioid pain treatment market should realize double-digit growth rates through 2022. In a new report, Non-opioid Pain Treatment: Global Markets to 2022, BCC Research estimates the global non-opioid pain treatment market to reach nearly $9.9 billion and $22.6 billion in 2017 and 2022, respectively, indicating a compound annual growth rate (CAGR) of 18.0%.
The comprehensive report analyzes five general product segments for non-opioid treatment of pain: medical cannabis treatments; capsaicin-derived treatments; menthol-containing treatments; omega-3 fatty acid-containing treatments; and botulinum toxins. This study not only assesses alternative areas of pain treatment penetrating the conventional pain treatment market, but also the non-opioid pain treatment markets, growth factors, issues and trends, market influences, and regulatory issues affecting the pain management industry and the non-opioid treatment market.
The growing adoption of medical cannabis to control pain is the key factor influencing the market. In 2017, this segment totaled $7.3 billion, up from $4.8 billion in 2016. Throughout the forecast period, this segment will likely achieve a 22.2% CAGR to reach nearly $19.8 billion (value) at the producer level. Several factors are driving the market, chiefly the overall effectiveness of cannabis in treating pain symptoms and the growing acceptance of the medical community and world governments for its efficacy. Increasingly favorable laws and regulations for the medicinal use of cannabis should drive market growth.
Research Highlights
- Medical cannabis, the largest segment, accounted for a 73% share of the global market.
- The United States, the largest regional market, accounted for 50% of global sales.
- Capsaicin-derived treatments, the smallest market segment, accounted for 3% of the global non-opioid pain treatment market.
“A concentrated effort is needed to educate providers and payors about the value and potential cost savings of effective pain management,” said BCC Research analyst and report author Melissa Elder. “As the industry continues to focus on cost-effective pain management, finding treatments that have minimal side effects and control pain effectively will be the most valuable to providers and patients. Many studies have shown good pain management reduces complications and hospital lengths of stay, with significant savings that far exceed the cost of the technology or drugs used.”
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.