Pain Management Market Size Will Achieve USD 83,348 Million by 2030 growing at 6.5% CAGR - Exclusive Report by Acumen Research and Consulting

LOS ANGELIS, Aug. 30, 2022 (GLOBE NEWSWIRE) -- LOS ANGELIS, August 30, 2022 (GLOBE NEWSWIRE) – The Global Pain Management Market is anticipated to grow at a CAGR of around 6.5% during the forecast period 2022 to 2030 and to reach around USD 83,348 Million by 2030.

Pain Management Market Report Key Highlights

• Global pain management market size was USD 48,518 million in 2021 and expected to grow at CAGR of 6.5% from 2022 to 2030

• North America pain management market is expected to lead with more than 40% market share

• According to the CDC, over 24% of U.S. adults were suffering from arthritis in 2020

• Asia-Pacific pain management market is expected to grow at fastest CAGR during the forecast period from 2022 to 2030

• Among applications, neuropathic pain occupied more than 31% of the total market share

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Report Coverage:

Gradual increase in the number of patients suffering from cancer, diabetes, etc. is resulting in demand for pain management. The government approach towards enhancing patient care along with the inclination towards strengthening the present infrastructure in order to receive better home care are factors expected to impact pain management market share.

Major players are investing high in R&D activities along with a focus on the introduction of innovative solutions in order to increase the revenue share is expected to augment the growth of the pain management industry. In addition, increasing merger and acquisition activities by major players in order to enhance the product portfolio and increase the customer base is expected to boost regional market growth.

COVID-19 Impact on the Global Pain Management Market Revenue

The COVID-19 outbreak is projected to have an initial impact on the pain management pharmaceuticals market during the projection period. Because of safety restrictions enacted by governments in response to the COVID-19 pandemic, many clinics and pain treatments are no longer open for public use. The non-urgent nature of the majority of chronic pain management harmed patients' psychological well-being during the pandemic. Patients with acute pain went neglected during the COVID-19 epidemic because they avoided hospital appointments for fear of infection. On the other hand, the pandemic's social isolation resulted in passive coping techniques, which led to despair and anxiety. As a result, the COVID-19 pandemic is projected to have an influence on the worldwide pain treatment industry, both directly and indirectly.

Pain Management Market Dynamics

Players are focused on enhancing their business presence in developing countries owing to rising competition and untapped markets which are two key pain management trends strengthening the industry growth. With an increasing number of patients suffering from chronic cancer, diabetes, etc., governments focus on providing advanced care facilities, and the introduction of smart devices from major players are major factors expected to drive the growth of the global pain management market value. In addition, the surge in demand for pain management device from hospitals in order to treat elderly patients suffering from migraine and musculoskeletal disorders are expected to positively impact the revenue pain management market growth.

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However, factors such as the high cost of devices and stringent government regulations related to product approval are expected to hamper the growth of the global pain management market. In addition, the lack of advanced infrastructure in developing countries for the adoption of advanced devices is expected to challenge the global pain market revenue.

Pain Management Market Segmentation

The pain management market is segmented based on the mode of pain management, application, and region.

The mode of pain management segment is divided into drugs (opioids and non-narcotics analgesics) and devices (neurostimulation devices and analgesic infusion pumps). According to our pain management industry analysis, the drugs segment will account for a significant revenue share due to increased investment in drug discovery and the release of novel therapies.

The applications are classified as neuropathic pain, cancer pain, face discomfort and migraine, musculoskeletal pain, and others. According to our pain management market forecast, neuropathic pain will account for a considerable revenue share due to the integration of artificial intelligence AI in healthcare and the development of revolutionary technologies by prominent players.

Pain Management Market Regional Outlook

North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa are the regional categorizations of the pain management market industry.

The market in North America is expected to account for a significant revenue share in the global pain management market due to the increasing number of patients suffering from chronic pain. According to the U.S. Department of Health & Human Services in 2016, an estimated 20.4% of U.S. adults (50.0 million) had chronic pain and 8.0% of U.S. adults (19.6 million) had high-impact chronic pain.

The market in the Asia-Pacific is expected to account for a significant revenue share in the target market due to the developing regulatory scenario and high government spending on the development of the healthcare sector. In addition, rising government initiatives in order to increase the awareness among patients related to pain management and collaborative work for R&D activities are factors expected to support the growth of the target market.

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Pain Management Market Players

Some of the leading pain management companies are Abbott Laboratories, AstraZeneca PLC, Baxter International Inc., Becton, Dickinson and Company, Boston Scientific Corporation, Fresenius SE & Co. KGaA, GlaxoSmithKline PLC, Johnson & Johnson, Medtronic PLC, Novartis International AG, and Pfizer Inc. The market is highly competitive due to the presence of a large number of players operating on a global level.

Business development activities by major players in order to strengthen their position in the target market are expected to augment the growth of the target market.

• In 2019, NeuroPace, Inc. launched the Senza® Omnia™ Spinal Cord Stimulation System in the US for the treatment of chronic pain. This is expected to help the company to enhance its product portfolio and enhance its profit ratio.

• In 2018, NeuroPace launched the RNS system for the treatment of refractory epilepsy. This is expected to help the company to enhance its customer base.

• In 2019, Boston Scientific Corp. launched Spectra WaveWriter™ Spinal Cord Stimulator System for the treatment of chronic pain and simultaneously combining paresthesia-based and sub-perception therapy in Europe. This is expected to help the company to strengthen its position in Europe.

• In 2018, Abbott a multinational medical devices and health care company signed an agreement with the National Institutes of Health (NIH), US in order to provide neuromodulation technologies, including directional DBS, SCS, and DRG therapy, for NIH research and further explore the applications.

Questions Answered By This Report

• What was the market size of Pain Management Market in 2021?
• What will be the CAGR of Pain Management Market during the forecast period from 2022 to 2030?
• Who are the major players in Global Pain Management Market?
• Which region held the largest share in Pain Management Market in 2021?
• What are the key market drivers of Pain Management Market?
• Who is the largest end user Pain Management Market?
• What will be the Pain Management Market value in 2030?
  
  

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