New York, United States , April 21, 2023 (GLOBE NEWSWIRE) -- The Global Chronic Pain Market Size to grow from USD 69.1 billion in 2021 to USD 140.5 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 5.8% during the forecast period. The rise in the number of geriatric people are highly driving the global chronic pain market including the rising cases of chronic medical ailments, increase in the use of opioids, rising demand of over the counter drugs and large network of retail medical stores.
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Chronic pain results from nerve discomfort that lasts for a few months or a year. However, some people experience chronic pain without ever having been injured. Chronic pain is typically defined as pain that lasts for at least 12 months and is brought on by conditions like cancer, arthritis, or neurogenic pain. Opioid painkillers, nonsteroidal anti-inflammatory drugs, and adjuvant analgesics are a few of the most often used medications to manage chronic pain. However, due to increased awareness of the potential negative effects of continuous use of pain relief medications, such as the danger of side effects and addiction, healthcare providers and patients typically look for alternate pain relief therapy.
he global chronic pain industry is heavily driven by the ageing population, which includes an increase in opioid use, chronic medical conditions, over-the-counter medicine demand, and a vast network of retail pharmacies. In addition, the prevalence of chronic diseases like diabetes, cancer, neuropathy, multiple sclerosis, and osteoarthritis is boosting market expansion. According to the World Health Organization (WHO), cancer will cause 10 million deaths worldwide in the year 2020. As chronic illnesses are growing more prevalent today, several treatment techniques including physiotherapy, medications, psychiatric therapy, etc. are also employed to lessen discomfort.
The growing acceptance of alternative pain management methods as people become aware of the risks associated with the widespread use of painkillers has a significant impact on the global market for chronic pain.
Browse key industry insights spread across 200 pages with 105 market data tables and figures & charts from the report on "Global Chronic Pain Market Size, Share, and COVID-19 Impact Analysis By Indication (neuropathic pain, chronic back pain, arthritis pain, migraine, cancer pain, fibromyalgia, Others), By Product (Drugs, Devices), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030)". Get Detailed Report Description Here:
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Indication Insights
The neuropathic pain segment is dominating the market over the forecast period
Based on indication, the global chronic pain market is segmented into neuropathic pain, chronic back pain, arthritis pain, migraine, cancer pain, fibromyalgia, and others. Among these, the neuropathic pain segment is dominating the market with the largest market share over the forecast period. Injury to the body affects the somatosensory nerve system, causing chronic pain called neuropathic pain. In 2019, chronic pain was reported to affect approximately 65% of Americans 65 and older.
Product Insights
The drug segment holds the largest market share over the forecast period
On the basis of product, the global chronic pain market is segmented into drugs and devices. Among these, the drug segment is dominating the market with the largest market share over the forecast period and is going to continue its dominance over the upcoming years. The simple availability of over-the-counter medications and reasonable prices are credited with the growth. In reality, these medications are capable of treating a variety of symptoms, including migraines, lower back pain, and severe headaches.
COVID 19 Impact
Individuals who already have illnesses are more likely to experience stress during the COVID 19 outbreak, which raises the need for medication and medical attention. Hospitals and cancer treatment facilities also experienced significant disruptions in medical diagnostic and screening practises. In addition to this, the pandemic has led to a substantial increase in patient consumption of medications such non-steroidal anti-inflammatory pills and opioids. As a result of the reopening of hospitals and healthcare facilities, which is expanding the chronic pain industry, the market has seen strong growth during the second half of 2020.
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Regional Insights
North America is dominating the market with the largest market share over the forecast period.
Due to rising hurdles to receiving sufficient care, people suffering from both acute and chronic pain, and North America's domination of the market with the biggest market share, this trend is expected to continue. In the United States, there will be more than 52 million chronic pain patients by 2020.
The fastest market growth, however, has been seen in Europe as a result of the rise in chronic pain situations, which has led to a significant increase in the sales of opioid medications. Germany, France, Spain, the United Kingdom, and Italy hold a majority of the European chronic pain market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Chronic Pain Market are Eli Lilly and Company, Pfizer Inc., Abbott Laboratories, Medtronic Plc., Boston Scientific Corporation, Novartis AG, Johnson & Johnson, AstraZeneca PLC, Bristol-Myers Squibb Company, Becton and others.
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