SEATTLE, Nov. 17, 2021 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global chronic pain market is estimated to be valued at US$ 64,068 million in 2020 and is expected to exhibit a CAGR of 6.9% during the forecast period (2021-2028).
Key Trends and Analysis of the Global Chronic Pain Market:
Key trends in the market include increasing engagement of government regulatory organizations in transforming healthcare and medical field using new techniques, increasing adoption of drugs for chronic pain, drug launches, inorganic activities such as collaborations, and others.
The increasing prevalence of chronic pain is expected to drive the market growth over the forecast period. For instance, in May 2019, according to a report published in National Center for Biotechnology Information, Research suggests that chronic pain affects 13–50% of adults in the UK., Of those who live with chronic pain, 10.4–14.3% were found to have moderate-to-severe disabling chronic pain.
Market players are indulged in inorganic growth strategies such as distribution agreement, which is expected to drive growth of the market over the forecast period. For instance, in January 2021, Eli Lilly and Company, an American pharmaceutical company and Asahi Kasei Pharma Corporation, a pharmaceutical company announced a license agreement whereby Lilly will acquire the exclusive rights for AK1780 from Asahi Kasei Pharma. AK1780 is an orally bioavailable P2X7 receptor antagonist that recently completed Phase 1 single and multiple ascending dose and clinical pharmacology studies. P2X7 receptors have been consistently implicated in neuroinflammation, a driving force in chronic pain conditions.
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The increasing prevalence of chronic pain, is expected to drive the global chronic pain market growth. For instance, in November 2020, according to a report published in Center for Disease Control and Prevention, In 2019, 20.4% of adults had chronic pain and 7.4% of adults had chronic pain. Overall, the prevalence of chronic pain was 20.4%, and the prevalence of high-impact chronic pain was 7.4%. Women were more likely to have chronic pain (21.7%) and high-impact chronic pain (8.5%) compared with men (19.0% and 6.3%, respectively).
Key Market Takeaways:
Increasing prevalence of hospital-acquired infections is expected to drive the growth of the global smart hospitals market over the forecast period. According to the report published by CDC in 2017, hospital-acquired infections result in more than 99,000 deaths every year. Also, according to antimicrobe.org, HAP accounts for around 27.00% of all nosocomial infections acquired in medical intensive care units (ICU). Since these products are needed for disinfection and cleaning of various hospital equipment, therefore, these instances are expected to surge the demand for high level disinfectant services.
Among all the regions, North America is expected to hold a dominant position in the global chronic pain market over the forecast period, owing to the increasing number of drug launches in the region. For instance, in October 2019, Sun Pharmaceutical Industries Ltd., announced that one of its wholly owned subsidiaries has launched Drizalma Sprinkle (duloxetine delayed-release capsules) in the U.S. for oral use. Drizalma Sprinkle is a serotonin and norepinephrine reuptake inhibitor (SNRI) designed for the treatment of various neuro-psychiatric and pain disorders in patients who have difficulty swallowing – a problem that is estimated to affect approximately 30-35% of long-term care residents.
Competitive Landscape:
Key players operating in the global chronic pain market include Eli Lilly and Company, GlaxoSmithKline plc., Pfizer Inc., Abbott Laboratories, Novartis AG, Johnson & Johnson, AstraZeneca plc., Bristol-Myers Squibb Company, Becton, Dickinson and Company and Sanofi S.A..
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Market Segmentation:
- Global Chronic Pain Market, By Drugs:
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- Opioids
- Non- Steroidal anti- inflammatory drugs (NSAIDS)
- Anticonvulsants
- Anti drepressants
- Others
- Global Chronic Pain Market, By Indication:
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- Neuropathic Pain
- Arthritis Pain
- Chronic Back pain
- Cancer pain
- Migraine
- Fibromyalgia
- Others
- Global Chronic Pain Market, By Application
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- Musculoskeletal
- Neuropathy
- Oncology
- Others
- Global Chronic Pain Market, By Distribution Channel:
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- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Global Chronic Pain Market, By Region:
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- North America
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- By Country:
- U.S.
- Canada
- By Country:
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- Latin America
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- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
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- Europe
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- By Country:
- U.K.
- Germany
- Italy
- Spain
- France
- Russia
- Rest of Europe
- By Country:
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- Asia Pacific
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- By Country:
- Australia
- India
- China
- Japan
- ASEAN
- South Korea
- Rest of Asia Pacific
- By Country:
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- Middle East
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- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
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- Africa
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- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
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Related Market Intelligence Reports:
Pain Management Therapeutics Market, By Pain Type (Chronic, Acute), By Drug Class (NSAIDS, Anesthetics, Anticonvulsant, Anti-migraine Drugs, Antidepressant Drugs, Opioids, Non-narcotics, Analgesics), By Indication (Arthritic Pain, Neuropathic Pain, Cancer Pain, Chronic Pain, Post-operative Pain, Migraine, Fibromyalgia, Bone Fracture, Muscle Sprain/Strain, Acute Appendicitis, Others) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028
Methadone Hydrochloride Market, by Formulation (Tablet, Solution, and Others), by Application (Opiate Withdrawal, Chronic Pain, and Others), by Route of Administration (Oral and Intravenous), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027
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