Global Chronic Pain Treatment Industry to 2030 – Rising Prevalence of Chronic Health Conditions Driving Growth – ResearchAndMarkets.com

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The report “Chronic Pain Treatment Market Research Report: By Product, Indication, Application, Distribution Channel, and End User – Global Industry Revenue Estimate and Demand Forecast to 2030” has added to report from ResearchAndMarkets.com offer.

Global Chronic Pain Treatment Market was worth USD 80,766.6 Million in 2020, from which it is expected to reach USD 162,175.2 Million by 2030, at a CAGR of 7.2% between 2020-2030 .

This will be mainly due to the geriatric population which according to the United Nations (UN) will increase from 727 million in 2020 to 1.5 billion by 2050. With age, people become prone to several health problems including including chronic pain due to arthritis, muscle fatigue, postural problems and other reasons.

Most patients buy drugs and devices for the treatment of chronic pain associated with musculoskeletal disorders, such as osteoarthritis, rheumatoid arthritis and fibromyalgia. For example, in 2017, 8.7 million osteoarthritis patients aged 45 and over were treated in the UK, according to Arthritis Research UK. Therefore, due to the increasing prevalence of bone and muscle diseases, the demand for chronic pain treatment products is surging.

Key insights from the Chronic Pain Treatment market report

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Drug sales are increasing due to the increasing number of people suffering from lower back pain, migraines or severe headaches and facial pain. This in itself is the result of the sedentary lifestyle, the increasing volume of surgery and the burgeoning geriatric population.

In the coming years, drugs and devices will be purchased in larger volumes to treat chronic cancer pain, due to the increasing incidence of this disease. When the tumors cross the tissues, muscles, bones, skin and blood vessels, they cause extreme pain.

Revenue generation for chronic pain treatment market players through direct distribution channels is expected to grow faster in the coming years. In this way, patients at home participating in clinical trials get faster access to treatments.

The COVID-19 pandemic has spurred demand for chronic pain medications and devices by creating stress in people with pre-existing health conditions, which ultimately causes them long-term pain.

North America is experiencing the highest sale of these products due to high health awareness, development of medical infrastructure and increasing cases of chronic diseases, such as cancer and heart disease .

Seeing the growing number of people with chronic pain, healthcare companies are innovating wearable medical devices and non-opioid painkillers.

The fastest growing chronic pain treatment market is expected to be witnessed in Asia-Pacific (APAC), which being the most populated region is home to a huge pool of patients. Thus, the growing geriatric population and the number of people with chronic diseases, combined with the growing awareness of chronic pain, provide lucrative opportunities for market players.

Market dynamics

Tendencies

  • Innovations in pain management

  • Increased number of product approvals

Drivers

  • Increase government support for chronic pain management

  • Growing geriatric population

  • Increase in the prevalence of chronic diseases

  • Analysis of impact of drivers on market forecasts

Constraints

  • Side effects associated with pain management medications and devices

  • Product recalls

  • Patent Expiry of Blockbuster Drugs for the Treatment of Chronic Pain

  • Growing use of opioids and antidepressants

  • Impact Analysis of Restrictions on Market Forecast

Companies cited

  • Eli Lilly and company

  • GlaxoSmithKline plc

  • Pfizer Inc.

  • Medtronic plc

  • Abbott Laboratories

  • Boston Scientific Society

  • Novartis AG

  • Johnson & Johnson

  • Astra Zeneca plc

  • Bristol-Myers Squibb Company

  • Becton, Dickinson and company

  • Sanofi SA

For more information on this report visit https://www.researchandmarkets.com/r/9pior6

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