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The chronic pain market is estimated to register a CAGR of 6.9% during the forecast period 2023-2033

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Future Market Insights Global and Consulting Pvt.  ltd.

Future Market Insights Global and Consulting Pvt. ltd.

One in five people worldwide suffer from the horrible condition of chronic pain. The chronic pain market is expected to grow in size at US$142.53 billion by 2033. The pain management devices market is expected to be valued at US$6.19 billion by 2033. chronic pain industry is expected to grow at a CAGR of 2.7% over the forecast period

NEWARK, Del, 31 Dec. 2022 (GLOBE NEWSWIRE) — The chronic pain market should go from $73.14 Bn in 2023 at $142.53 Bn by 2033, increasing at a CAGR of 6.9% during the forecast period. Globally, there were more than 187 min cases of chronic pain in 2020, and from 2023 to 2033, this number is expected to increase significantly.

An aging population, increasing prevalence of chronic diseases, and increased government support for chronic pain treatment are all contributing to the growth of the chronic pain market. Moreover, the expansion of the chronic pain management market is expected to be influenced by an increase in the number of surgical procedures as well as an increase in healthcare expenditure.

The prevalence of musculoskeletal conditions such as rheumatoid arthritis and orthopedic degenerative disorders such as osteoarthritis is increasing sharply. This increased the prevalence of chronic pain and the inability to perform daily tasks in these individuals.

Growing consumer preference for pain management therapies due to their wide availability, ease of access, high awareness, cost effectiveness, and quick relief are other factors impacting the chronic pain treatment market. Growing consumer awareness of the availability of medications for chronic pain management is also increasing consumption and acceptance of these chronic pain medications.

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Considering the high incidence of chronic pain in the region and the growing number of large companies working on the development of drugs for its treatment, North America is expected to dominate the global chronic pain market and witness tremendous growth.

On the contrary, the Asia-Pacific region is expected to see the fastest development due to an increase in accident rates, increased investment by large manufacturers, and high levels of generic drug invention in the region.

Key points to remember

  • During the forecast period, the chronic pain market in the United States is expected to grow at a CAGR of 2.7%.

  • The combined CAGR for EU5 countries (France, Germany, Italy, Spain and UK) is expected to be 3.2% throughout the projection period.

  • The chronic pain market in Japan is expected to have a CAGR of 3.4% over the projected period.

  • The global chronic pain market is segmented into neuropathic pain, arthritis pain, chronic back pain, cancer pain, migraine, fibromyalgia and others based on indication. The chronic pain market is dominated by the neuropathic pain sub-segment.

  • The chronic pain market is divided into two product-based segments: drugs and devices. The drug-dominated segment is expected to dominate over the projected period.

Competitive landscape

The major companies in the chronic pain market are Abbott Laboratories, Boston Scientific, Pfizer Inc., Eli Lilly and Company, Dickinson and Company, Medtronic plc, Johnson & Johnson, Novartis AG, AstraZeneca PLC, Becton, Bristol-Myers Squibb Company, Sanofi and others.

Companies operating in the chronic pain management industry focus on pharmacological innovations and devices. These companies have used a few techniques to increase their market share in the chronic pain medication industry.

To increase its customer base and revenue, they used both organic and inorganic development techniques, including new product launches, acquisitions, corporate expansions, and collaborations. To increase their market share and create new treatments, several companies create strategic agreements with other players in the industry.

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RECENT DEVELOPMENTS

  • In January 2021, to provide patients with individualized treatment for chronic pain, Boston Scientific Corporation launched the WaveWriter Alpha, a line of spinal cord stimulation (SCS) systems.

  • In December 2019, a Biologics License Application for the subcutaneous administration of tanezumab 2.5 mg for moderate to severe osteoarthritis was submitted to the United States Food and Drug Administration.

Market segmentation by category

By product:

By indication:

  • Neuropathic pain

  • arthritis pain

  • Chronic back pain

  • Cancer pain

  • Migraine

  • Fibromyalgia

  • Others

Per application:

  • Musculoskeletal

  • Neuropathy

  • Oncology

  • Others

By distribution channel:

  • Hospital pharmacies

  • Retail pharmacies

  • Online pharmacies

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Contents

1. Summary

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply-side trends

1.4. Analysis of the technology roadmap

1.5. Analysis and recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limits

3. Market context

3.1. Market dynamics

3.1.1. Drivers

3.1.2. Constraints

3.1.3. Opportunity

3.1.4. Tendencies

3.2. Scenario forecast

3.2.1. Demand in the optimistic scenario

3.2.2. Demand in Likely Scenario

3.2.3. Demand in the conservative scenario

3.3. Opportunity Map Analysis

3.4. Investment Feasibility Matrix

3.5. PESTLE and Porter’s analysis

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