The global chronic pain market is expected to reach a value of USD 78,186.20 million in 2024, driven by factors such as
- The Increasing Prevalence Of Chronic Diseases
- Aging Population
- Demand For Over-The-Counter Pain Medications
- Awareness Of Alternative Therapies
- A Strong Focus On Research And Development
The market is projected to reach USD 152,372.7 million by 2034, with a CAGR of 6.90% from 2024 to 2034. The demand for chronic pain relief is driving the expansion of innovative treatments and technologies.
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The chronic pain management market is witnessing significant growth, driven by the growing demand for over-the-counter pain medications. Healthcare professionals are exploring non-pharmacological approaches to manage chronic pain, leading to the development of innovative and non-invasive pain management techniques.
The industry’s focus on developing treatments tailored to neuropathic pain patients is also contributing to the market’s growth. Furthermore, the chronic pain management market is experiencing significant growth in North America, Europe, and Asia Pacific.
North America holds the largest market share in the chronic pain management market, driven by high healthcare expenditure, an aging population, and the prevalence of chronic health conditions. In Europe, top countries contribute significantly, with regulatory bodies supporting market growth by approving drugs for chronic pain treatments. The Asia-Pacific region is expected to be the fastest-growing in the chronic pain management market, driven by growing awareness and infrastructure, urbanization, and economic growth.
“An increased focus on research and development presents significant growth opportunities in chronic pain diseases. New treatments and therapies have the potential to improve the lives of millions suffering from chronic pain.” – Says an analyst at FMI.
Key Takeaways of the Chronic Pain Market:
- Russia’s chronic pain market is expected to grow at a CAGR of 7.00%, driven by the increasing prevalence of chronic diseases, the geriatric population, and growing awareness of pain management therapies.
- The United Kingdom’s market is experiencing growth at a CAGR of 8.40% due to an aging population and advancements in healthcare technologies.
- Canada’s market is expanding at a CAGR of 10.80% due to the rising prevalence of chronic pain and the availability of advanced treatment options.
- Japan’s market is escalating at a CAGR of 7.80% due to the aging population and increased awareness of early diagnosis and treatment.
- Spain’s chronic pain market is getting bigger at a CAGR of 6.30% due to the rising demand for effective pain management treatments.
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Competitive Landscape of the Chronic Pain Market:
The chronic pain management market is highly competitive, offering various products and options such as opioids, non-opioid analgesics, and nerve-block therapies. Companies are seeking new players to develop innovative therapies while prioritizing patient safety, efficacy, and affordability.
Latest Developments:
- In November 2023, BehaVR and Fern Health merged to form RealizedCare, a digital care management platform aimed at unlocking the value of digital therapeutics.
- In June 2023Aspen Medical Products introduced the Horizon PRO Line of lower spine braces, designed to alleviate symptoms of lower back pain caused by muscle fatigue and spasms, a concern for the elderly population, and limiting prescription pain relief dependence.
Key Companies:
- Eli Lilly and Company
- Dickinson and Company
- Medtronic plc
- Johnson & Johnson
- Novartis AG
- AstraZeneca PLC
- Becton
- Bristol-Myers Squibb Company
- Sanofi
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Key Segmentation:
By Product:
- Drugs
- Devices
By Indication:
- Neuropathic Pain
- Arthritis Pain
- Chronic Back Pain
- Cancer Pain
- Migraine
- Fibromyalgia
- Others
By Application:
- Musculoskeletal
- Neuropathy
- Oncology
- Others
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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