The global chronic pain market is set to experience robust growth, with projections estimating it will reach an impressive USD 78,186.20 million in 2024. Driven by a confluence of factors including the increasing prevalence of chronic diseases, an aging population, rising demand for over-the-counter (OTC) pain medications, and advancements in research and development, the market is on a trajectory toward further expansion. By 2034, it is expected to reach USD 152,372.7 million, reflecting a compound annual growth rate (CAGR) of 6.90%.
The surge in chronic disease prevalence and the aging global demographic are key drivers behind this growth. With more individuals seeking effective and accessible pain relief solutions, there is a notable rise in demand for OTC pain medications. These products are preferred for their convenience and immediate availability, which aligns with the evolving needs of patients.
Government initiatives and increased funding dedicated to chronic pain treatment are also fueling market expansion. As the geriatric population grows and chronic health conditions become more prevalent, there is an increased emphasis on comprehensive pain management strategies. These strategies now encompass a broad spectrum of therapies, including pharmacological, non-pharmacological, and occupational therapies, providing a holistic approach to pain management.
The growing awareness of the risks associated with prolonged use of traditional painkillers has led to a pronounced shift towards alternative therapies. Healthcare professionals are increasingly exploring non-pharmacological options, offering patients a diverse array of treatment choices that cater to their changing preferences.
Additionally, the widespread availability of pain relief solutions is bolstered by a robust network of small store pharmacies. This accessibility is crucial in meeting the needs of patients and contributing to market growth. Technological advancements are further enhancing the landscape, introducing innovative and non-invasive pain management techniques that open new avenues for research and development.
The convergence of these factors highlights a promising outlook for the chronic pain market. As it evolves to address the dynamic needs of patients worldwide, it presents new opportunities for stakeholders across the healthcare sector to innovate and improve the quality of life for millions affected by chronic pain.
“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.
Chronic Pain Trends Explored: Read Our Full Report for Comprehensive Insights!
Competitive Landscape of the Chronic Pain Market:
The chronic pain 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
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.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
