Chronic pain treatment market is expected to reach $105.9 billion by 2024

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Chronic pain treatment market is expected to reach $105.9 billion by 2024


The chronic pain treatment market is bifurcated into drugs and devices. The category of drugs is further classified into opioids, non-steroidal anti-inflammatory drugs (NSAIDs), anticonvulsants, antidepressants, and other drugs. Opioids dominate the chronic pain drugs market, with an estimated contribution of 36.5% revenue in 2018. Opioids are considered one of the most effective drug classes for the treatment of chronic pain.

Chronic pain treatment products are used in several application areas, including musculoskeletal, neuropathy, and oncology. Musculoskeletal indications constitute the largest application area of these products and are estimated to generate revenue of $31.8 billion in the chronic pain treatment market in 2018. This can be mainly attributed to the high prevalence of musculoskeletal disorders, such as osteoarthritis, back pain, and rheumatoid arthritis, across the globe.

Hospitals; clinics; nursing homes; and research centers and universities are the major end users in the chronic pain treatment market. Hospitals are the largest end users of chronic pain treatment products and are estimated to hold 39.7% market share in 2018. Pain treatment practices are more frequently performed in hospitals, particularly for post-surgical pain. Thus, with the growing number of surgical procedures around the world, hospitals are expected to continue generating a high demand for chronic pain treatment products.

During the forecast period, the chronic pain treatment market is expected to witness the fastest growth in the APAC region. This can be mainly attributed to the high prevalence of chronic pain among people in the region. Among all age groups, the elderly are the most susceptible to chronic conditions, such as arthritis, neuropathic disorders, and back pain. According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), the number of aged people in the region is expected to increase twofold, from 535 million in 2015 to 1.3 billion by 2050.

Furthermore, in November 2018, Abbott Laboratories launched the dorsal root ganglion (DRG) Invisible Trial System. Abbott's DRG is a form of neurostimulation therapy that specifically targets the DRG. The therapy blocks pain signals transmitted via the DRG, thereby providing relief in chronic pain. With the DRG Invisible Trial System, the patient can use an Apple iPod touch to manage pain by changing the stimulation settings within prescribed limits.

http://bit.ly/2NzMtxG-Chronic-Pain-Treatment-Market


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