What's driving the Chronic Pain Treatment Market Size? | Key Players are Eli Lilly and Company, Medtronic, Boston Scientific, Novartis, Johnson & Johnson, AstraZeneca, Bristol-Myers Squibb, Sanofi

Global chronic pain treatment market is expected to reach $105.9 billion by 2024. The market growth is primarily driven by the rising prevalence of chronic conditions, surging geriatric population, and increasing government support toward chronic pain management.

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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.

On the basis of distribution channel, the chronic pain treatment market is divided into direct and indirect modes, of which the direct mode of distribution led the market in 2017 with 60.1% revenue contribution. The growing emphasis of drug and device manufacturers on direct sales is driving the market growth in this category.

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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.

Increasing product approvals are paving the way for various market players to expand their product portfolio in the chronic pain treatment industry. For instance, in November 2018, Pfizer Inc. announced that it was granted pediatric exclusivity for LYRICA by the United States Food and Drugs Administration (USFDA). The grant extended the period of the U.S. market exclusivity for LYRICA by an additional six months till June 2019. LYRICA is currently approved in the U.S. for fibromyalgia, diabetic nerve pain, spinal cord injury nerve pain, and pain caused by shingles in adults. It is also approved as an adjunctive therapy for the treatment of partial onset seizures in patients aged four years and above.

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Some of the other key players operating in the global chronic pain treatment market:
1- Eli Lilly and Company
2- Medtronic
3- Boston Scientific
4- Novartis
5- Johnson & Johnson
6- AstraZeneca
7- Bristol-Myers Squibb
8- Sanofi

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This release was published on openPR.