Increasing Government Grants Strengthening Chronic Pain Treatment Market

Surging aging population, rising government support for pain treatment, and increasing prevalence of chronic health conditions are some of the major factors driving the growth of the chronic pain treatment market. In 2017, the market generated a revenue of $69.3 billion, and is anticipated to advance at a CAGR of 6.4% during 2019–2024. Chronic pain is a pain that persists in a patient for more than three months. For instance, arthritis pain, neuropathic pain, and back pain are some of the types of chronic pain.

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Due to the increasing awareness about the risk of addiction, reduced efficiency, and side effects of using pain treatment drugs for long periods, healthcare professionals as well as patients are exploring alternative pain therapies. Out of the above-mentioned devices, during the forecast period, analgesic infusion pumps are anticipated to progress at a CAGR of 11.8% during the forecast period, contributing a revenue of over $3.0 billion by 2024.

The market for radiofrequency devices is expected to hold 86.4% revenue share in the chronic pain treatment market by 2024. These devices are specially designed to offer long-lasting pain relief, due to which these are becoming popular across the globe for the management of chronic pain. These devices and drugs are used for various types of pain, such as arthritis, migraine, back, fibromyalgia, and neuropathic pains. Out of these, chronic pain products are used the most for neuropathic pain management.

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Increasing initiatives of international and national government organizations toward raising awareness and funding for chronic pain management are playing a significant role in the growth of the chronic pain treatment market. For instance, the International Association for the Study of Pain (IASP) announced an IASP Developing Countries Project in January 2018, which continued till March 2018, to increase the awareness on pain management practice and education in emerging countries by offering sufficient monetary support. The support is provided to improve the availability and scope of essential education of clinicians working in the pain treatment area.

Hence, growing government support for the management of pain is expected to accelerate the growth of the chronic pain treatment market during the forecast period.

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