Chronic Pain Treatment Market being Driven by Surging Geriatric Population | Top Key Players are Eli Lilly and Company, Pfizer, Medtronic, Boston Scientific, Johnson & Johnson, AstraZeneca, Bristol Myers Squibb, Sanofi

In 2017, the global chronic pain treatment market reached a value of $69.3 billion and is expected to advance at a 6.4% CAGR during the forecast period (2019-2024). The market is registering growth due to the surging geriatric population, rising prevalence of chronic health conditions, and increasing government support for chronic pain management. The pain that persists in a patient beyond a period of three months is referred to as chronic pain. Chronic pain may limit mobility and reduce stamina, flexibility, and strength in patients.

Chronic Pain Treatment Market Key Players are:
1- Eli Lilly and Company
2- Pfizer
3- Medtronic
4- Boston Scientific
5- Johnson & Johnson
6- AstraZeneca
7- Bristol Myers Squibb
8- Sanofi

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In terms of indication, the chronic pain treatment market is divided into arthritis pain, cancer pain, fibromyalgia, neuropathic pain, chronic back pain, migraine, and others (which include nociceptive pain and visceral pain). Among these, the neuropathic pain division dominated the market during the historical period (2014-2018) and is projected to grow at a 6.2% CAGR during the forecast period. The reason for this is the rising incidence of neuropathic disorders and surging aging population around the world. Cancer pain is predicted to grow at the fastest pace during the forecast period.

The increasing government support for chronic pain management is also among the primary driving factors of the chronic pain treatment market. The national and international government organizations have taken several initiatives in order to increase the awareness and funding for the effective management of chronic pain. For example, the Association for the Study of Pain (IASP) launched an IASP Developing Countries project in January 2018 for increasing pain education and practice in developing countries by providing sufficient grants.

Hence, the market is growing due to the increasing geriatric population, rising government support for chronic pain management, and surging prevalence of chronic health conditions across the globe.

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GLOBAL CHRONIC PAIN TREATMENT MARKET SEGMENTATION
By Product
o Drugs
o Opioids
o Non-steroidal anti-inflammatory drugs (NSAIDs)
o Anticonvulsants
o Antidepressants
o Others
o Devices
o Neurostimulation devices
? Spinal cord stimulation (SCS) devices
? Transcutaneous electrical nerve stimulation (TENS) devices
? Others
o Analgesic infusion pumps
o Ablation devices
? Radiofrequency ablation devices
? Cryoablation devices
o Others
By Indication
o Neuropathic Pain
o Arthritis Pain
o Chronic Back Pain
o Cancer Pain
o Migraine
o Fibromyalgia
o Others
By Application
o Musculoskeletal
o Neuropathy
o Oncology
o Others
By Distribution Channel
o Direct
o Indirect
By End User
o Hospitals
o Clinics
o Nursing Homes
o Research Centers and Universities
o Others

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This release was published on openPR.