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Coronavirus (COVID-19) Business Impact on Chronic Pain Treatment Market Growth Opportunities, Market Share & Trends
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Similarly, the Chronic Pain Medicine Research Grant was awarded to Johns Hopkins University School of Medicine's Department of Anesthesiology and Critical Care Medicine in November 2018, by the American Society of Regional Anesthesia and Pain Medicine (ASRA), to determine if spinal cord stimulators (SCS) can be used to restrain tumor growth or modify their chemosensitivity. Therefore, as a result of such government initiatives, the chronic pain treatment market is projected to grow at a 6.4% CAGR during 2019-2024, to reach $105.9 billion by 2024, from $69.3 billion in 2017.
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Such issues can be treated with a variety of drugs, including non-steroidal anti-inflammatory drugs (NSAIDs), opioids, antidepressants, and anticonvulsants, and devices, such as analgesic infusion pumps, neurostimulation devices, and ablation devices. Among the drugs, opioids, such as hydrocodone/acetaminophen (Vicodin), methadone, oxycodone, and codeine, have been the most popular, as they are quite cost-effective. However, with the rising concerns about opiate addiction, the use of devices, especially analgesic infusion pumps, for the treatment of chronic pain, is rising around the world.
Thus, with the awareness about long-term pain and ways to manage it rising among people across the globe, the demand for various available and upcoming therapies till increase too.
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