Press release
Chronic Pain Treatment Market Size, Share, Industry, Forecast and outlook (2024-2031)
DataM Intelligence
Global Chronic Pain Treatment Market Projected to Surpass US$ 143.2 Billion by 2030, Propelled by a 7.1% CAGR
The Global Chronic Pain Treatment Market exhibited a robust growth trajectory, reaching a valuation of US$ 83.8 billion in 2022. Anticipated to soar further, the market is projected to achieve a staggering US$ 143.2 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 7.1% during the forecast period from 2024 to 2031.
Chronic pain, manifesting in forms such as migraines, back pain, arthritis, and neuropathic pain, remains a pervasive health concern. This persistent condition may arise post-injury or major surgery, necessitating effective treatment options. The market primarily relies on pharmaceuticals and advanced devices to address this global health challenge.
Key Market Dynamics and Trends
Opioids, Non-Steroidal Anti-Inflammatory Drugs (NSAIDs), anticonvulsants, and antidepressants stand out as the predominant pharmacological interventions for chronic pain management. The market is bolstered by compelling growth drivers, including the escalating prevalence of chronic diseases, a burgeoning geriatric population, technological advancements, increasing clinical trials, and growing FDA approvals.
Market Scope and Metrics
CAGR: 7.1%
Size Available for Years: 2021-2030
Forecast Period: 2024-2031
Segments Covered: Indication, Product Type, Distribution Channel, and Region
Regions Covered: North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Fastest Growing Region: Asia-Pacific
Largest Region: North America
Insights Covered in the Report:
The comprehensive report encompasses various facets of the Chronic Pain Treatment Market, including Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter's Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and other key insights.
To know more Insights Download Sample: https://www.datamintelligence.com/download-sample/chronic-pain-treatment-market
Recent Advancements Driving Market Growth
In particular, the market is witnessing a surge in FDA approvals for neurostimulation devices, exemplified by Neuspera Medical's recent achievement. The US-based neuromodulation devices maker received FDA approval for its next-generation Neuspera ultra-miniaturized system on March 23, 2023. This innovative system delivers peripheral nerve stimulation (PNS) through a wireless, less invasive, and versatile platform, enhancing patient experience and procedural flexibility.
Clinical Trials and Challenges
The market is further influenced by increasing clinical trials, such as Tufts University's exploration of immersive virtual reality as a treatment for chronic back pain. However, the complexity of diagnosing and treating neuropathic pain poses challenges to market growth, as highlighted in an article published on April 23, 2023.
Segment Analysis
The global chronic pain treatment market is segmented based on product type, indication, distribution channel, and region. The Neuropathic Pain segment, accounting for approximately 42.3% of the market share, is driven by factors like the increasing prevalence of chronic diseases like diabetes and rising clinical trials.
Geographical Share
North America dominates the market, contributing to about 39.6% of the market share in 2022. This is attributed to increasing research and development activities and a well-established healthcare infrastructure, fostering the adoption of cutting-edge treatments.
Major Players
Key global players shaping the Chronic Pain Treatment Market include Pfizer Inc., Abbott Laboratories, Eli Lilly and Company, Novartis AG, Johnson & Johnson, Sanofi SA, Teva Pharmaceutical Industries Ltd, Baxter International, Merck & Co. Inc, Boston Scientific Corporation, among others.
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DataM Intelligence 4Market Research is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.
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